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I shudder to think what the assessments will cost for owners as well.ĭoes this building even make sense in Chicago at this time? There is a housing bust going on. How will any “investor” in the Spire make money off owning one of these units?Īnd remember- there will be hundreds of units in the building. And the smallest one bedrooms are around 1,000 square feet and go up from there. According to Craigslist, you can pay anywhere from $2600 to $10,000 to live in there. Let’s compare it to 340 on the Park the recently completed 45th tallest building in the world with some pretty striking views of Grant Park and the Lake to the South. That building was completed in the 1970s- so you can’t compare. And those studios are closer to 700 square feet. There isn’t one for rent currently but there is a one bedroom for $1800 so what would a studio go for? Much, much less.
![chicago spire chicago spire](https://www.emporis.com/images/show/637008-Large-exterior-view-from-the-east.jpg)
What is the real market for this building? Let’s say he sells half of them to European investors (who, basically, because of the weak dollar, are getting them at 50% off.) So a European investor buys a studio for $800,000 (which is really $400,000) and intends to rent it out.
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The sales center offers buyers the chance to walk through models of a living and dining room, a kitchen, two bathrooms and a nearly 1,000-square-foot unit with a “cocoon bed” enclosed within frosted glass walls. Fairbanks) and wide-planked herringbone floors.Īccording to Crain’s, when the sales center opens in mid-January 2008 you will be able to:
#Chicago spire windows
The units will have 10 foot high ceilings, floor to ceiling windows (think of Helmut Jahn’s 600 N.