Construction checkup: Glashaus

by Joseph Askins on 4/9/08

Glashaus, 1327 S Wabash Ave

“Construction” may be a little generous, but at least there’s some activity going on behind the fence at 14th Street and Wabash Avenue.

I’m trying my best to get some updated info on Piedmont Group‘s Glashaus. According to a Yo post from December 2006 (one of the few we’ve devoted to the South Loop high-rise), developers were hoping to start construction in the spring of 2007 and have units ready for delivery by the summer of 2008. The building’s 262 one- to three-bedroom units were selling from the $230s to the $810s at the time.

Glashaus, 1327 S Wabash AveBrininstool + Lynch‘s 25-story “contemporary glass box” is supposed to have 12,500 square feet of retail space, a private park with grass and trees, a fitness center, a private cinema, and 24-hour door staff.

A lot has happened in the past 15 months, of course, so I suppose we shouldn’t be surprised when a project moves forward at a slower pace than its developers had originally intended. It would be nice to know what Piedmont’s new timetable looks like, however, or what Glashaus’ price points are looking like these days.

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{ 109 comments… read them below or add one }

Simon May 1, 2009 at 11:59 AM

I heard that glashaus’ lender for the land and predevelopment costs has taken control of the land.

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Katie May 2, 2009 at 1:39 AM

I’m just glad to have gotten out with all money returned. Sounds like not everyone in pre-construction has been so lucky. Now we’re just starting the condo hunting process all over again.

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John Thomas May 3, 2009 at 1:46 PM

I understand that the developer did not own the land. They had a right to it so long as the development was not cancelled.
Perhaps the owner also over levered. That is unfortunate, but with a great location, I’m sure it will get developed (perhaps with an even better design).
JT

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Simon May 7, 2009 at 8:31 PM

John Thomas,

So it was possible for the developer to demolish the existing buildings and do all of the foundation without owning the land? And if the owner was doing that wouldn’t that make him the developer? You are not making sense or are hiding something.

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John Thomas May 22, 2009 at 6:52 AM

It is simple statement! The developer did not own the land! FACT!
I do not know who removed the buildings.
There was very little foundation work done.
But, the developer did “have money” in the property. It did not own the site, but only had a right to the site. I do not know if the site owner was also invested with the developer.
JT

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Samir May 27, 2009 at 1:15 PM

Hi Manish,

I am stuck in 235 Van Buren let me know how to get out of contract. I paid 5% down and 10% promissory note

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marco May 27, 2009 at 6:49 PM

samir – it will be very difficult if not impossible to get out of your contract at 235 VB. the building is topped out and well on its way of being completed.

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Manish M. Shah January 31, 2013 at 10:17 PM

Well – to put a closure on this, it looks like an apartment building is going in where GlasHaus was supposed to be.

http://www.sloopin.com/2013/01/developer-cmk-plans-apartment-tower-at.html

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Manish M. Shah March 11, 2013 at 3:55 PM

Glad to see this thread still around, it looks like there’s a resurrection – http://chicago.curbed.com/archives/2013/03/11/glashaus-revisited-as-rental-in-the-south-loop.php

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