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A frayed flag flaps in the breeze outside the old X/O Condominiums sales center in the South Loop. Nearby, a sign promoting “The Future of the South Loop” still hangs on the face of the PECO Uniforms building, facing the recently completed 1600 Museum Park at 1629 S Prairie Ave.
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Glashaus also seems to be closing up shop. There signs outside of the construction site are now down and the sales center looks like it’s in the midst of packing up.
http://www.sloopin.com/2009/03/glashaus-goe-bye-bye-and-other.html
Looks like this project is dead. Shame as it was a pretty neat looking building that they proposed.
Projects like this and the Rokas one on Indiana show that if the city is going to give out FAR zoning bonus to developers for adopt-a-landmark and affordable housing fund (a scam system to talk about another day), that the city should make developers pay up front if they really want the increased zoning designation.
If the developer had a nut in the game, they would have to really plan better and communicate a design worthy of approval. It could weed out the serious developments with sound transparent financial backing, and the ones looking at the opportunity like a crap shoot if they actually get the sales. It may also save the city administrative costs that goes into approving these projects.
In these cases, money promised to Glessner House Museum (X/O) and to 2nd Presbyterian Church (Rokas) for zoning FAR bonuses has not been paid and those organizations have been stiffed.
Interesting, IIR for the Spire, much of the Dusable park money as part of the PD had to be held in escrow and promised irrespective of the project status.
Jeff,
If you’ve been to the X/O sales center – and I assume you have – then you know the developers have several million nuts in that game.
I don’t know the details, but if Glessner’s payment was contingent on the deal going forward, then Glessner hasn’t been “stiffed.”
I did not have to waste a visit for a project that I told you all along was not going to get built. What does it tell you when the sales numbers for this project where ‘reportedly’ far far better than the other two nearby projects that you just reported on (1600 Museum Park and Museum Park Place Tower II) which are luckily at about 40% with construction almost complete?
It will be interesting to see how tough it is to carry the land costs, which could be well over $20M, which I had heard was bought in a hurry to get this project approved and going last minute.
My next prediction, developer’s brokers branch will be folded into another real estate agency in exchange for debt absorption.
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