High-rise development has its winners and losers, and 2008 will certainly prove to be a watershed year for the entire building community.
For New Homes Magazine‘s March 2008 issue, we’ve begun to compile a comprehensive directory of high-rises being developed right now in the city. Along the way, however, it’s become clear that – for a variety of reasons – a few of these projects aren’t going to move forward as planned this year. Some are off the books entirely; others are simply in a holding pattern, waiting for the right market conditions to move forward.
Here’s what we’ve been able to confirm lately.
- Azure Tower, 1330 S Michigan Ave – On hold until at least 2009, according to a representative with Concept Developers and Realty Group. Instead, the firm is moving forward with The Interior Furniture Company Building Lofts at 1340 S Michigan (next door to the Azure Tower site), which looks to be a luxury loft rehab.
- Aristocrat Tower, 2039 S Prairie Ave -This one is off the books entirely. However, Provence Development Group is still building Astoria Tower at 8 E 9th St.
- 541 W Cornelia Ave – Four luxury single-family homes are planned for the site, replacing a 24-story tower concept in Lakeview East.
The developer has been in dire straits lately, dealing with a lawsuit over unpaid contracts at Motor Row Condominiums and a canceled proposal near the Sears Tower. In the last month, things have gotten worse; the phone numbers to both the sales center and the developer’s office have been disconnected, and Equity Marketing Services has confirmed that they’re no longer handling pre-construction sales. Even the development’s official Web site seems to be offline.