April 18, 2008 - With so much recent talk about the hotel condo trend and the current Chicago real estate market, some news about the proposed Waldorf-Astoria has surfaced. Although the project isn’t anywhere near the point of groundbreaking, it seems to be hanging on in hopes of a market turn around. It also isn’t being deluged by protesting neighborhood groups who might oppose a 100 story high-rise, and according to the Sun Times it is expected to be approved by the City Planning Commission this summer.

Speculation given as to why nobody seems to be opposed to this tower ranges from the fact that the location is southerly enough that the tall structure won’t interfere with views from existing buildings to apathy born of the belief that the high-rise won’t be built anyway. And finally, some say the DeStefano and Partners design incorporates a few of the flattering Chicago Spire architectural elements. In any case, this project even has the support of the Streeterville Organization of Active Residents.

The Waldorf-Astoria is being developed in a partnership by Michael Reschke, who controls the Waldorf Hotel aspect of the project, and Christopher Carley, who controls the main stake in the development. In the Sun Times article, Reschke commented that he’d be willing to alter the development and switch to two shorter towers so that the hotel could go up first if the condos didn’t sell well. This was news to partner Carley, who then stated that those changes hadn’t been talked about, the site is too small for two buildings and he has the final say in the project anyway. So this is another wait and see proposal for Chicago Condos in Streeterville.

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This entry was posted on Friday, April 18th, 2008 at 8:07 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.