![]() Because of this unique design methodology, the condominium units are still considered well designed, even decades after their construction.Īfter the product was designed, Richard A. The results were efficient units, where each room had a competitive advantage. The net result was a mathematically designed housing product that allowed for specific space allocation for each room in each unit. The product analysis was then compared with sales velocities of other projects to determine buyer needs and wants and their respective acceptable price points. Meyers, which included examining on a room-by-room basis over luxury 100 high-rise condominiums in the Chicago metropolitan area and a like number around the nation. This was a challenging assignment in the recessionary climate of 1974–1976.Ī detailed product research study was conducted by Gary S. In a recessionary market, the company was given the challenge of demonstrating the product and obtaining hard contracts before construction began. Meyers Realty, Inc., was the contracted sales and marketing consultant. The 360 condo units in the tower were designed in 1974. Decades after its construction, its residences and hotel remain sought after addresses, and the mall is typically fully leased, drawing large enough crowds that some retailers operate outlets both inside the mall and outside it along Michigan Avenue. It shifted downtown Chicago's retail center of gravity north from State Street to North Michigan Avenue. Water Tower Place's opening changed the economic dynamics of the Magnificent Mile by bringing middle-class shops to what had been a street dominated by luxury retailers, tony hotels, and expensive apartments. It contains an award-winning Ritz-Carlton hotel, luxury condominiums and office space, and sits atop a block-long base containing an atrium-style retail mall that fronts on the Magnificent Mile. When built, it was the tallest reinforced concrete building in the world. The tower section is a 78-story, 859-foot (262 m) reinforced concrete slab, faced with gray marble, and is the eighth tallest building in Chicago and the twenty-sixth tallest in the United States. Dart, of Loebl Schlossman Bennett and Dart, was the chief architect. Nichols Prize from the Urban Land Institute in 1986. In the Chicago area, Brookfield still owns the Oakbrook Center and Northbrook Court malls.Originally planned in the late 1960s by the Mafco Company (the former shopping center development division of Marshall Field & Co.), the skyscraper was eventually built in 1975 by Urban Retail Properties, a company led by Philip Morris Klutznick and his son Thomas J. After many discussions to carefully assess and identify all available options to move forward, we’ve determined that it is best to focus Brookfield’s resources on other opportunities within our portfolio.” ![]() ![]() She provided a statement that said, “Water Tower Place will no longer be part of Brookfield’s portfolio. We look forward to discussing the future of this iconic shopping destination with our clients and other key stakeholders.”īrookfield spokesperson Lindsay Kahn declined to discuss the transaction, first reported by Crain’s Chicago Business. While we cannot comment on specifics of this transaction, MetLife Investment Management has a proven track record in institutional real estate and a dedicated team in the Chicago area. Numerous other retailers closed for good at the mall, including the Foodlife food hall, Mity Nice Bar & Grill, Gap and Banana Republic.ĭave Franecki, spokesman for MetLife Investment Management, provided this statement: “Water Tower Place is a high-quality real estate asset that is well-positioned in the Chicago market.
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