Monday, April 16, 2007

Arquitectonica coming to Chicago

Crain's Chicago Business is reporting that Florida-based Peebles Corporation has hired Miami's Arquitectonica to design a new $215,000,000, 50-story ultra luxury condo/hotel on the current site of a Walgreens, Subway and Radio Shack at 300 North Michigan. Like Trump Tower, the Chicago Spire, and the Ritz-Carlton Residences, the project is targeted at the city's apparently inexhaustible supply of the super-rich, with prices at $800 to $1,200 per square foot and the most extravagant unit at $10,000,000. I guess you shouldn't count on Subway returning.

Also in this week's Crain's, their annual list of Chicago's largest private companies shows Evanston architect/developer David Hovey's firm Optima as having a very good year, with its revenues nearly tripling to $209 million, but not as good volume-wise as Fifield Companies, currently lobbying to demolish the Lakeshore Athletic Club, which saw revenues jump 89% to $578,000,000. They're at position 52, just ahead of Alter Group at 53.

1 comment:

Anonymous said...

Damn...that's my Subway & Walgreens. oh well; switching loyalty to CVS anyway. I wonder how the Hard Rock Hotel and upcoming Mandarin Oriental Hotel group feel about a supposed "ultra luxury" hotel in that location. Of all the available land in Streeterville and parts of the Loop, couldn't they pick a more visable and accessible site?