CHICAGO (Oct. 8, 2008) - Over the past year, I’ve traveled to Chicago for work several times. Each time, I walk past a big hole in the ground across from Aon Center near Millennium Park. Several signs have been erected along the borders announcing the new Mandarin Oriental Tower, Chicago.
“Prepare to be Delighted,” one of the large signs says to passers-by. Another says the vertically mixed-use tower with hotel-condos, residences and condominiums will open in the spring of 2009. But with no sign of construction or a hint of it commencing any time soon, a spring opening is impossible.
Palladian Development’s grand plans for the 74-story tower are on indefinite hold. Given the current economic storm, it’s hard to think that many people are going to pay $600,000 and up for a unit at the Mandarin Oriental Tower any time soon.
The phenomenon of stalled luxury condos and hotels is not limited to Chicago, of course. In Atlanta, the heralded Trump Towers on West Peachtree Street are nowhere to be seen on the surface lot from which they are supposed to rise. In Las Vegas, major hotel developments such as the huge W have been scrapped. Lenders for The Cosmopolitan have foreclosed.
It’s anyone’s guess as to when the economy will stop worsening and a wild guess as to when things improve. Until then, we’ll all have to wait to be delighted.
I heard the Trump Tower up there is about finished -- have you seen that?
Posted by: Brian | October 09, 2008 at 08:34 AM
Yes, I had drinks at the restaurant in April. The views from the party areas are incredible. The hotel, from what we could see at that point, looked cool, too.
Posted by: Tony | October 09, 2008 at 08:44 AM