Buildings Unfinished Chicago Condo Redeveloped as Apartments Capitalizing on new demand for apartment dwellings, Related Midwest, a unit of New York City-based Related Cos., plans to convert an unfinished Chicago condominium into a 65-story, 500-unit luxury apartment building. The Chicago-based developer Teng & Associates originally planned to construct a 90-story condominium-hotel on the site, but the company only completed a 27-story concrete shell before running out of money in 2008. Property records indicate Related Cos. paid $26 million in late July for the structure, which is located on Wacker Drive. Other area developers, including Michael Reschke and Mark Goodman, previously
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.