Foreclosure lawsuits mounting atop the $2-billion Chicago Spire project come at a time when the Windy City’s glut of condominium inventory has forced developers to make other deals. Rendering: Courtesy of Shelbourne Development Chicago Spire’s foreclosure lawsuits heat up as condo market remains frozen. div id="articleExtrasA" div id="articleExtrasB" div id="articleExtras" In the near term, “I think any high-rise residential developments will be rentals,” says Gail Lissner, vice president of Appraisal Research Counselors, Chicago. A dozen rental high-rises are planned downtown, she says, including a 49-story tower that is being floated by luxury apartment developer AMLI Residential, Chicago. As for condos,
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.