With the possible exception of Lexington Park Condominiums, is there a new-construction condo building in the South Loop with a more mysterious present and uncertain future than 1555 Wabash?
Based on the best information available online — current listings, Redfin’s records of past and pending sales, and the Tribune’s database of Cook County sales records, all of which have their limitations – there have been no closings at the 14-story, 176-unit building at 1555 S Wabash Ave since October 2009, and only five homes have gone under contract between July 2008 and last week.
Tuesday, August 17, 2010
The Mysterious 1555 S. Wabash Building
YoChicago is perplexed by this mysterious building and they're looking for answers:
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18 comments:
This building is an eyesore. It looks more like an old slumlord's property rather than a brand new condo building. Not surprising, considering this building was developed by New West. Both of their properties on 16th street (SW corner of 16th and Indiana as well as 1555 Wabash) have crumbling facades, dilapitated balconies, and vacant/abandoned storefronts. These buildings look horrible - I cannot believe that both were brand new less than 5 years ago. I believe that 1555 wabash is now appearing on FHA/HUD subsidy lists; therefore, it will become a Section 8 dumping ground within the new couple years. Very sad development for this part of the sloop.
Anon 10:28 - what evidence do you have to support your assertion that "1555 wabash is now appearing on FHA/HUD subsidy lists; therefore, it will become a Section 8 dumping ground within the new couple years" [sic]? Or are you just fear mongering? If so, while we're at it I'll go ahead and assert that 1555 Wabash is now appearing on DOE nuclear waste dumpsite lists; therefore, it will become a radioactive waste dumping ground within the next couple years.
Yippie! Making incendiary comments on blogs is fun!
Have to agree with last poster. I sometimes wonder if folks with other real estate companies are making these kinds of comments. No evidence, of course. Just like them!
JJ
This blog would be a lot more enjoyable if had some sort of rating system a la Slashdot.org that allowed visitors to filter out ignorant ramblings like those of Anonymous @ August 17, 2010 10:28 AM.
I would attempt to correct Anon's vast lack of understanding of FHA mortgage insurance, but they weren't responsive the last time they posted this rant, so I won't waste my time.
anon 10:28: the facade will be repainted next spring, the deck is being replaced w/in the next 2 weeks after the patching is finished and.....i didn't know that this was the only building in the SL that had vacant retail space. The whole building personally apologizes to you, that you have to look at such an eyesore every day.
I am really curious to know more about the ownership numbers on this building. I live nearby and do not see many people coming and going for such a large building. It was finished just as things really took a tumble in the SL. I feel sad for all of us in this poor market. We are all in it together though until things turn around, so continuing to bring business into the SL which will make it more desirable to live should be one of our priorities! I love that there are some small business that have opened and are opening soon (that pita store), Flo and Santos. We should support these local spots as I think people find these more attractive in a neighborhood then other big box chains. I wish someone would open a coffee shop or café somewhere in the 14-1600s of either Michigan, State, or Wabash!!
Whether you agree with anon #1's 'gloom and doom' future prediction or not, can you really argue with his/her assessment of the current state of this building? It's definitely an eyesore and looks much older than it is. I think the fact that there have been zero closings since October and only 4 sales in 2+ years speaks for itself. The facade is clearly crumbling (go look for yourself!); the parking garage looks like the walls are lined with tin foil (go look for yourself!); and the abandoned commercial front doesn't look promising (it looks like one of the bums who steals grocery carts from southgate mall has set up shop in the commercial spot along 16th).
This is an unfortunate "addition" to the sloop. Just like New West's building at 16th and Indiana.
What is Fioretti doing about this? 1555 S. Wabash is in his ward, isn't it? Perhaps he can use some of that dirty money that he took from developers to fix it.
Whether or not you agree with anon #1's 'gloom and doom' prediction for the future, you can't disagree with his/her assessment of the current state of this building. It's an eyesore and is crumbling before our eyes. The fact that there have been no closings since last Fall and only 4 sales in 2+ years speaks for itself.
It's certainly worrying that the building is practically empty. The actual YoChicago article discussed lawsuits that I would guess are behind the lack of progress in all areas (closings, retail, etc.). New West and 1555 South Wabash LLC (not sure if this is the condo association or some other entity) seem to be suing several of New West's partners (banks and construction companies) in the development.
As for the building's appearance, I wouldn't call it an eyesore. It's a relatively standard modern-looking glass and steel building. The white material used on the lower part of the South side of the building was a poor choice as it has become, and looks dirty, but I haven't noticed any other flaws. Until we know the details of the lawsuits, it doesn't make much sense to speculate and hyperbolize.
It looks like it’s being rented. Sometimes there’s someone going in/out whenever I walk by pass the building. You can see some units have curtains/furniture especially from the east side (you notice it when waiting on the Michigan Ave bus stop). BTW, the St Mary’s School construction started already! Also, given the down market, I thought this area would become less desirable than say 2 years ago. I was out jogging at 9 PM and there was some white young people walking around between Roosevelt and 18th! There was even a hot brunette skating in some retro skates with four wheels! OMG, 2 years ago I would’ve been the only guy walking down this street at that time… and maybe that homeless couple who kept asking where the church was.
Say what you want about what this area "was" like 10, 5, or 2 years ago - not so important to forward-looking people. The development of this area over the past 3 years is disappointing. My fiance and I both work in consulting. We have both been overseas together on a project for the last 15 months (finally done!). I live here in the south loop, she has a place in west town (near ogden and grand). Both of our respective neighborhoods were "transitioning" when we left for London. Coming home last month, neither of us knew what to expect, even though we both kept in constant contact with neighbors, friends and family. What a difference in both neighborhoods! The contrast between the two is shocking. Her once nearly-vacant building is completely full, with condo owners (no rentals). And the amount of commerical in her area (bars, shops, restaurants, and pubs) has tripled! Also, the streetscape in west town has been really improved. On the other hand, the south loop has gone in the opposite direction. My building now has more transient renters than before and all the "holes" in the ground where new buildings were slated to go are still empty. The 'prime' retail spots at the NE corner of Roosevelt and Wabash are still vacant, there are zero stores in the Roosevelt Collection, my bank branch (WaMu) closed down, my favorite restaurant closed(quatro), and the bar I hang at (grace's) has gone way downhill (I think they are gowing weeds in the flower box above their front door - how appitizing!). Further, I can't believe that the Central Station street-light banners along 16th and Prairie are STILL hanging in the same torn and tattered condition they were in when I left 15 months ago. That's an eyesore! And, like many of my neighbors, I'm blown away by the vast number of vacant storefronts all over the south loop. When we marry in November, we will be moving into one of our places (both are the same size). Although her neighborhood has become much more desireable, we'll most likely move into mine because we can get much more of an ROI by selling her place. Thus, we are vested in the Sloop and really hope things get better!
Say what you want about what this area "was" like 10, 5, or 2 years ago - not so important to forward-looking people. The development of this area over the past 3 years is disappointing. My fiance and I both work in consulting. We have both been overseas together on a project for the last 15 months (finally done!). I live here in the south loop, she has a place in west town (near ogden and grand). Both of our respective neighborhoods were "transitioning" when we left for London. Coming home last month, neither of us knew what to expect, even though we both kept in constant contact with neighbors, friends and family. What a difference in both neighborhoods! The contrast between the two is shocking. Her once nearly-vacant building is completely full, with condo owners (no rentals). And the amount of commerical in her area (bars, shops, restaurants, and pubs) has tripled! Also, the streetscape in west town has been really improved. On the other hand, the south loop has gone in the opposite direction. My building now has more transient renters than before and all the "holes" in the ground where new buildings were slated to go are still empty. The 'prime' retail spots at the NE corner of Roosevelt and Wabash are still vacant, there are zero stores in the Roosevelt Collection, my bank branch (WaMu) closed down, my favorite restaurant closed(quatro), and the bar I hang at (grace's) has gone way downhill (I think they are gowing weeds in the flower box above their front door - how appitizing!). Further, I can't believe that the Central Station street-light banners along 16th and Prairie are STILL hanging in the same torn and tattered condition they were in when I left 15 months ago. That's an eyesore! And, like many of my neighbors, I'm blown away by the vast number of vacant storefronts all over the south loop. When we marry in November, we will be moving into one of our places (both are the same size). Although her neighborhood has become much more desireable, we'll most likely move into mine because we can get much more of an ROI by selling her place. Thus, we are vested in the Sloop and really hope things get better!
Say what you want about what this area "was" like 10, 5, or 2 years ago - not so important to forward-looking people. The development of this area over the past 3 years is disappointing. My fiance and I both work in consulting. We have both been overseas together on a project for the last 15 months (finally done!). I live here in the south loop, she has a place in west town (near ogden and grand). Both of our respective neighborhoods were "transitioning" when we left for London. Coming home last month, neither of us knew what to expect, even though we both kept in constant contact with neighbors, friends and family. What a difference in both neighborhoods! The contrast between the two is shocking. Her once nearly-vacant building is completely full, with condo owners (no rentals). And the amount of commerical in her area (bars, shops, restaurants, and pubs) has tripled! Also, the streetscape in west town has been really improved. On the other hand, the south loop has gone in the opposite direction. My building now has more transient renters than before and all the "holes" in the ground where new buildings were slated to go are still empty. The 'prime' retail spots at the NE corner of Roosevelt and Wabash are still vacant, there are zero stores in the Roosevelt Collection, my bank branch (WaMu) closed down, my favorite restaurant closed(quatro), and the bar I hang at (grace's) has gone way downhill (I think they are gowing weeds in the flower box above their front door - how appitizing!). Further, I can't believe that the Central Station street-light banners along 16th and Prairie are STILL hanging in the same torn and tattered condition they were in when I left 15 months ago. That's an eyesore! And, like many of my neighbors, I'm blown away by the vast number of vacant storefronts all over the south loop. When we marry in November, we will be moving into one of our places (both are the same size). Although her neighborhood has become much more desireable, we'll most likely move into mine because we can get much more of an ROI by selling her place. Thus, we are vested in the Sloop and really hope things get better!
I live at 1555 S Wabash and I certainly do not think it is an eyesore. I like the building and the staff here are absolutely wonderful! Our unit is very nice and our neighbors are friendly. Yes, we do rent and there are several of us that rent in the building. If I could afford to buy a place, I would.
I agree with the comment regarding the street-post banners at 16th and Prairie. What is the deal with the torn and tattered "central station" banners? Moreover, half are up, while most are half-down. Does look very bad. This part of the south loop is heavily visited during football season; I'd like to see the banners cleaned up soon.
I think some of the research here may be flawed. I purchased a unit in 1555, and I closed in November of 09. The problem is how the parcel of land is split. The titles for the condominiums have 50 e 16th st as the addresse, so when searching public records this must be the addresses used in your criteria. The name of the building, as well as the address for the retail space is 1555 Wabash
Does anyone know anything else about this building. i moved in awhile back and i absolutely hate the construction the walls are chipping off it is very deceiving. its got a nice kitchen and all but that hides the cheap carpet very weak dry wall almost all materials used to construct the building are cheap they dont tell you that when you are considering the place however. so any insight on the building would be helpful as to how i can get out of this place or if anyone has experienced anything bad with their unit after moving in.
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