Friday, October 15, 2010
Curbed Chicago Looks at Terrazio
Terrazio (1935 S. Wabash) is one of the newest buildings to go up in the Sloop and a new website called Curbed Chicago, has a fun post comparing "renderings vs. reality". In the post they compare how the developer renderings compare to the actual buildings. Click here to read about what they found.
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I was expecting the renderings to be way off from reality, but they're really not. They do have those pergolas for vines/flowers that you don't really see in the pic. The major difference I see is the greenery is more mature in the renderings, which obviously makes would make it less "austere" as they call it in real life.
The building was probably constructed on the cheap. I bet the developer paid an architect for the renderings and design, but in the end probably decided to override the architect's design and make some cost saving modifications.
If I purchased there pre-construction, I would carefully review the bill of materials.
As an example, they probably saved huge $$$ by limiting or reducing the depth of the pool.
I live in the building and bought pre-contruction. I am very happy with how it turned out. The pool is the perfect depth for lounging. There are also other things that are not pictured that are nice like the grill area and the gym.
I live in the building and bought pre-contruction. I am very happy with how it turned out. The pool is the perfect depth for lounging. There are also other things that are not pictured that are nice like the grill area and the gym.
It's pretty clear from the photo and the editor's comments that the pool is not 1 ft. 6 in. in the deep end but at the steps at the beginning of the pool. Not sure what the author was smoking.
I was surprised that the pool is so shallow, too. But that tower of the building isn't significantly taller than the other tower, so there isn't room to make the pool deeper.
I found this picture that shows shallow end of 6".
Lounging? You mean beaching?
The pool is as designed, it is a lounging splash pool, no different than you see in hotels in Miami.
Have been in the units looking to buy a rental opportunity, and walked the building last week; I must say, these are decent units; market dynamics aside, long time buyers should be happy with their unit quality. The stuff is built like a tank. As well the commercial space layout is good as well.
This Terrazio building is 10,000% better than the CKM garbage on Michigan Avenue at 1640 & 1720 Michigan. Those CMK buildings have turned out to be trash, and I pitty any owners who live there with all the rentals, subleases, and riffraff renting. Seems like CMK got the modern architecture principle reversed, building developments with "Function Follows Form"
While watching the Chicago Marathon from across the street, I cringed at how crappy these CMK units look up close, especially when you see people's piles of cloths, garbage, furniture, and $2.99 window shades. This was modern design meeting an even cheaper modern materials^2.
When you build something like CKM does with that open from floor to ceiling, it might seem great on paper with everything looking open and uniform, but in reality, the openness creates an intimacy with the street that looks like crap when people, you know, actually live there. The developer should have at least put in uniform window blinds or tinted glass to hide that. There is a reason these buildings are having foreclosure and rental issues, the buildings look like sh!t. I mean, they tore down the Cotton Club for that?
You can thank some of these community organizations like the GSA for running interference for some of these developers that allow these details to be hidden until the building is complete.
Thanks for that picture link Anon 2:25. Original plans had that on the 3rd floor. That will be be a cool place to chill in the summer. For a lower priced building, it is as good of an outdoor space as any of the real big Central Station buildings, and for the unit cost, it is way better.
I predict you won't see huge market price increase, but these units will hold relative value, and that building will be a stronger owner occupied building down the road when the market ever improves.
they shoulda built something like that in the space between 13th and 14th & Wabash.
MARKK sounds like a Terrazio sales guy. Terrazio is made by the same folks who built the Marquee. While Terrazio's finishes looks good on its website, you also have to consider its farter south location and the lack of panoramic city views that you'd normally get on a taller building. Marquee units cost the same or even more than Terrazio, but their finishes aren’t as good. The Marquee can charge more because it's on the better known street, Michigan Avenue and further north. Even though it's only a few blocks north, it matters big time in this city. One bedroom unit on the future Ritz Carlton on North Michigan sells for $1 million and it's only a few miles from here. The lofts on Indiana/Cullerton have nice finishes compared to Marquee, yet the units cost less because of its location.
As for 1720's renters, the Terrazio will have the same problem if people like you are "buying a rental opportunity". The good things about 1720 are their money reserves are in good condition and its assessments hasn’t increased except when it added bulk U-Verse cable for everyone in the building. Even without increasing assessments, 1720 was still able to install high resolution security cameras and has plans to do lobby renovations. The owners of South Loop Market also own 1720 units and are active in the building's community. The renters in 1720 all look like they have jobs, except for the college kids who looks like their parents are paying their rent. If you happen to get renter neighbors, you won't have any problems if they're the older crowd since they are normally quieter.
I doubt Terrazio will not have any of the issues that 1640 and 1720 have...some told me that one of the buildings had to have a, what is the politically correct way to say it, 'working ladies ring' rousted a while back.
At the same time, passerby's wont have to look at the pile of laundry on the floor and grocery bags taped to the window as blinds.
Have you been to Terrazio? I can see the building right now and there’s only one light turned on from the north side... You can walk butt naked in your apartment simply because you there’s ZERO passerbys in that area, unless of course you count the hoodlums running towards you away from the blue lights flashing 3 blocks south.
What sucks is not the building. It's the poor sales and developers' lack of financial options. I have a contract in the "south" tower. Been waiting since 7/22/2007. Unit's done. Upgrades put in total nearly $35,000. Preferred lender can't lend cuz no one is buying. I WISH I could move in, and enjoy the 6" pool next summer, but it looks like we are screwed.
Lets also add, what is gonna happen to the few unit owners who DO live in there? will there be a special assessment to capture the enormous loss of funds the developer is using? It's gonna limit sales even more. No matter how beautiful the building is (which, trust me, it is nice, and very well built), it's one price on paper, and probably gonna be an awful surprise in a couple years....
I checked out Terrazio a while back and saw a NW corner unit still under construction. In fact, the engineers were sitting in the room looking over some blueprints when the sales person showed us in.
I asked, "Hey, why didn't they design any windows facing north in the two bedrooms?" "Impossible to do with the design" they said. Hmm, maybe they should have rotated the building 180 then. There are windows facing South. I'm not an architect or engineer, but if I could put windows on only 3 sides, I wouldn't leave out the north side facing the city!
What a shame, we liked them enough otherwise, but that's a deal killer.
(p.s. I know some of the one bedroom's balconies face north, but why they wouldn't give north-facing windows to everyone who faces north above the building line, I cannot understand).
"Lets also add, what is gonna happen to the few unit owners who DO live in there? will there be a special assessment to capture the enormous loss of funds the developer is using?"
Not likely, Developer either has to pick up much of the tab until enough sales in the building are high enough to turn over the association, or wait a prescribed period per the by-laws to turn over the association, which he will then be likely responsible share of assessments.
It is key that owners get on the developer right away to receive property reports for budgets, assessments collected, units rented by developer, and an independent building inspection.
Glad to hear others think that 1640 and 1720 south michigan are huge eyesores and massive disappointments. Judging by the lack of any retail, I think the commercial-world agrees as well (except for south loop market, which is owned by residents of 1720). It's absolutely mind-boggling to drive through the sloop and see all the vacant retail spots and the amount of auction signs. I'm not a real estate expert, but I can't recall seeing that type of scenario in any other "desirable" neighborhood in the entire city! Yes, there are vacancies in Lakeview and Bucktown, however there are also tons of viable commercial outlets open in those hoods.
Sloopin needs to simply stop approving all negative comments about the Sloop from "questionable" users. I visit South Loop Connection more because users actually seem like they live in the Sloop. Quite frankly, if you live here and have bad things to say... MOVE! It doesn't make sense why you're so negative if you live here... Which probably means you don't live here. In terms of square footage, Lakeview and Bucktown are WAAAY cheaper than Sloop. MOVE! 1720 and 1620 rocks! Thank you 1720 for bringing all the rich white/asian kids to my hood.
I've toured the Terrazio and the units are laid out well and the finishes are nice. I wasn't able to see the pool when I toured the place because the rooftop wasn't open yet. In terms of quality, this place crushes 1720 Michigan. That place has the location, but the units are garbage. Huge cement poles in the middle of your living room? What were they thinking when they designed that place?
Back to the Terrazio, the place is still overpriced. There is so much inventory in the Sloop, why pay a premium for new construction when there are plenty of equally good units available that are 2-3 yrs old. Plus no bank will lend here since its almost completely empty. They place might have been 60% sold when it was completed, but I don't think they've closed on 10 units. I wouldn't be surprised at all if this goes back to the bank.
I saw they were trying to rent units out in this place as well.
For the guy/gal commenting on 1720 S. Michigan. The terrrazio is out there acrros from the projects. Michigan Ave is more estetically pleasing than State or Wabash. Closer to the Lake and easy access to public transportation. CMK is what it is. I don't see the Terrazio being some huge upgrade. There are zero views from that area. 1720 has some of the sweetest views of the city and lake. Plus Terrazio is in the undesirable part of the South Loop(South of 18th). People in glass houses shouldn't throw stones
Terazzio....crappy location. I would rather live in 1620 or 1720 over the Terrazio any day.Who cares about finishes when you are in the middle of no where. Michigan always has people walking. What's to say there isn't a ring of some sort in every buidling. Wasn't there a big drug bust in the townhomes in Museum Park does that mean that those million dollar townhomes are bad. People it is the city, you are going to get a diversity of people.
And for those who did buy in the Terrazio at those inflated prices in the deep south, good luck selling. You may have luck renting to those who can't find a place at 1620 or 1720.
Mark definitely sounds like the realtor at Terrazio, I take everything he says with a grain of salt.
People - the same thing being said about Terrazio location could have been said about 14th - 18th street about 6 years ago. Relax - it is on Wabash avenue and be it that Cuatro and Room 21 closed across the street, there were restaurants there and eventually will be there again. Red Line at ChinaTown is close or all the buses running down Michigan are there as well.
Gotta laugh at this comment because I live in the unit being referenced...
Have you been to Terrazio? I can see the building right now and there’s only one light turned on from the north side... You can walk butt naked in your apartment simply because you there’s ZERO passerbys in that area, unless of course you count the hoodlums running towards you away from the blue lights flashing 3 blocks south.
I certainly am hoping that the Terrazio does attract more buyers, the units do have very nice finishes and the developer is willing to to deal, however it does seem that many people have had trouble obtaining financing, but isn't that the case everywhere?
North tower is still all condo owners and the developer is trying to rent units in the south tower at this point.
I guess for now, keep looking up at my one light on in the north tower.
I rented at 1620 and 1720 and I HATED IT! Actually, I've lived in the South Loop for over 10 years. These buildings are known as the kitchen in the living room buildings. The ONLY reason I stayed was because of the free U-verse and free heat (which is controlled by the building). There were several thefts in the building and the units are not as sound as most think. I can hear full conversations from the neighbors next door. I work in construction and I have to admit CMK needs to learn how to design and build units that are more AMERICANIZED and keep the European designs in Europe.
The finishes are horrible, bad wood floors, laminate coming off the bathroom sinks, hollow walls..I could go on and on but this building if for the very young. I am moving to The Terrazio because of the design and location and the peace and quiet. They can have Michigan Ave, sirens and all. Having a view means nothing when you can't enjoy it because of all the cigarette buds and beer being thrown from 8 stories above you..HELLO Terrazio!!
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