chicago-condos & Chicago Real Estate pcherry on 24 Jan 2009 03:01 pm
Evanston Spire Cut Down by Height Limit and Markets
January 24, 2009 - After the Evanston Planning and Development Committee recently set a limit of between 27 and 35 stories for buildings in the downtown district, it’s probably no surprise that the proposed 38 story tower is no longer at the top of Focus Development’s agenda. Of course the condo market crash didn’t help matters any, and Tim Anderson of Focus was quoted in the Tribune as saying that, “It’s not something that would move forward in today’s finance environment. We’ll have to wait until the credit markets move forward.”
The tower was originally planned to be 49 stories tall, easily the tallest building in the Chicago suburbs. It was then scaled down to 38 in a concession to concerns that it would overpower the downtown area. The tallest suburban tower is currently the Helmut Jahn designed Oakbrook Terrace Tower and the 35 story limit would keep Evanston’s proposed high-rise in second place. Right now the tallest tower in Evanston is the Chase Building which was constructed in 1969, so anything topping that would be a definite change for the city.
But there is still hope for those of you who are fans of the “Evanston Spire.” Tim Anderson pointed out in the article that they could still work on getting the zoning approved and everything in place for marketing this suburban Chicago real estate project whenever the timing is better. Although he didn’t offer an exact date for when condo sales might improve, he did pointed out that, “I don’t think anyone can say right now,” Anderson said. “Our best guess is that we expect, in 2010, the residential market for areas like downtown Evanston to come around.”
Until then, anyone interested in purchasing new Condos In Chicago may have to be satisfied with the current inventory.
Technorati Tags: Evanston Illinois, Chicago Real Estate, Condos In Chicago
