See Wong, owner of the Wabash Development Group, has two properties that in or very close to the South Loop that sound like they're still moving forward. To be honest, we were under the impression his planned building at 1349 S. Wabash was off the table, but the article makes it sound like it is still moving forward (however no time frame was mentioned in the article).
The Grand Imperial Hotel at the corner of Clark and Archer (on the fringe of the South Loop depending on who you talk to) looks like a unique piece of architecture that could bring some interesting character to the neighborhood. We had a post on the development a couple of months ago which includes a video and interview of Wong. According to the Tribune article this is scheduled to break ground in 2010.
So why move forward with two new projects in the current environment? According to Wong it's because he caters to a different buyer and market:
While many builders have yielded to the recession, Wabash is thriving, says Wong, because the neighborhoods where he builds -- primarily Chinatown and Bridgeport -- serve an influx of immigrants. "There isn't an oversupply of housing here, especially of condos that cost less than $300,000," he reports.Although we're still skeptical about anything going up in the current environment, maybe Wong is right. We will continue to follow this and see if these developments actually happen.
Wabash developments that serve the Chinese-American market have units that are small by intention, says Wong. "In China, an 800-square-foot condo is a luxury condo," he explains. "So, here, this community wants small units." While his buyers do want nice finishes such as hardwood floors and granite countertops, he says, they are willing to forgo extras such as fireplaces, whirlpool tubs and balconies to minimize their home prices.