Developers propose a 65 story tower for Lake & Stetson
Here comes another one, the Mandarian Oriental Tower is the latest condo hotel offering. Located one block north of Millennium Park the project will have 250 condo hotel rooms and 150 residential condominiums. Prices start at $500,000.00 for a hotel room and $600,000.00 for a condo.
The complex is located one block east of Michigan Avenue and will have an address of 215 N. Michigan. They are able to use this address as part of Illinois Center.
Just got to have that Michigan Avenue address!
5 comments:
there are really that many people out there who are willing to buy these hotel rooms? I've previewed two of these setups so far in chicago and it still amazes me. Is the return on investment really that fantastic?
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Anyways for the one real post, No the return on these things isn't that great UNLESS the unit value goes up. That is less likely now as interest rates are making listing periods increase and there are more properties on the market now than anytime in the last 3 years. There are much better inverstments out there IMO.
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