The $550,000,000 Mandarin Oriental Tower is a 74 story proposed mixed use project targeted to be the 9th tallest building in Chicago (assuming the Trump and Waterview Towers, both under construction get completed first). The tower is being built by the Hong Kong based Mandarin hotel group, currently operating over 30 hotel groups around the world and are partnering with Solomon Cordwell Buenz as their design consultants.The proposed design is to be 1.2million sq feet and will include 300 condos and 250 hotel-condo units with the unit mix concept defining these hotel-condos as rooms sold as condominiums to private buyers who now allow the hotel to rent out these units when the owners are not using them.
Despite the initial excitement over the addition this building would make to the design infrastructure of the city of Chicago, a Dec 2, 07 article in Crains Chicago Business stated that various parties involved with this project are facing financial issues and construction loans have not been forthcoming. This is in part due to the current real estate slump in the Country and some inside sources have expressed their apprehension that this project might never be built as the groundbreaking initially set for January 08 is still yet to occur.
Unfortunately, this is the same for numerous other projects around the country; the building industry is slowing down and if the situation does not improve soon, many of us in the field of architecture and other related disciplines might not have much work to do.
Image obtained from condohotelcenter.com
