Wednesday, June 13, 2007

So much for 300 N. Michigan

Back in April, Crain's reported that Peebles Corp. was hot to buy 300 N. Michigan Avenue and convert it into a condotel with luxury condo units and the like, notwithstanding a glut of other people already doing it.

Well, it looks like Peebles is joining the conventional wisdom and (wisely, in my opinion) backing out of the deal. The current market needs a little time to absorb the product that is online or in the pipeline, and this could take a while (though I think winning the 2016 Olympics may speed that up a little).