New Chicago Apple store comes with massive $62M price tag

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in General Discussion
Apple plans to spend $62 million on a retail outlet currently under construction in Chicago's North Michigan Avenue shopping district, according to a construction permit issued by the city's planning department on Friday.




Featuring a wide-open design boasting a prodigious amount of glass, construction on the retail outlet is already well underway on Chicago River's north bank, the Chicago Tribune reported on Monday. Work at the site has been ongoing for some time, but the construction permit granted last week gives Apple the go-ahead to complete the build, the report said, citing city officials.

At $63 million, the forthcoming retail shrine is shaping up to be one of Apple's most expensive U.S. undertakings to date. By comparison, construction of the Union Square flagship in San Francisco, which required the demolition of a pre-existing building, was at one point estimated to cost some $23.6 million.

When completed, the Chicago Apple store will become a 20,000-square-foot anchor of the city's North Michigan Avenue shopping district. Architectural renderings unveiled in November call for a free-standing, glass-walled entry pavilion located at street-level with two grand staircases and an elevator leading down to a similarly glass-clad sales floor located just off the riverwalk.

While not confirmed, the Chicago store was supposedly designed by award winning architect Norman Foster of Foster + Partners. Along with other international Apple store flagships, the architecture firm was hand picked by late Apple cofounder Steve Jobs to dream up the company's iconic Campus 2 headquarters in Cupertino.

As can be expected, plans for Chicago include an abundance of luxurious materials, including a carbon fiber roof on the entry foyer and glass-infused structural elements bolstering the the main riverside edifice.

Neither Apple nor property owner Zeller Realty Group have provided a construction timeline for the North Michigan Avenue outlet.
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Comments

  • Reply 1 of 21
    Not expensive at all considering how much revenue Apple Stores generate per square foot. This store could pass $100 million in a single year.
    jfc1138irelandpatchythepirate
  • Reply 2 of 21
    kpomkpom Posts: 615member
    That should be a nice addition to the Riverwalk. It's a big hole in the ground right now. They've been doing prep work all summer. 
    patchythepirate
  • Reply 3 of 21
    Great news for a great city!
  • Reply 4 of 21
    Great news for a great city!
    Nice distraction from the 76 murders this month alone, right? 
    spliff monkeySpamSandwich
  • Reply 5 of 21
    Man I wish Apple would build a Store in Northern Kentucky, some day maybe.
  • Reply 6 of 21
    Good for Chicago though, Go Cubs!
    h2p
  • Reply 7 of 21
    calicali Posts: 3,495member
    What will the store look like exactly?
  • Reply 8 of 21
    Great news for a great city!
    Nice distraction from the 76 murders this month alone, right? 
    shouldn't BLM be concerned about that, though?
    Or, is it somehow Apple's fault too?
  • Reply 9 of 21
    Hope Apple arms their employees there.
  • Reply 10 of 21
    Great news for a great city!
    Nice distraction from the 76 murders this month alone, right? 
    Chicago is a unique American city if you know it well and I'm sure you don't.  While a disaster, most of those murders are gang related in ghetto land.  Its isolated from the real functioning city.
  • Reply 11 of 21
    irelandireland Posts: 17,547member
    Not expensive at all considering how much revenue Apple Stores generate per square foot. This store could pass $100 million in a single year.
    Fifth Ave Apple Store I believe generated $400M in a single year a couple years back. Obviously lots of which is toward the holiday quarter. But still, on average more than $1M per day boggles the mind.
    edited November 2016 h2p
  • Reply 12 of 21
    irelandireland Posts: 17,547member
    cali said:
    What will the store look like exactly?
    Edit
    edited November 2016
  • Reply 13 of 21
    Rayz2016Rayz2016 Posts: 4,556member
    This is typical of Apple under Tim Cook!

    He wastes $62million on a frikkin' retail store instead piping the cash directly to my portfolio!  

    Spending all his time pushing social agendas instead of giving Mac users the combination  laptop/desktop/tablet/games console/media centre/patio jet washer they've been crying out for!

    Well I'm gonna treble my stake in Apple to six shares, then reap the rewards next year when Tim Cook is fired and the stock price hits infinity!


    edited November 2016 h2pholyone
  • Reply 14 of 21
    crowleycrowley Posts: 5,730member

    New Chicago Apple store comes with massive $62M price tag

    Bet it has more than 16GB of RAM though

    j/k
    h2p
  • Reply 15 of 21
    Looking forward to Detriot Apple store to help economy there.
  • Reply 16 of 21
    ncil49 said:
    Great news for a great city!
    Nice distraction from the 76 murders this month alone, right? 
    Chicago is a unique American city if you know it well and I'm sure you don't.  While a disaster, most of those murders are gang related in ghetto land.  Its isolated from the real functioning city.
    I do not believe it is isolated. You cannot isolate gang activity from the rest of city offering goods. Your statement is not realistic - ask experts on crime how it works. Gangs do operate from south part of Chicago mostly, but you should look ate proper map of their operations to understand what you misstated as isolated. https://www.google.com/maps/d/viewer?mid=1C1zMOFEfuvs8yPH8ydvQj5m0_AA&hl=en_US&ll=41.8166011160223,-87.41123912908938&z=11
  • Reply 17 of 21
    ncil49 said:
    Great news for a great city!
    Nice distraction from the 76 murders this month alone, right? 
    Chicago is a unique American city if you know it well and I'm sure you don't.  While a disaster, most of those murders are gang related in ghetto land.  Its isolated from the real functioning city.
    I do not believe it is isolated. You cannot isolate gang activity from the rest of city offering goods. Your statement is not realistic - ask experts on crime how it works. Gangs do operate from south part of Chicago mostly, but you should look ate proper map of their operations to understand what you misstated as isolated. https://www.google.com/maps/d/viewer?mid=1C1zMOFEfuvs8yPH8ydvQj5m0_AA&hl=en_US&ll=41.8166011160223,-87.41123912908938&z=11


    I meant to say the functioning city is isolated from everything else.  And the odds of me taking a bullet on the Corner of North and Clark, Huron and Fairbanks, etc are about zero.  You know where I mean right? I'm sure you have lived in the city for years and understand the demographics and violence patterns particular to Chicago.  I thought so.  The map you linked me to proves it
  • Reply 18 of 21
    ireland said:
    cali said:
    What will the store look like exactly?
    Edit
    Best comment of the day.  ;)
  • Reply 19 of 21
    dasanman69dasanman69 Posts: 12,973member
    Is the glass bulletproof in this Chiraqi store? 
  • Reply 20 of 21
    dasanman69dasanman69 Posts: 12,973member
    Looking forward to Detriot Apple store to help economy there.
    What economy? People need good paying jobs first before they can afford the premium products that Apple sells. 
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