This issue has come up frequently in Chicago discussions and I'd like to know the answer:

Bank financing lets you know a project is a "Go". Short of that financing, how are you able to differentiate between a project that is just speculation and one that is seriously on the road to success? What are some of the benchmarks that give it that "Go" sign. I realize that % leased is one, but what are some of the others?

I would think approval of the project from the buildings department at the city or county would be an important earmark.

yeah, approval's and important step, but, I'd never bet the farm on it.