Chicago Spire 2.0

[iloveclassicrock7]

Also, I wasn't saying anything about them building the Spire now. I was saying their is a slight hope in the future, I wouldn't expect the condo market to get better for atleast a couple years though.

[Jay]

that article really didn't sound too promising to be honest, it sounds like there is barely any hope... I just wish they wait long enough to put something else very tall on the site.

[iloveclassicrock7]

Originally Posted by Jay

that article really didn't sound too promising to be honest, it sounds like there is barely any hope... I just wish they wait long enough to put something else very tall on the site.

Well that's true. The article brought me from thinking there was no chance of it being built, too thinking their was a 8% chance... atleast it's some hope. You read this part ?

Despite all these dire signals, the Spire’s local broker, Golden of @properties, insists the project isn’t dead. “Death might be an overblown term. I don’t think it’s dead. [Shelbourne is] still actively trying to put something together,” Golden says.

[MWR]

Originally Posted by iloveclassicrock7

Well that's true. The article brought me from thinking there was no chance of it being built, too thinking their was a 8% chance... atleast it's some hope. You read this part ?

[desertpunk]

ZRFLaw.com

Wednesday, May 2nd, 2012

McArdle Quoted in WSJ Article on Chicago Spire Forceclosure

David W. McArdle was quoted in the May 1, 2012, issue of the Wall Street Journal in an article about the Chicago Spire property on the Chicago lakefront. The title of the story is “Chicago’s Spire Remains Hole in the Ground.” The subtitle reads: “Four Years After Construction on the Tower Stopped, Development Is Stalled in Foreclosure Proceedings; Ties to Ireland.”

McArdle, a named partner in Zukowski, Rogers, Flood & McArdle, practices law in a variety of disciplines, including construction law. The article mentions that the Chicago Spire foreclosure proceeding that began about two years ago involves contractors such as Lorig Construction, which seeks to be repaid about $512,000.

The article quotes on McArdle about the improvements to the land. ” ‘It’s a hole in the ground,’ said David McArdle, an attorney for Lorig, which built exit and entrance ramps to the property. ‘It’s not moving forward.’ ”

The article notes that Illinois law does not automatically give mortgage holders first priority over lien-holders such as Lorig Construction if they establish they have improved the property’s value. To view the story by reporter Maura Webber Sadovi, please follow the link to the Wall Street Journal article (subscription required).

Zukowski, Rogers, Flood & McArdle, the largest law firm in McHenry County, Illinois, is widely recognized as a leader in construction law. McArdle is the author of Construction Law Road Map — 2011 (4th Edition). For more details about David McArdle’s professional credentials, please view his biography.

---

Ireland's National Asset Management Agency, which took on the debt from the defunct Anglo Irish Bank Corp., is running up a big tab paying for property expenses while the foreclosure case slowly winds through the court system there. All lienholders and claimants have yet to settle so the property can be released back into the market.

[odlum833]

NAMA is investing in viable properties abroad and starting constructions. This project can be developed if they think it is viable

[desertpunk]

Originally Posted by odlum833

NAMA is investing in viable properties abroad and starting constructions. This project can be developed if they think it is viable

Interesting! I was hoping you might have some info about this process from your side of the pond. Chicago Spire is a tough one because $20+ million condos are a hard sell outside of NYC but if the folks at NAMA can see their way to restarting this beast, a LOT of people here would be mighty happy!

[rgolch]

I doubt it would be built as originally intended anyway. I do, however, wonder if the building would have to take on a circular type shape due to the cassion work already done. Anyone know?

[desertpunk]

Originally Posted by rgolch

I doubt it would be built as originally intended anyway. I do, however, wonder if the building would have to take on a circular type shape due to the cassion work already done. Anyone know?

Calatrava is owed some serious money. Unless he's satisfied, whatever gets built there will be different. Keeping Santiago on board through construction could cost an extra $30 million. Not a huge sum in the overall $1.5 billion scheme of things but it's a crucial piece of the puzzle.

[iloveclassicrock7]

Originally Posted by desertpunk

Interesting! I was hoping you might have some info about this process from your side of the pond. Chicago Spire is a tough one because $20+ million condos are a hard sell outside of NYC but if the folks at NAMA can see their way to restarting this beast, a LOT of people here would be mighty happy!

Yeah they would, the Chicago Spire is probably my favorite project from the past few decades, this being revived would make me extremely happy.


Have you ever seen a more beautiful building ?

Can you tell us anything else ?

[yankeesfan1000]

Originally Posted by iloveclassicrock7

...Can you tell us anything else ?

Yeah. How about this from that article... ” ‘It’s a hole in the ground,’ said David McArdle, an attorney for Lorig, which built exit and entrance ramps to the property. ‘It’s not moving forward.’ ”

No way this gets built at its original height.

[chicagogeorge]

Originally Posted by yankeesfan1000

Yeah. How about this from that article... ” ‘It’s a hole in the ground,’ said David McArdle, an attorney for Lorig, which built exit and entrance ramps to the property. ‘It’s not moving forward.’ ”

No way this gets built at its original height.

It is a hole in the ground. Of course will get built anywhere near the original height of the Spire. No one on earth would finance such a project in Chicago under the current economic and real estate climate. In fact, I bet that hole sits as it is for another 5 years before they end up building something, just to fill it up.

[rgolch]

I actually thought it was most beautiful with the first iteration as the Fordham spire. It was just so elegant, and has a much more delicate and harmonious flow. Just utererly sublime. The last version of the Chicago Spire almost looks obese in comparison.


If they built that at 1000-1500 ft, it'd be one of the most magnificent highrises on the planet.

[iloveclassicrock7]

Originally Posted by chicagogeorge

It is a hole in the ground. Of course will get built anywhere near the original height of the Spire. No one on earth would finance such a project in Chicago under the current economic and real estate climate. In fact, I bet that hole sits as it is for another 5 years before they end up building something, just to fill it up.

Tone down the pessimism just a bit please...

[3521usa]

Originally Posted by yankeesfan1000

Yeah. How about this from that article... ” ‘It’s a hole in the ground,’ said David McArdle, an attorney for Lorig, which built exit and entrance ramps to the property. ‘It’s not moving forward.’ ”

No way this gets built at its original height.

Hilarious!!!


I liked the original with the spire better anyway. I'd be happy if they came back with a slightly scaled down version of the original tower. I still think this version was way too tall for that location.


Also, I'm not really bothered by the hole in the ground too much b/c it's barely visible. It's not like the Waterview skeleton, sitting on a major intersection of the city where it's visible by millions of people. So if it takes 5 years to a decade to come up with a great design here I'd say it's worth the wait. For me it's kind of out of sight, out of mind.

[Nouvellecosse]

Originally Posted by rgolch

I actually thought it was most beautiful with the first iteration as the Fordham spire. It was just so elegant, and has a much more delicate and harmonious flow. Just utererly sublime. The last version of the Chicago Spire almost looks obese in comparison.


If they built that at 1000-1500 ft, it'd be one of the most magnificent highrises on the planet.

That looks really nice! I honestly don't think the most recent design would improve the skyline. I'm not trying to be negative, but I just don't think it would look good.

[iloveclassicrock7]

Originally Posted by rgolch

I actually thought it was most beautiful with the first iteration as the Fordham spire. It was just so elegant, and has a much more delicate and harmonious flow. Just utererly sublime. The last version of the Chicago Spire almost looks obese in comparison.


If they built that at 1000-1500 ft, it'd be one of the most magnificent highrises on the planet.

The original version was also incredible, I think I liked it better too. The newest version was also spectacular, but I couldn't help but feel that it looked like a giant, well.. you know what...

Anyways I preferred the original design, it is probably my favorite design of all time. Just look at this beauty



Absolutely incredible pic here

[HomrQT]

Originally Posted by iloveclassicrock7

The original version was also incredible, I think I liked it better too. The newest version was also spectacular, but I couldn't help but feel that it looked like a giant, well.. you know what...

Anyways I preferred the original design, it is probably my favorite design of all time. Just look at this beauty



Absolutely incredible pic here

I also preferred the earlier design. The newer design came dangerously close to looking like a dildo.

[3521usa]

Exactly! Those earlier pictures, especially the middle one, are what got me into skyscrapers. I rmember seeing those pics of the Spire then looking up more info on it on the web which led me to discovering Skyscrapercity. I've always thought the original version was flawless and was really disappointed when they decided not to build it. I heard something about there not being enough salable square footage was the reason for ditching the original version, anyone knows if that was actually the case?

[rgolch]

I just wish there was a rendering of the first spire with more realistic looking glass. I posted the west looking night rendering because it looked most reasonable. The other renderings make it look like a wax toy. The last version of the Chicago spire at least had better looking glass.