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Old May 19th, 2010, 01:02 AM   #1621
Uaarkson
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Quote:
Originally Posted by Hed_Kandi View Post
So it this tower going to be built?
If I had a dime for every post like this
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Old May 20th, 2010, 07:10 AM   #1622
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I'm not sure where I heard it from but not that long ago I heard that construction was supposed to start back sometime in June or July.... I guess thats not happening anymore is it????
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Old May 20th, 2010, 08:02 AM   #1623
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The number of low, angled parking floors is problematic. That amount of parking was necessary for a condo/hotel project but total overkill for an office tower. It is likely going to be more feasible to demolish the hulk down to ground level and start again. Hopefully the foundation work can be adapted.
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Old May 22nd, 2010, 12:44 PM   #1624
Eric Offereins
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Quote:
Originally Posted by Uaarkson View Post
If I had a dime for every post like this
you would be able to build this tower.
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Old May 22nd, 2010, 12:48 PM   #1625
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Quote:
Originally Posted by DFDalton View Post
The number of low, angled parking floors is problematic. That amount of parking was necessary for a condo/hotel project but total overkill for an office tower. It is likely going to be more feasible to demolish the hulk down to ground level and start again. Hopefully the foundation work can be adapted.
I see a demo or partial demo too. But any buyer would be a fool not to keep a stump in case an opportunity to pull it up to at least 50 stories presents itself. Probably at least the top 3 or 4 levels will have to go.
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Old May 25th, 2010, 01:27 AM   #1626
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Quote:
Originally Posted by Eric Offereins View Post
you would be able to build this tower.
Forget the dime for each post. If you had a dollar for each post, you would be able to built this and the Spire!
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Old May 25th, 2010, 01:37 AM   #1627
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Might as well lock this one up too. It's ovaaaah!
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Old May 25th, 2010, 02:11 AM   #1628
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Agreed.
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Old May 25th, 2010, 04:32 PM   #1629
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Oh, no you don't!
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Old May 30th, 2010, 05:10 AM   #1630
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Quote:
Originally Posted by desertpunk View Post
Might as well lock this one up too. It's ovaaaah!
Not so fast idiots. This is why you don't lock threads just because there is a lack of news.


Unfinished Waterview site has new owner, but few options

By: Alby Gallun May 31, 2010

The developer of the unfinished Waterview Tower on Wacker Drive has made peace with its creditors but now faces an even more difficult task: figuring out what to do with 26 stories of concrete in a devastated real estate market.

About two years after construction workers walked off the job site, the developer of the stalled 90-story skyscraper, which sits at one of the city's prime intersections, earlier this month handed the property over to a consortium of creditors with $110 million in unpaid bills. The new owners also include the original development team, a group led by executives at Chicago-based engineering firm Teng & Associates Inc.

The transfer clears one major obstacle for a daring riverside development that launched at the peak of the boom, ran out of money and now stands as the most glaring downtown symbol of the bust. By halting their court dispute, the creditors aim to attract a developer to restart the condominium-and-hotel project or reconfigure it for a post-bubble era.

"We believe it's a major step," says Michael Hughes, a leader of the creditors group and chairman of Broadview-based Huen Electric Inc., which is owed $8.6 million. "Our legal fees were mounting, and we weren't getting anywhere."

The question is whether they will get much further in the current real estate market. While the credit crunch has eased, financing for high-rise construction remains all but nonexistent, especially for condos and hotels.

Some observers have suggested that the 26-story concrete hulk is such a turnoff to prospective investors that the best answer is to raze it. That might please commuters who get caught in traffic backups where the temporary covered walkway outside the structure narrows Wacker Drive.

Mr. Hughes disagrees, saying that a teardown wouldn't add value to the property.

The developer launched the project in 2006 before lining up a construction loan, a decision that backfired.Another option is to finish what's there but wait until the market recovers before adding on. The current structure includes about 10 stories of parking and 13 hotel floors. It might make the most sense to run it as a parking garage for a few years, deferring decisions about the rest until the market recovers.

"At least it covers some of their expenses," says James Loewenberg, co-CEO of Chicago-based Magellan Development Group LLC. "In this market, you're not going to do anything else."

CB Richard Ellis Inc. was hired last summer to solicit buyers for the Waterview project, and Magellan "looked at it seriously," Mr. Loewenberg says, with the idea of finishing the hotel or replacing it with condos. Investing in the project now doesn't make sense given the condo and hotel markets, he says.

The project has received "overtures from a few developers," says Mr. Hughes, declining to identify them. He says the preferred option is to bring in a party that wants to stick with the original plan — 200 hotel rooms and 233 condos — but he's open to other ideas, including apartments or offices.

BAD TIMING

The city sued the Waterview development group for building code violations last year, alleging that it failed to maintain the concrete shell in a "structurally safe and stable condition." But a city spokeswoman says, "The city is satisfied that the building is secure and the (construction) crane is down."

A Teng affiliate launched the project at 111 W. Wacker Drive in 2006 before lining up a construction loan, a decision that backfired when the credit markets started to tighten just when the developer needed more money.

The developer did secure a $20-million bridge loan from LaSalle Bank N.A. in early 2007, but bills from contractors started piling up amid its futile search for $400 million in construction financing. Hong Kong-based Shangri-La Hotels & Resorts, which had agreed to run the hotel, pulled out in March 2009.

By mid-2009, several contractors and Bank of America Corp., which bought LaSalle in 2007, had filed foreclosure suits to collect their debts.

Teng executives did not return phone calls, and a Bank of America spokeswoman declines to comment.

http://www.chicagobusiness.com/cgi-b...rticleId=33447

Last edited by Sakrafini; May 30th, 2010 at 05:18 AM.
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Old July 7th, 2010, 04:11 AM   #1631
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June 30


June 30
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Old July 7th, 2010, 04:42 AM   #1632
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"New owners" and they didn't even bag and seal the rebar??
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Old November 15th, 2010, 06:42 PM   #1633
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Stalled Waterview Tower Could Get New Life As Office Building
This can only be a good thing: A Chicago developer claims to be "very far along" in his plan to take over the stalled Waterview Tower development on Wacker Drive and convert it into a 60-story office tower.

Read more:
http://chicago.curbed.com/archives/2...e-building.php

* * *

Goodman envisions offices at unfinished Waterview tower on Wacker Drive
By: Alby Gallun November 15, 2010

A partly built condominium-hotel tower on Wacker Drive—now just a concrete eyesore among the city's glittering riverside skyscrapers—would get a second life as a 60-story office building, if developer Mark Goodman gets his way.

...Mr. Goodman says he's “very far along” in planning for the Waterview project, which would cost more than $300 million. But he doesn't have a binding agreement to acquire the property and is not the only buyer pursuing it.

http://www.chicagobusiness.com/artic...UE01/311139972
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Old November 15th, 2010, 07:55 PM   #1634
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Fingers crossed. It would be nice to see this finished, even if it is not a supertall.
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Old November 15th, 2010, 08:11 PM   #1635
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Great news. With such a prime location, it's good to see that hulk finally finished.
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Old November 18th, 2010, 03:03 PM   #1636
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I was wondering what happen to Chicago...Lookin' forward to see some construction here...

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Old November 18th, 2010, 11:32 PM   #1637
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Quote:
Originally Posted by Cojapo View Post
Fingers crossed. It would be nice to see this finished, even if it is not a supertall.
maybe. However, the dream of page 1 of this thread is over.
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Old November 18th, 2010, 11:38 PM   #1638
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Looking at the original renderings again, it wasn't as attractive as i originally had thought. Perhaps a newly designed, 60 story tower could be beneficial to the attractiveness of the design. Hopefully this 60 story tower will have very tall ceilings to make it a supertall
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Old November 19th, 2010, 07:22 AM   #1639
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Hmmm. You might be able to get a 60 story office job as high as the original tower, if not higher...
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Old November 19th, 2010, 08:10 PM   #1640
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If all else fails, there's always one way to make it a supertall:



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