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Old April 13th, 2007, 03:27 AM   #81
MDguy
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you're right! there's another mandarin Oriental in atlanta i just heard about today. see?

EDIT: don't want people to get confused with MO in chicago with MO in atlanta

Last edited by MDguy; April 14th, 2007 at 02:14 AM.
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Old April 13th, 2007, 04:53 AM   #82
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Quote:
Originally Posted by FastFerrari View Post
3 massive building for Chicago.....Waterview, Trump and Oriental....all three over 950ft...with two passing 1000ft mark...i see Chi-Town gaining on HK, and NYC in overall skyline status and competitions.
Not to mention 2 800+ footers and 4 700+ footers either under construction or in site prep. We're adding some serious height to the skyline during this phase of the boom--and some beautiful architecture as well.
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Old April 13th, 2007, 06:53 AM   #83
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FInally, this is the first time that i see the rendering of this tower.
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Old April 13th, 2007, 06:57 AM   #84
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Quote:
Originally Posted by alex537 View Post
FInally, this is the first time that i see the rendering of this tower.
That's a different building. This is the Mandarin in Chicago:

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Old April 13th, 2007, 06:58 AM   #85
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Quote:
Originally Posted by i_am_hydrogen View Post
Not to mention 2 800+ footers and 4 700+ footers either under construction or in site prep. We're adding some serious height to the skyline during this phase of the boom--and some beautiful architecture as well.
Not to mention the 2000' ChiSpire that seems to be moving along quite well.
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Old April 14th, 2007, 01:08 AM   #86
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UR right HYDORGEN....the possible Fordham Spire....Mandarin....Trump....Waterview....Met3 i beleive...could b wrong...but i see that Chicago is making out like bandits....even more so than dare i say NYC....but thats a race amoung u guys
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Old April 14th, 2007, 01:12 AM   #87
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Quote:
Originally Posted by FastFerrari View Post
UR right HYDORGEN....the possible Fordham Spire....Mandarin....Trump....Waterview....Met3 i beleive...could b wrong...but i see that Chicago is making out like bandits....even more so than dare i say NYC....but thats a race amoung u guys
Met 3 is in Miami.

Last edited by Kngkyle; June 10th, 2007 at 06:05 AM.
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Old April 30th, 2007, 11:31 PM   #88
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Damn, again a great building!
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Old May 14th, 2007, 05:00 AM   #89
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nothing new to tell, but here are a few pics of the site from museumparktom at ssp


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Old May 14th, 2007, 05:31 AM   #90
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looks like a pretty awesome building... chicago is KILLIN" it with all these awesome new buildings!
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Old May 16th, 2007, 04:35 AM   #91
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MDguy, thanks for posting the pictures. That's a great vantage point, and I hope museumparktom keeps taking more from there. It will be good for monitoring progress of caissons and foundations.
Dave
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Old May 16th, 2007, 10:14 PM   #92
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This tower will be a very nice addition to Chicago skyline, It's very sleek and has a very good height.
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Old May 16th, 2007, 10:35 PM   #93
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all over 800ft is great i think
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Old May 29th, 2007, 05:41 AM   #94
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http://business.timesonline.co.uk/to...cle1851681.ece

From The Times May 29, 2007

Investors asked to check out Chicago hotel

James Rossiter, Property Correspondent

British retail investors are to be offered the chance to buy a stake in a new 74-storey tower in Chicago, The Times has learnt.

The Mandarin Oriental Tower, part-opulent hotel, part-luxury residential block, will cost $600 million (£302 million) to build.

When complete, it will be the ninth-tallest building in a city famed for its skyscrapers.

BridgePoint, the private equity group, and movewithus, the estate agent, will sell off-plan hotel rooms and apartments in the tower, with the hotel investor receiving an income based on the occupancy of the room.

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The cheapest room is on sale for $600,000, with top-of the-range presale units priced at up to $4 million each. Penthouses in the 784ft tower will cost up to $21 million. In all, 252 hotel condominiums and 250 private residences – all of which come with the full benefits of hotel living, such as twice-daily maid services and a luxury spa and gym – are planned.

Similar investment schemes have been launched before, but this is the first to guarantee a minimum resale price of each unit once the building is completed. BridgePoint guarantees a 15.6 per cent return above the open market resale price.

Nor is that the only potential attraction to investors. The block, due to be completed in 2009, is located in the heart of the city, a short walk from the Magnificent Mile, the Chicago River and the financial and business district. It is close to some of the world’s biggest conference centres – a ready source of hotel-room-seeking visitors – and Mandarin Oriental is known worldwide as much for its high occupancy rates, well above 70 per cent, as its luxurious service.

Furthermore, the developer – Palladian Development, whose controlling Kenny family is close to President Bush – is backing the scheme by making unusually confident undertakings.

It must presell at least half the units in the skyscraper for $300 million before it can draw down any of the $400 million of development loans needed to get construction work off the ground.

It will also pick up the tab for ensuring the resale of each unit for early-stage investors who want out at the completion of the block. Should the market go down between investors buying in and first being able to sell on, the developer is obliged to make up the difference to the investors.

Should Palladian go bust before completion, executives at BridgePoint and movewithus said, investors would get all their money back with interest as it would be held in an escrow account, out of reach of any creditors to the constuction company.

“The collar comes from the developer,” Robin King, of movewithus, said. “In the past, developers said: ‘I will sell off-plan and discount.’ Never before have developers taken market risk.” BridgePoint and movewithus insist that even in a “flat market the minimum profit potential is 40 per cent”.

The Mandarin Hotel has already presold $84 million of units.

Fernando Migliassi, senior vice-president at BridgePoint, whose partners have already bought flats in the scheme, said: “This way of forward-selling is a way of compressing time. It creates a buying group, which allows us to comply with the lending structure by getting preconstruction sales. The investors get preferential terms.

“We are investing at BridgePoint at the same time as the investors on the same terms. We are partners. We will get our cut on exit at the same time as investors. We are introducing something new to them.”

How it works

— A condominium hotel operates as a hotel, with rooms owned individually by investors, who can sell the deeds to their investment whenever they choose

— When the unit owner stays at the hotel, they have access to all of the hotel’s amenities. When the owner wants to stay, they ring the hotel and book their own room

— When the owner is not using the room, it can be made available to guests through the hotel

— Each room owner receives a bill, usually monthly, to cover their share of the costs of everything from services, repairs, marketing, insurance and all other costs of running the hotel
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Old May 30th, 2007, 06:08 AM   #95
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from the 23 from SolarWind at ssp

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Old June 2nd, 2007, 06:00 PM   #96
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Chi649, that's a very interesting article. Two quotes in particular are of concern, especially when taken away from the rest of the article:
"Furthermore, the developer – Palladian Development... – is backing the scheme by making unusually confident undertakings." and "Should Palladian go bust before completion, executives at BridgePoint and movewithus said, investors would get all their money back with interest as it would be held in an escrow account, out of reach of any creditors to the constuction company."
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Old June 6th, 2007, 09:38 PM   #97
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Are you worried about the financing?
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Old June 7th, 2007, 12:14 AM   #98
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I just said "concern" - as long as the developer is confident, there is no need for worry, right? Although, BridgePoint and movewithus are the ones that seem to be worried about the developer going bust...
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Old June 9th, 2007, 06:08 PM   #99
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June 8, 2007


^ the initial underground work appears to be complete
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Old January 2nd, 2008, 05:38 AM   #100
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still nothing! here's a shot from SolarWind at ssp, no changes!

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