daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments > DN Archives



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old January 2nd, 2008, 08:01 PM   #101
jak3m
Registered User
 
jak3m's Avatar
 
Join Date: Aug 2007
Location: UK
Posts: 279
Likes (Received): 4

i like this. suits chicago very well. i like the best most of all
__________________
| Build the Tour de Verre |
jak3m no está en línea   Reply With Quote

Sponsored Links
Old January 5th, 2008, 10:09 PM   #102
Dave H
Registered User
 
Dave H's Avatar
 
Join Date: Jul 2006
Location: Chicago
Posts: 78
Likes (Received): 8

Aldridge Electric moved their yellow truck. That's some progress.
__________________
"Since the beginning of time, man has yearned to destroy the sun." - M. Burns
Dave H no está en línea   Reply With Quote
Old January 5th, 2008, 10:47 PM   #103
Dimension
I have class
 
Dimension's Avatar
 
Join Date: Aug 2007
Location: Spaulding Lake
Posts: 1,276
Likes (Received): 25

Chicago is built on top of parking garages?
Dimension no está en línea   Reply With Quote
Old January 5th, 2008, 11:11 PM   #104
MRichR
Registered User
 
Join Date: Jun 2006
Posts: 328
Likes (Received): 3

Quote:
Originally Posted by Dimension View Post
Chicago is built on top of parking garages?
Not parking garages, multiple street levels in some parts.
__________________
I don't want to be interesting. I want to be good. - Mies
MRichR no está en línea   Reply With Quote
Old January 5th, 2008, 11:22 PM   #105
ZZ-II
I love Skyscrapers
 
ZZ-II's Avatar
 
Join Date: May 2006
Location: Near Ingolstadt in Bavaria
Posts: 33,506
Likes (Received): 6526

hopefully we'll get some good news in the near future. would be another perfect tower for Chicago
ZZ-II está en línea ahora   Reply With Quote
Old January 6th, 2008, 06:36 PM   #106
cheeps
BANNED
 
cheeps's Avatar
 
Join Date: Jun 2007
Location: Chicago
Posts: 282
Likes (Received): 112

The giant fork is out...and ready to stick in this project!
cheeps no está en línea   Reply With Quote
Old June 3rd, 2008, 06:48 PM   #107
DRH
Registered User
 
Join Date: Feb 2008
Location: Chicago
Posts: 29
Likes (Received): 0

From www.enr.com last week:
CREDIT Luxury Building Boom Slows Under Tightening Credit Woes 05/28/2008 By Pamela Dittmer McKuen
A nervous real estate market is jeopardizing some of Chicago’s ritziest new high-rises, which have been popping up lately like champagne corks. With the stream of buyers slowing to a trickle, lenders are increasingly tight-fisted, developers are scrambling for financing, and contractors are looking for other ways to keep busy.
“The greatest effect is on anyone who is not yet financed,” says Gail Lissner, vice president of local consulting firm Appraisal Research Counselors. “But everyone is having a very hard time raising mezzanine debt, the layer between the construction loan and the equity in a project. That’s very expensive money.”
First-quarter 2008 sales of downtown Chicago new-construction condominiums dropped 83% from the previous year, according to ARC figures. “It’s been really horrible,” says Lissner. “Pricing has held its own, but the velocity is not there, which is making it much harder for projects to meet their presale requirements.”
Some developers, taking advantage of the weak dollar, have gone overseas for capital and customers. Others have slowed projects or put them on indefinite hold.
Work on the 1,047-ft-tall Waterview Tower and Shangri-La Hotel on Wacker Drive slowed to a snail’s pace until the developer, Chicago-based Teng & Associates, recently landed overseas funding, sources say. Teng, which did not return phone calls, is the job’s developer, architect, engineer and general contractor.
Sales figures for the 2,000-ft-tall, Santiago Calatrava-designed Spire, still undergoing foundation construction and being marketed largely overseas, have not been released, leading industry watchers to wonder if there are any. Dublin-based Spire owner Shelbourne Development Ltd., which was not available for comment, has been financing the project through Executive Chairman Garrett Kelleher’s pocketbook.
But the condo boom of recent years is not exactly a bust. At an April 28 ribbon-cutting ceremony of the 92-story Trump International Hotel & Tower Chicago, real estate mogul Donald Trump Sr. was upbeat. With 16 floors left to go, “We’re doing very well, about $600 million in sales,” he says. That number translates to roughly 75% of the project’s 486 residential condos and 339 hotel condos. Prices range from $580,000 to $9 million.
Trump partly attributes the numbers to the building’s location on the Chicago River. He also expresses doubts as to whether every luxury tower that has been announced will see completion. “You don’t build until your financials are in order,” he says. “We built on old money.” Trump says he is planning another Chicago project, a smaller one, although he declined to give details.
Mandarin Oriental Tower—today an empty lot at Lake Street and Stetson Avenue—seems to be back on track after the owner took a break to shore up finances. The 74-story building will have 250 hotel condos and 250 residential condos, priced from $600,000 to $21 million.
The developer allows that economic problems put the project in a tight spot. “We had to slow down because of the credit crunch, but we’re moving back into action this summer,” says local developer Gerry Kenny, president of Palladian Development LLC and former president of Kenny Construction Co.
By early May, 55% of the units had been sold. “The activity we’re seeing is on the larger units,” says Kenny, who has not offered buyer incentives. He expects completion in late 2009 or early 2010. The only work currently under way is shifting underground utilities. Bovis Lend-Lease is signed on to build the tower, designed by local architecture firm Solomon Cordwell Buenz.
Some contractors are still optimistic, too. “Good projects that are either in great locations or very aggressively priced are still happening,” said Michael Meagher, senior vice president for Chicago-based James McHugh Construction Co. Apartment complexes, Meagher adds, are “burgeoning” in comparison.
The slowing work has builders sniffing around in other sectors. “We continue to look at other avenues,” says Meagher. “We have the unique ability to compete on road-and-bridge and on school projects, which gives us a diverse palette that some other contractors might not have.”
Lenders, too, are still in the game. “We’re selectively continuing to look at new projects, especially if they are very well capitalized, if the people have a lot of experience, if they have a structure with presales that appear to be very viable,” says Larry Johnson, executive vice president of commercial real estate for New Century Bank. “It’s a great time for people to start buying,” adds Trump.
DRH no está en línea   Reply With Quote
Old June 3rd, 2008, 06:52 PM   #108
ZZ-II
I love Skyscrapers
 
ZZ-II's Avatar
 
Join Date: May 2006
Location: Near Ingolstadt in Bavaria
Posts: 33,506
Likes (Received): 6526

wonderful news
ZZ-II está en línea ahora   Reply With Quote
Old June 3rd, 2008, 07:05 PM   #109
romanamerican
Registered User
 
romanamerican's Avatar
 
Join Date: Apr 2007
Posts: 583
Likes (Received): 36

great. I love this building, simply elegant, and a nice 283 meters tall. Couldn't ask for more (ok, maybe a supertall, but it is fine like that too )
romanamerican no está en línea   Reply With Quote
Old June 4th, 2008, 01:25 AM   #110
Exrexnotex
Registered User
 
Exrexnotex's Avatar
 
Join Date: Sep 2005
Posts: 2,170
Likes (Received): 5

$600,000 to $21 million ... wow.
__________________
"It's Baltimore, gentlemen...The gods wil not save you."
Exrexnotex no está en línea   Reply With Quote
Old June 4th, 2008, 01:33 AM   #111
MDguy
Registered User
 
MDguy's Avatar
 
Join Date: Dec 2006
Location: Philadelphia, PA
Posts: 3,671

YES!!! I thought the project was dead!
MDguy no está en línea   Reply With Quote
Old June 4th, 2008, 01:23 PM   #112
Eric Offereins
The only way is up
 
Eric Offereins's Avatar
 
Join Date: Jan 2004
Location: Rotterdam
Posts: 68,664
Likes (Received): 28211

good news indeed
Eric Offereins no está en línea   Reply With Quote
Old June 4th, 2008, 02:00 PM   #113
Marco Polo
Registered User
 
Marco Polo's Avatar
 
Join Date: Oct 2002
Location: N/A
Posts: 5,532

wonderful. Congratulations!!!
Marco Polo no está en línea   Reply With Quote
Old June 4th, 2008, 02:43 PM   #114
ZZ-II
I love Skyscrapers
 
ZZ-II's Avatar
 
Join Date: May 2006
Location: Near Ingolstadt in Bavaria
Posts: 33,506
Likes (Received): 6526

amazing how many tall towers are going up at the moment in chicago.
ZZ-II está en línea ahora   Reply With Quote
Old June 5th, 2008, 08:19 AM   #115
Second City
Loyola University
 
Second City's Avatar
 
Join Date: Sep 2007
Location: Chicago
Posts: 907
Likes (Received): 3

Woooo! Awesome.
__________________
“Eventually, I think Chicago will be the most beautiful great city left in the world.” Frank Lloyd Wright
Second City no está en línea   Reply With Quote
Old June 5th, 2008, 06:17 PM   #116
i_am_hydrogen
muted
 
Join Date: Dec 2004
Location: Chicago
Posts: 7,080
Likes (Received): 203

Cue "Staying Alive" by the Beegees...
i_am_hydrogen no está en línea   Reply With Quote
Old July 16th, 2008, 05:39 PM   #117
i_am_hydrogen
muted
 
Join Date: Dec 2004
Location: Chicago
Posts: 7,080
Likes (Received): 203

From SSP:

Quote:
Originally Posted by tate64 View Post
I received some information from a personal friend involved in this project that permits are in the process of being pulled at this time with the city and that construction of the caissons will begin within the next few weeks.

I was also told (some arcane reason) that the final financing of the building construction would not be in place until the caisson work is completed.
Quote:
Originally Posted by Mojava View Post
I'm hearing the same thing. They are hoping to receive caison permits in August some time with construction to start soon after. Tate, what I heard was, financing would not be complete until caison permits are finalized and not caison work. I dont think they will pull a Waterview. They've waited this long, there's no reason to start construction w/o a full loan.
i_am_hydrogen no está en línea   Reply With Quote
Old July 16th, 2008, 05:49 PM   #118
cheeps
BANNED
 
cheeps's Avatar
 
Join Date: Jun 2007
Location: Chicago
Posts: 282
Likes (Received): 112

Fantastic news! I know that the height of this project has been in question...any news???
cheeps no está en línea   Reply With Quote
Old July 17th, 2008, 03:46 AM   #119
Dave H
Registered User
 
Dave H's Avatar
 
Join Date: Jul 2006
Location: Chicago
Posts: 78
Likes (Received): 8

Quote:
Originally Posted by cheeps View Post
Fantastic news! I know that the height of this project has been in question...any news???
Maybe tate64 and Mojava can check with their sources and see what was submitted with the caisson permit application, as far as the height and number of floors. Sounds like they've got some good inside information.
__________________
"Since the beginning of time, man has yearned to destroy the sun." - M. Burns
Dave H no está en línea   Reply With Quote
Old July 17th, 2008, 09:16 PM   #120
Buyckske Ruben
Registered User
 
Join Date: Aug 2007
Posts: 1,968
Likes (Received): 214

Pics of the site.

leah.jones from flikcr:
March 14, 2007

http://www.flickr.com/photos/acciden...ish/427044294/

Last edited by Buyckske Ruben; July 18th, 2008 at 10:05 AM.
Buyckske Ruben no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 12:05 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu