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Old September 25th, 2008, 09:30 PM   #7561
ricardo
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channel 5 7and 9 there. They were saying that it was hold do to the economy.
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Old September 25th, 2008, 09:42 PM   #7562
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I think this is good news. As a long time resident of chicago, the building will become an eye-sore. They should put it in dubai, with the rest of the 1500+ towers. The skyline of the city is ELEGANT right now. Maybe they can turn the lot into a park and let the citizens of chicago enjoy their river and lake front.
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Old September 25th, 2008, 09:45 PM   #7563
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Oh no
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Old September 25th, 2008, 09:49 PM   #7564
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Quote:
Originally Posted by smp7032b View Post
I think this is good news. As a long time resident of chicago, it building is an eye-sore. They should put it in dubai, with the rest of the 1500+ towers. The skyline of the city is elegant right now. Maybe they can turn the lot into a park and let the citizens of chicago enjoy their river and lake front.

As a LIFELONG resident of Chicago... you should be ashamed of yourself for that comment! Your quote, "The skyline of the city is elegant right now", tells me that you are not aware of Chicago's reputation as a city whose architecture is cutting edge and forward looking...

I question your judgement and the length of your "long time residentcy"...
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Old September 25th, 2008, 11:04 PM   #7565
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chicago should continue to evolve ... not fall into sleep... or so
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Old September 25th, 2008, 11:35 PM   #7566
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Article on slowdown of the real estate market in Chicago, focusing on the Trump tower. I copy pasted the parts that are relevant for the CS.

Tower trumps slowdown
By Mary Ellen Podmolik | Chicago Tribune reporter
11:54 PM CDT, September 24, 2008

...

From near the top of the 92-story Trump International Hotel & Tower, one can look down on the city skyline and proof of a frozen real estate market that is derailing the plans of local developers, sellers and buyers.

To the east is the concrete foundation surrounding the hole in the ground where the Chicago Spire should already be under construction. To the southwest is the partially built shell of Waterview Tower and Shangri-La Hotel.

...

And questions now surround the fate of another major project—the Chicago Spire. The project's architect, Santiago Calatrava, said Wednesday that he has had little contact recently with Garrett Kelleher, executive chairman of Shelbourne Development Group Inc.

Kim Metcalfe, a spokeswoman for the project at 400 N. Lake Shore Drive, said more than 30 percent of the units were pre-sold but Shelbourne was "trying to figure out the next phase" and is in a "slowing-down phase."

Meanwhile, a 15-city international road show to market the Spire, which would be the tallest building in America, is on hold during the Muslim holy month of Ramadan.

Similarly, construction progress at the 90-story Waterview Tower and Shangri-La Hotel , at 111 W. Wacker Drive, appears to have stalled. Repeated calls to the developer, Teng and Associates, were not returned.

As planned, the buildings set a new high-water mark for residential development in Chicago, offering sweeping views, a full suite of plush amenities and eye-popping prices. A $40 million price tag is attached to the two-level Spire penthouse.

...

Throughout the nine-county Chicago area, sales of existing homes plunged 30 percent in August from the same month a year ago. And home prices—a critical component of any housing sector recovery—continued to fall in August, down 5.7 percent from a year ago.

"There are no buyers and that's the problem," said Liz Sidorowicz, an agent at Re/Max Signature in Chicago. "Buyers are scared or they just can't get the financing. [The bailout] does not change one thing. The banks may be a little better off, but on Main Street, how is that going to help my guy with a condo appraised at $240,000 that he cannot even sell for $200,000?"

Typically, the highest end of the market is the last affected in a slowdown and the first to recover, but recovery appears far off. In the second quarter, there were more than 5,800 condominium units for sale within Chicago priced at $800,000 or more, enough to satisfy demand for 70 months, according to research firm, Metrostudy.

Developers find themselves in the untenable situation of trying to woo enough buyers to get their projects financed, and then trying to find a lender willing to take a chance.

...

full story: Chicago Tribune

It could be in serious trouble, remember "the economy doesn't lie".
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Last edited by Momo1435; September 26th, 2008 at 12:53 AM.
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Old September 26th, 2008, 01:11 AM   #7567
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Does anyone know how much has been spent on construction so far? I'm guessing 10-15 million or so. If they walk away now, that's what they lose, rather than hundreds of millions if they go forward in this uncertain time. Or maybe there is no financing available at all.

I want to see this rise, but I'm a realist. In Baltimore, 3 major projects, any of which would be new talls, are on indefinate hold, and may never be built.
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Old September 26th, 2008, 04:50 AM   #7568
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- Yes and wasn't the lot some 62 million ?

It may slow but it will rise.

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Old September 26th, 2008, 06:51 AM   #7569
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On SSP Bvic posted an e-mail that the project is absolutely not on hold and that new sales are being closed on everyday.
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Old September 26th, 2008, 06:55 AM   #7570
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Thank god, I love it when BVictor1 comes through with good news.
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Old September 26th, 2008, 07:09 AM   #7571
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A lot of you reacted without a source... But at least we see some true colors.
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Old September 26th, 2008, 07:24 AM   #7572
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Quote:
Originally Posted by Basincreek View Post
On SSP Bvic posted an e-mail that the project is absolutely not on hold and that new sales are being closed on everyday.
=
Quote:
Originally Posted by BVictor1 on SSP
I just emailed one of my contacts, and this was the response:


everyone is speculating. The foundation is 100% complete, the
utility phase is moving forward full steam. Because of the volatility in
the marketplace, we will be slowing down the pace a little until the market picks back up, but we're in a good place. We're continuing to see sales literally everyday


should we still expect to see the tower begin to rise by the 2nd
quarter of 2009?

We're working toward that
Isn't a message from an "insider" that says "slowing down the pace" the same as "Too few people are buying right now and we don't have the confidence that it's picking up real soon. But we can't say that out loud because then we really don't sell anything anymore and the project would be really dead"?

Sorry for turning into a skeptic, but I would be denying the financial crisis if I wasn't. And I hope a lot of rich people are still stupid enough to buy a condo and make this project go through. But the banks might not agree with that and won't finance all the needed mortgages.
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Old September 26th, 2008, 08:55 AM   #7573
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Quote:
Originally Posted by Momo1435 View Post
=

Isn't a message from an "insider" that says "slowing down the pace" the same as "Too few people are buying right now and we don't have the confidence that it's picking up real soon. But we can't say that out loud because then we really don't sell anything anymore and the project would be really dead"?
That's one way to interpret it. Another way would be that they are no longer going to be paying extravagant wages for overtime on weekends and at nights by building at a more leisurely pace during the day, but still building.

They are surveying and marking the site for something and my guess is that a GC is formulating a comprehensive construction plan.
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Old September 26th, 2008, 12:51 PM   #7574
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http://www.youtube.com/watch?v=OaEdY3nO6e0

soundless video of the boring party 2:16

and the bottom of the core at 3:57 which is a dirty pool.

I'm pretty sure this is a recent video but I can see a caisson at the bottom of the core at 5:25; is it meant to show? I thought all the caissons were buried by now.
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Old September 26th, 2008, 05:56 PM   #7575
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Quote:
Originally Posted by Sandeman View Post
As a LIFELONG resident of Chicago... you should be ashamed of yourself for that comment! Your quote, "The skyline of the city is elegant right now", tells me that you are not aware of Chicago's reputation as a city whose architecture is cutting edge and forward looking...

I question your judgement and the length of your "long time residentcy"...
Maybe he just doesn't like it. That's his right. Who are you to tell him how he should feel about this building?


Banks are very very tight right now on the lending and condo projects all over the US are being converted to rental unts or cancelled altogether. I can't see why this one would be any different just because it is really tall. I'd have actaully been surprised if this one hadn't had the brakes applied at some time or another.


I hope it continues though, I enjoy watching these things get built.
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Old September 26th, 2008, 06:34 PM   #7576
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Quote:
Originally Posted by buildmilehightower View Post
http://www.youtube.com/watch?v=OaEdY3nO6e0

soundless video of the boring party 2:16

and the bottom of the core at 3:57 which is a dirty pool.

I'm pretty sure this is a recent video but I can see a caisson at the bottom of the core at 5:25; is it meant to show? I thought all the caissons were buried by now.
I believe that one is being used as a sump pump.
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Old September 26th, 2008, 11:32 PM   #7577
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Quote:
Originally Posted by FlyFish View Post
Maybe he just doesn't like it. That's his right. Who are you to tell him how he should feel about this building?
Simply stated: Real Chicagoans and people who understand the fundamentals of architecture appreciate why I replied so strongly. Plus they mentioned to turn the lot into a park??? Somebody needs to RECOGNIZE!
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Old September 26th, 2008, 11:37 PM   #7578
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Quote:
Originally Posted by ricardo View Post
i heard the project is on hold. it has only sold 25% off the units.
Your information is wrong! 400+ units have been sold and verified.
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Old September 27th, 2008, 02:50 AM   #7579
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Quote:
Originally Posted by Sandeman View Post
Simply stated: Real Chicagoans and people who understand the fundamentals of architecture appreciate why I replied so strongly. Plus they mentioned to turn the lot into a park??? Somebody needs to RECOGNIZE!



I am glad you responded, you are entitled to your opinion (THIS is a forum). I do question that fact you use the term "real Chicagoans” What does this mean? Bears fan? Cubs fan? Sox fan? Daley fan? Obama fan? Corruption fan? What makes a real Chicagoan?

Anyways, just because there is an empty piece of land, does not mean that you have to build on it. A beautiful city has a balance, our (yes! yours and mine) Chicago has this balance of water, towers, and parks. I would be nice to have kids play in a park that is on the river, instead of 1,000-4,000 dollars/sq ft condos. Us non-Real Chicagoans cannot afford that. That is my opinion.

Secondly, I'm confused about the statement that contained "Fundamentals of architecture” I did not realize that parks were devoid of architectural vision.....

Nevertheless, the spire will be built. Who knows, next the city may let someone build a 200 floor tower in grant park... Who needs parks.
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Old September 27th, 2008, 03:36 AM   #7580
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I do believe the Dusable park, which the developer of the Spire is helping to fund, is right on the river so what are you talking about? Your park argument makes no sense.
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