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Old October 5th, 2008, 10:13 PM   #7741
spire1000
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i wish it was soon but how the constructions going it looks like 2009.
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Old October 5th, 2008, 10:35 PM   #7742
DinoVabec
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Yeah...Well...Maybe...And maybe not...We can't do anything there...Just wait...And hope...
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Old October 5th, 2008, 11:33 PM   #7743
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Quote:
Originally Posted by ZZ-II View Post
don't worry, the tower will come
I am positive it will - they need to sell some more apartments - just to be sure and pacify all the fears. Banks are very cautious today. But one thing that seems important for me about this particular place: this tower is for super rich - they are not really affected by all this crisis, so we can rest assured that this particular place will keep on rising. Just give it time.
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Old October 6th, 2008, 12:02 AM   #7744
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Quote:
Originally Posted by chicagogeorge View Post
Who? Kelleher?

I was under the assumption that he would pay 1/3rd of the expenses out of his own pocket, and that he had already secured the financing from the Bank of Ireland or something? Right? If he hasn't secured the financing already, there is NO WAY IN HELL that he will be able to do so any time soon. When I mean soon, I mean within the next 3-5 years.
Why would you assume that? I would agree if we were talking about your more conventional projects. But with a good chunk of equity put in by Kelleher, great sales that is reported not to have a pre-construction discounts, the foundation nearly complete which typically is where a lot of unforseen costs are encountered, I think Kelleher may not have as hard a time as you would think.

I think he had some hand shake agreements from banks before, but not necessarily a promissory note.
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Old October 6th, 2008, 01:00 AM   #7745
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Quote:
Originally Posted by JohnFlint1985 View Post
I am positive it will - they need to sell some more apartments - just to be sure and pacify all the fears. Banks are very cautious today. But one thing that seems important for me about this particular place: this tower is for super rich - they are not really affected by all this crisis, so we can rest assured that this particular place will keep on rising. Just give it time.
agreed
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Old October 6th, 2008, 02:13 AM   #7746
malec
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I agree that this is not the same type of on hold as waterview but nothing seems to be done so that's why I changed the title. As soon as work starts up again which I hope will soon enough then I'll change it back.
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Old October 6th, 2008, 02:58 AM   #7747
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I have a friend who works at Anglo Irish bank and Kelleher definitely does not have the loan secured. All along he's assumed that he'd be able to get it when he needs it because of his long-standing relationship with Anglo, but in this environment it's far from a sure thing. I heard all this second hand, so take it for what it's worth!
D
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Old October 6th, 2008, 03:10 AM   #7748
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Unless Kelleher has 50%+ of the units sold. I will bet the farm that he won't get a penny from any financial institution in this uncertain economic period. All one has to do is look at what the BBA libor rates have been doing lately.
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for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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Old October 6th, 2008, 12:03 PM   #7749
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I think everyone just needs to be patient. This tower has too much going for it in regards to the unique design, the location and the height. It will be a signature address for the rich and super rich to live at. It will be built.
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Old October 6th, 2008, 12:44 PM   #7750
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i wonder whether it will get back on track??? otherwise thats going to be one annoying hole in the middle of chicago!!!
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Old October 6th, 2008, 04:25 PM   #7751
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It needs to be said that this project is not on hold until the economy improves it is only waiting for a big bank to finance it and that might happen with the economy still in the crapper. The buyers are out there, a bank just needs to put up the funds for this to be built and make money.
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Old October 6th, 2008, 04:26 PM   #7752
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how deep is that hole anyway?
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Old October 6th, 2008, 04:56 PM   #7753
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Quote:
Originally Posted by ausie View Post
i wonder whether it will get back on track??? otherwise thats going to be one annoying hole in the middle of chicago!!!
Anyway, it's better than a vast ruin dominating the city (like in Pjöngyang).
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Old October 6th, 2008, 05:48 PM   #7754
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I am really surprised this Tower is now officially on hold , rumours ,speculations have been going on for a while but I never want to believe it ... sad but not so bad though ,Chicago is still a great skyscraper City with or without the CS , when the American market bounces back they will continue to get this tower built ...it's just as simple as that !

Last edited by skyboi; October 7th, 2008 at 08:34 AM.
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Old October 6th, 2008, 07:17 PM   #7755
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I hope to see the CS back U/C soon, could this be a big delay on the construction schedule?
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Old October 6th, 2008, 07:31 PM   #7756
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With the credit market as bad as it is (we haven't hit bottom yet) I think this delay will be similar to the one for the Shanghai World Financial Center. I think it will be a couple of years before they can get enough loan money to start work back up. The only good news, in my opinion, is that they are putting this on hold until they have the money to do it right rather than just plowing ahead with, say, a 300 meter version.
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Old October 6th, 2008, 07:39 PM   #7757
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I dont know if a project-image about the Chicago Spire has posted before, i found this in photobucket:

http://i302.photobucket.com/albums/n...cago_Spire.jpg
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Old October 6th, 2008, 07:44 PM   #7758
buildmilehightower
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Quote:
Originally Posted by qwert_guy View Post
how deep is that hole anyway?
doesn't matter anyway because I think the core hole is finished.
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Old October 6th, 2008, 07:45 PM   #7759
JohnFlint1985
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Quote:
Originally Posted by Hollie Maea View Post
With the credit market as bad as it is (we haven't hit bottom yet) I think this delay will be similar to the one for the Shanghai World Financial Center. I think it will be a couple of years before they can get enough loan money to start work back up. The only good news, in my opinion, is that they are putting this on hold until they have the money to do it right rather than just plowing ahead with, say, a 300 meter version.
I doubt it will take that long. I think the bottom of this financial credit crisis will be in January - the worst time to buy a house every year in USA. Spring always brings up the real estate - so I expect to see some moderate gains and improvements baby end of February. Not too big, not too fast - but gains nonetheless. As for complete recovery - here in USA - I'd say 2 years. Maybe more…
So I think by January we should see some resumption of building there – don’t forget it is always most profitable to build these big projects during the recession – it is cheaper.
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Old October 6th, 2008, 07:46 PM   #7760
JohnFlint1985
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Quote:
Originally Posted by qwert_guy View Post
how deep is that hole anyway?
About 30 meters
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“Not all those who wander are lost.” J.R.R. Tolkien
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"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." Benjamin Franklin
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