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Old October 25th, 2008, 12:47 PM   #8021
christos-greece
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How do you see the Chicago Spire project: are going to built it?
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Old October 25th, 2008, 01:25 PM   #8022
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i believe it will get built. it may take a little while longer, but i think it will happen.

all of the foundation is in already, and they have had about 1/3 of the condo's sold which makes me think it'll happen.
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Old October 25th, 2008, 02:57 PM   #8023
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Quote:
Originally Posted by micrip View Post
....also, the port-a-potty that was at the back of the site has disappeared!!
As comical as it may sound, that's a a very important event.
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Old October 25th, 2008, 05:20 PM   #8024
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IMO, construction continues next spring/summer. They should probably improve marketing. Many wealthy people don't even know that such a tower is planed in Chicago.
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Old October 25th, 2008, 06:18 PM   #8025
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since when is this project on hold?....i hope it takes them long enough to resume it!(until the Freedom tower gets done)
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Old October 25th, 2008, 10:24 PM   #8026
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This tower was marketed to foreigners as an oppurtunity to take advantage of the weak dollar by investing in a landmark tower. Local buyers were always going to be hard to find because it essentially asked Chicagoans to spend double what they would have to pay essentially anywhere else in the city. Well the economy everywhere is reeling. And the dollar is back with a vengeance, soooo.....

This tower is dead. It is dead forever and ever. Expect a redesign by someone other than Calatrava if you ever see anything at all.
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Old October 25th, 2008, 11:43 PM   #8027
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Quote:
Originally Posted by jayhawker View Post
soooo.....

This tower is dead. It is dead forever and ever.
Sooo....your dumb. This thing will get built it will just need a little bit of time. But as of right now it is a sad hole.
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Old October 26th, 2008, 07:56 AM   #8028
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If there's no other source of funding the city and/or state governments should take an equity stake in this building and get it completed. The federal government has already taken over the financial sector so I don't think there's an ideological argument (free-market capitalism) that can be made anymore. The government partnership can complete the building, sell some units, and rent out the units which are unsold until the real estate market improves.

If they can't rent the units at the desired rates I say let civil servants live in the units at subsidized rates until things improve.

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Originally Posted by jayhawker View Post
This tower was marketed to foreigners as an oppurtunity to take advantage of the weak dollar by investing in a landmark tower.
Only, the dollar isn't weak anymore. People all over the world have been rushing to buy dollars as a safe haven asset.
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Old October 26th, 2008, 08:09 AM   #8029
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Quote:
Originally Posted by jayhawker View Post
This tower was marketed to foreigners as an oppurtunity to take advantage of the weak dollar by investing in a landmark tower. Local buyers were always going to be hard to find because it essentially asked Chicagoans to spend double what they would have to pay essentially anywhere else in the city. Well the economy everywhere is reeling. And the dollar is back with a vengeance, soooo.....

This tower is dead. It is dead forever and ever. Expect a redesign by someone other than Calatrava if you ever see anything at all.
Yes, that dollar exchange rate is certainly bad for the tower.

But on the other hand, construction cost should be lower now due to cheaper steel and cement prices.
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Old October 26th, 2008, 08:28 AM   #8030
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Can Calatrava legaly pull out his design if no solution is found now he has filed a lien on the developer?
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Old October 26th, 2008, 02:58 PM   #8031
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Quote:
Originally Posted by Momo1435 View Post
Can Calatrava legaly pull out his design if no solution is found now he has filed a lien on the developer?
Depends on how the contract is made.
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Old October 26th, 2008, 04:16 PM   #8032
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Quote:
Originally Posted by spire1000 View Post
i heard some people talking that santiago calatrava quit the project because of the 11million he was supposed to be paid. did anyone buy the project after that?any news that any of you would like to share?
Quote:
Originally Posted by Momo1435 View Post
Can Calatrava legaly pull out his design if no solution is found now he has filed a lien on the developer?

Quote:
Originally Posted by Dequal View Post
Depends on how the contract is made.
While the construction is on hold, this is a good discussion. I want to know more too.
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Old October 26th, 2008, 06:38 PM   #8033
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Quote:
Originally Posted by jayhawker View Post
This tower is dead. It is dead forever and ever. Expect a redesign by someone other than Calatrava if you ever see anything at all.
Maybe it will be downsized to ~1500 ft. (that would cut the costs in half)



~1500ft and less spirals.

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Old October 26th, 2008, 06:50 PM   #8034
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It looks dumpy
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Old October 26th, 2008, 06:55 PM   #8035
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It looks dumpy
The hole is better?
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Old October 26th, 2008, 07:43 PM   #8036
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Quote:
Originally Posted by Momo1435 View Post
Can Calatrava legaly pull out his design if no solution is found now he has filed a lien on the developer?
More than likely if he pulls is designed he won't be able to proceed with the lawsuit considering the builder will not have any of his assets. As noted elsewhere it depends on how the contract was written but this is probably the most likely case. They probably won't be able to continue any construction until the lawsuit is settled but if he pulls the design I'm sure they could file a counter-suit.
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Old October 26th, 2008, 09:42 PM   #8037
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It will definitely be a legal mess, even more then it's already now.

And since it's also known that Shelbourne still hasn't fully paid Case Foundation it could cause some problems in the negotiations with the possible main contractors. They might want to have solid guaranties that they will get paid for the work. On the other side, the contractors might be in need of work if more projects won't go ahead because of the crisis.

One thing is for sure, the crisis is a bitch.
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Old October 26th, 2008, 10:15 PM   #8038
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Ew, no offense, but I reallly dislike the 1500 ft. version...
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Old October 26th, 2008, 11:52 PM   #8039
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Quote:
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Sooo....your dumb. This thing will get built it will just need a little bit of time. But as of right now it is a sad hole.
And you're saying this based on what, exactly? Wishful thinking?

They have 2/3 of the apartments to sell still during what is now becoming a global recession and a fundamental readjustment of the global property market. This project was calculated and designed before the credit crisis happened - ie on the assumption that there would still be a ready supply of cheap credit for a large number of potential buyers. For this tower to be built, there HAS to be a minimum guaranteed sale value - if the market doesn't justify it, it won't get built. Period.

Now, perhaps you know something about the number of people desperate to buy premium skyscraper apartments in Chicago that the rest of us don't?

I personally believe that this project is dead. If anything gets built here, it will be different, cheaper and more realistic. The Chicago Spire it won't be.
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Old October 27th, 2008, 12:04 AM   #8040
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Quote:
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Ew, no offense, but I reallly dislike the 1500 ft. version...
Is the same tower, but only the upper 1500 ft...

Size really is so important to you?
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