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Old December 17th, 2008, 07:19 AM   #8161
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People, the 30% was already sold back in June, that was before the crisis.

So that's not a sign how it's going because it was put on hold with the 30% sold, so that's not a good sign. If they would have come out with new very positive current sales figures then we should be celebrating. Until then this project will just keep on hibernating very deeply in it's own hole until the economic climate warms up.


And since nobody can top my "hole" comment .......................please stop making them.
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Old December 17th, 2008, 08:09 AM   #8162
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wow ... just stumbled on this post ...

This really exemplifies what led to the crash in the first place doesn't it

30% is good enough?

Back in Toronto, even 1 year ago when the boom was at its peek most projects still needed 60-70% to go ahead.

There's no way a project, even in America - will go ahead in this climate with only 30% ... more like 60-70% to say the least.

ps - Sorry Momo1435, I admit your "hole" comment might be the best one of all the 343 pages
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Old December 17th, 2008, 10:24 AM   #8163
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what a beautiful building with a great location on the water.
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Old December 17th, 2008, 03:37 PM   #8164
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Credit here is so tough right now that I'm not sure they can get anyone to lend them the money to proceed even if they do hit 50 or 60%.

I can't get investors to put in money for tax credit projects even when they get to name thier own price and get a guaranteed return. It is a rough time right now. I would guess they'll keep trying to sell units but that this building won't resume until 3rd or 4th quarter 2009 at the earliest.


The fact that all parties seem intent to sue each other doesn't help either.
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Old December 17th, 2008, 04:14 PM   #8165
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This has to be the most famous and photographed hole in the world. There are skyscrapers under construction and some near completion that do not get half as much attention as this hole.

I wonder will the hype subside when construction starts and the hole is no more.
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Old December 17th, 2008, 07:46 PM   #8166
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The latest advertising in the paper



Last edited by Sandeman; December 18th, 2008 at 07:36 PM.
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Old December 17th, 2008, 07:55 PM   #8167
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Quote:
Originally Posted by [email protected] View Post
...is good to listen that the 30% of the building is sold...
Seems good indeed, but if the building remains on hold for a long period i dont think is good actually.
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Old December 18th, 2008, 05:46 AM   #8168
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Quote:
Originally Posted by Sandeman View Post
The latest advertising in the paper


pic is not showing
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Old December 19th, 2008, 03:10 PM   #8169
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You know... I think I figured it out!

Blagojevich had that hole dug up so that he could burry all of his enemies before being indicted. The Spire was only a cover up! But his timing was slightly off... Ouch.

How could I not see it sooner...?
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Old December 20th, 2008, 10:59 AM   #8170
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here, uploaded the pic to another host:
[IMG]http://i43.************/2m7azdl.jpg[/IMG]
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Old December 20th, 2008, 12:01 PM   #8171
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Chicago Spire design is from Kalatrava?
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Old December 20th, 2008, 01:41 PM   #8172
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Like you didn't know.
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Old December 20th, 2008, 04:07 PM   #8173
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Quote:
Originally Posted by christos-greece View Post
Chicago Spire design is from Kalatrava?
It's Calatrava with a C, and indeed, he designed the Spire.
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Old December 20th, 2008, 04:16 PM   #8174
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And just in case there are any pro tennis fans here, the architect is related to the former pro Alex Calatrava.
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Old December 20th, 2008, 05:05 PM   #8175
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It is a pity that this project on hold, is my favorite tower for the future, I can not believe it.
There are possibilities that will take up the works?
Chicago and the United States deserve a tower like that.
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Old December 20th, 2008, 05:28 PM   #8176
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Quote:
Originally Posted by christos-greece View Post
Chicago Spire design is from Kalatrava?
sounds indian name, not hispanic.

But I feel wasted thinking how the hole would've looked right now if the economic crisis didn't come.

Last edited by buildmilehightower; December 20th, 2008 at 06:24 PM.
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Old December 20th, 2008, 07:40 PM   #8177
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Quote:
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It's Calatrava with a C, and indeed, he designed the Spire.
Interesting... i didnt know that Calatrava designed the Spire.....
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Old December 20th, 2008, 10:55 PM   #8178
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From SSP:

Quote:
Originally Posted by Cro Burnham View Post
http://changingskyline.blogspot.com/...-empty_18.html

Thursday, December 18, 2008
What Do You Do with a $36 million Empty Lot?
Now that ARCWheeler's Boyd hotel and theater project has received the blessings of the Planning Commission (Tuesday) and the Zoning Board of Adjustment (Wednesday), we thought we would turn our attention to the project on the opposite side of Sansom Street. Does the name Castleway Properties still ring any bells?

Just over a year ago, the Dublin-based company paid $36.7 million for the last buildable lot on Rittenhouse Square, rescuing it from the low expectations of the Philadelphia Parking Authority. The firm hired Brad Fiske of KlingStubbins to turn out some renderings for an ambitious mixed-use development, which you can see in the image. The plan called for a 525-foot condo tower backing onto Sansom Street - just across the way from one of the entrances to the proposed Boyd hotel. In the front, toward the northeast corner of the square, they envisioned a 220-foot boutique hotel, with the usual assortment of restaurants and cafes.

Castleway's Jim Osbourne told me back then that he also wanted to knock down the Warwick Apartment building and the funeral home on Sansom (read the Illadelph account), but would preserve the beautifully tiled Rittenhouse cafe. In place of the two demolished buildings, he said there would be a linear park connecting Walnut to Sansom, an idea that would dovetail very nicely with Hal Wheeler's plan to upgrade Sansom Street.

Exciting stuff. The Castleway folks, who broke all price records when then paid close $37 million for the .83-acre site, were no doubt flush with Euro wealth from the then-booming Irish economy.

By early 2008, Castleway appeared to drop out of sight. Disappeared. Vanished. The Center City Residents Association stopped hearing from them. Their urgent requests for a zoning upgrade, to C5, suddenly ceased. And then soon after, the real estate market went into its current nosedive.

This is another project that looks dead, but may still have a little life in it yet. Osborne, speaking by phone from Ireland, told me the company is reassessing the project's size and mix to account for the changes in the market. He said he still believes the company "still has the best site in Philadelphia. We're not about to give up on it." The question is how to develop it.

ARCWheeler's plans for the Boyd Hotel can't hurt. Osborne and Wheeler have been talking to coordinate their projects, and Osborne says he will be in Philadelphia early in the New Year to begin work on a new development plan for the Rittenhouse Square site.

Unfortunately, things haven't been going quite so well at another project that Osborne has been involved with, separate from Castleway's portfolio. Osborne is the development director for Shelbourne Development's Chicago Spire project, the ambitious, 2,000-foot tall condo tower on Chicago's lakefront. Designed by Santiago Calatrava, that twisting condo tower was to be America's tallest residential building, but now it's a mere rain-filled hole in the ground and the contractors have filed liens against the developer for non-payment. Osborne says, however, that the condos are still selling and that con-struction will eventually resume.

So, for now, I guess having a big grassy empty lot may be preferable to having a small lake.

by Inga Saffron at 12:10 PM
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Old December 21st, 2008, 12:55 AM   #8179
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That gives us some hopes that Chicago Spires will get built eventually.
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Old December 21st, 2008, 02:06 AM   #8180
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I thought I'd go to the sales center just in case it closes if the market doesnt recover. As soon as I got there I explained I was not a buyer, but just a neighbor and fan of architecture. I still got the full tour and was treated like I was a buyer. It was very cool. They let me take my camera and I took a few shots. It really is stunning. You've seen shot like these before, but I thought I'd post anyway.





















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