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Old December 22nd, 2008, 09:13 PM   #8201
CrazyAboutCities
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Future homeowners can just renovate their Chicago Spire units anyway. If I buy this unit, I would be more than happy to renovate it to make it more trendy and modern.
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Old December 23rd, 2008, 04:15 AM   #8202
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Quote:
Originally Posted by sundrop74 View Post
Awesome pictures. I don't know if I could sleep up that high in the sky!!

Imagine when there are low clouds over the city and your bedroom is high above those clouds with the stars seemingly in reach and the clouds lit from below giving them a golden glow. I'm not sure I'd want to sleep.
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Old December 23rd, 2008, 07:49 AM   #8203
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Come on guys, let's all pitch in to get the top floor.
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Old December 23rd, 2008, 07:51 AM   #8204
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doesn't matter if we purchase top floor if the developer can't afford to build the other 149 lol
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Old December 23rd, 2008, 12:35 PM   #8205
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Funny but also it is true...
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Old December 23rd, 2008, 03:12 PM   #8206
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I can't say I care much for the interior design either. Marble bathrooms are boring. Rich people seem to lack imagination IMO. The lobby looks far too corporate to me too... I almost expect a sign saying "Welcome to the steelbender's union AGM in conference hall A" or something... They should simply negotiate with a choice of top interior designers to offer a bespoke design service with the price. Then have high-res mockups done purely in VR. Fake windows look like shit, btw... srsly!

Oh well, it's all fantasy now...
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Old December 23rd, 2008, 07:41 PM   #8207
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Quote:
Originally Posted by Birdboy08 View Post
Aren't you allowed to change the furniture if you don't like it? Especially if you're paying $800,000 minimum? lol

Of course but the question: Why would you try to make people interested in spending at least $800.000 with your grand-ma's furniture?


Quote:
Originally Posted by Mplsuptown View Post
Imagine when there are low clouds over the city and your bedroom is high above those clouds with the stars seemingly in reach and the clouds lit from below giving them a golden glow. I'm not sure I'd want to sleep.
God...
I think I just had an orgasm...
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Old December 23rd, 2008, 08:10 PM   #8208
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Quote:
Originally Posted by Mplsuptown View Post
Imagine when there are low clouds over the city and your bedroom is high above those clouds with the stars seemingly in reach and the clouds lit from below giving them a golden glow. I'm not sure I'd want to sleep.
Me too
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Old December 23rd, 2008, 09:45 PM   #8209
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Actually you can't see the stars due to heavy light pollution. And the only time clouds are that low during night is when its raining cats and dogs.
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Old December 23rd, 2008, 11:31 PM   #8210
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Some people have speculated on building a shorter Spire. I don't see that as a realistic probability. Remember that this building isn't like other buildings where you can knock out a floor here, or there, because they are pretty much the same. Every floor on this building is unique and every condo is uniquely designed for its particular niche on that particular floor. If you shorten the Spire you have to pretty much throw out all the design work that's been done and start all over from scratch.

You'd also have to kiss all existing sales goodbye because people have been buying specific condos on specific floors. If you're paying $40 million+ for the 140th floor penthouse you can bet you'll be pissed if the building is suddenly only 85 stories tall.
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Old December 23rd, 2008, 11:55 PM   #8211
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i agree. of course, you could just scale the whole thing down, and make the floors half the height!
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Old December 24th, 2008, 02:19 AM   #8212
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Quote:
Originally Posted by harvesterofsorrows View Post
Come on guys, let's all pitch in to get the top floor.
Already sold! 40+ million.
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Old December 24th, 2008, 03:17 AM   #8213
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Quote:
Originally Posted by ReiAyanami View Post
Actually you can't see the stars due to heavy light pollution. And the only time clouds are that low during night is when its raining cats and dogs.
Nope - a frequent condition is low clouds/fog over the lake in the early morning. For many years I watched the sun come up under the cloud layer as I biked to work in the (very) early morning.

Dec 12th, buildings in the forground are Trump Tower (L) and Aon (R)


and while not Wisconsin the light pollution isn't as bad as the east coast, and I imagine Tokyo. ( Chicago 9M, Tokyo 35M )
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Old December 24th, 2008, 03:54 AM   #8214
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You can still see about 20-30 stars in Chicago.

Sometimes you stare at darkness and they just appear out of nowhere.
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Old December 24th, 2008, 12:00 PM   #8215
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Quote:
Originally Posted by harryc View Post
Nope - a frequent condition is low clouds/fog over the lake in the early morning. For many years I watched the sun come up under the cloud layer as I biked to work in the (very) early morning.
No, the comment was about watching the stars while the clouds where low, which means its night time, fog in the morning is irrelevant
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Old December 24th, 2008, 08:38 PM   #8216
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Dec 24

From above



higer res
2007 series
2008 Q1 series
2008 Q2 series
2008 Q3 & 4 series

Twas the day before Chrismas and all through the site
Not a creature was stirring, the gates were locked tight.

A wall ran around it, deep into the ground.
In the center a hole, big and round.

The caissons they lay in neat little rows
Covered in mud and fresh fallen snow.

Units were selling, planned for high in the air.
Based on hopes that St. Shelbourne soon would be there








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Old December 24th, 2008, 09:43 PM   #8217
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Hahaha I liked your 'Twas the Night Before Christmas' rendition
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Old December 25th, 2008, 05:06 AM   #8218
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I had a relative visit chicago a few days ago, and he said that the locals all seem to think that the tower is for sure cancelled. I for one hope that it really is just a postponement.
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Old December 26th, 2008, 01:59 PM   #8219
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Quote:
http://www.suntimes.com/business/134...pire26.article

Spire mired in Irish bank crisis
CASH CRUNCH | Work halts as lender backing 150-story tower seeks rescue from government
December 26, 2008

BY DAVID ROEDER Business Reporter/[email protected]

A financial scandal in Ireland is posing new trouble for the developer of the Chicago Spire, the proposed 150-story tower on the lakefront.

Anglo Irish Bank Corp., the developer's main lender, faces nationalization by the Irish government to avoid collapse. The bank's stock has lost 98 percent of its value since reaching a high in 2007, and its chairman quit after investigators discovered he would hidden about $121 million of personal loans he got from the bank.

The bank has specialized in commercial lending and become a symbol of Ireland's boom-and-bust economy. It also had a taste for speculative development overseas. It opened an office in Chicago to handle business here.

For more than a decade, its stock -- now worth just 21 cents a share -- soared on foreign investment and homegrown enthusiasm for construction and property.

Spire developer Garrett Kelleher, executive chairman of Shelbourne Development Ltd., used private funding assurances from Anglo Irish to persuade Mayor Daley's administration to grant zoning approval for the project in 2007. Kelleher had said Anglo Irish's com- mitment was almost open-ended and required no threshold of condominium sales before it would underwrite construction.

Property records show Shelbourne has drawn $69.5 million from Anglo Irish for the early stages of construction at 400 N. Lake Shore Drive. But work has been stopped, and Shelbourne has been hit with several liens from contractors -- including one from his own celebrity architect, Santiago Calatrava. Though the building has been marketed almost as a Calatrava artwork, the architect alleges Kelleher owes him $11.34 million.

Sources said Kelleher has been seeking other investors, either in debt or equity positions, to help get construction restarted. But the world's financial crisis has dried up the supply of money looking for speculative investments.

If Kelleher can't raise money from Anglo Irish, it becomes more likely that he will default or lose control of the project. Shelbourne has said that about a third of the spire's 1,200 condos are under contract, but experts wonder if those buyers will be able to close.

Kelleher and a spokeswoman for Shelbourne could not be reached for comment. An Anglo Irish executive in Chicago declined to comment.

The bank's predicament boils down to bad debts and lost reputation, especially after the disclosure of hidden loans to former chairman Sean FitzPatrick, who resigned Dec. 18.

Irish Finance Minister Brian Lenihan said the government would buy about $2.1 billion in new-issue Anglo stock, effectively nationalizing the bank because the government would gain a 75 percent stake. The government-owned shares could not be traded.

The bank's new chairman, Donal O'Connor, announced an extraordinary general meeting Jan. 16 to approve the government intervention -- and urged shareholders in a letter Wednesday to accept the government's terms even though their own stock would be heavily diluted.

"The board recognizes and understands the sense of hurt and disappointment that people feel regarding the bank following recent events," O'Connor wrote. "We apologize unreservedly to our customers, employees, shareholders and all other stakeholders for these events and are determined to restore people's trust and confidence in the bank."

But Anglo's shares have continued to fall this week, as Irish, British and American analysts voiced doubts that the bank has revealed the true extent of its exposure to bad debts, currently estimated at $700 million.

Credit rating agency Standard & Poor's said its officials planned to visit Dublin next month to get a briefing from Anglo directors. The New York agency -- whose ratings influence the interest rates that banks must pay on their borrowings -- said the FitzPatrick scandal "may have a significant impact on Anglo's standing in the marketplace." It expressed "continuing reservations about the long-term viability of Anglo's business model."

Contributing: AP

...Please click on link
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Old December 26th, 2008, 02:01 PM   #8220
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Quote:
http://www.suntimes.com/business/134...pire26.article

Spire mired in Irish bank crisis
CASH CRUNCH | Work halts as lender backing 150-story tower seeks rescue from government
December 26, 2008

BY DAVID ROEDER Business Reporter/[email protected]

A financial scandal in Ireland is posing new trouble for the developer of the Chicago Spire, the proposed 150-story tower on the lakefront.

Anglo Irish Bank Corp., the developer's main lender, faces nationalization by the Irish government to avoid collapse. The bank's stock has lost 98 percent of its value since reaching a high in 2007, and its chairman quit after investigators discovered he would hidden about $121 million of personal loans he got from the bank.

The bank has specialized in commercial lending and become a symbol of Ireland's boom-and-bust economy. It also had a taste for speculative development overseas. It opened an office in Chicago to handle business here.

For more than a decade, its stock -- now worth just 21 cents a share -- soared on foreign investment and homegrown enthusiasm for construction and property.

Spire developer Garrett Kelleher, executive chairman of Shelbourne Development Ltd., used private funding assurances from Anglo Irish to persuade Mayor Daley's administration to grant zoning approval for the project in 2007. Kelleher had said Anglo Irish's com- mitment was almost open-ended and required no threshold of condominium sales before it would underwrite construction.

Property records show Shelbourne has drawn $69.5 million from Anglo Irish for the early stages of construction at 400 N. Lake Shore Drive. But work has been stopped, and Shelbourne has been hit with several liens from contractors -- including one from his own celebrity architect, Santiago Calatrava. Though the building has been marketed almost as a Calatrava artwork, the architect alleges Kelleher owes him $11.34 million.

Sources said Kelleher has been seeking other investors, either in debt or equity positions, to help get construction restarted. But the world's financial crisis has dried up the supply of money looking for speculative investments.

If Kelleher can't raise money from Anglo Irish, it becomes more likely that he will default or lose control of the project. Shelbourne has said that about a third of the spire's 1,200 condos are under contract, but experts wonder if those buyers will be able to close.

Kelleher and a spokeswoman for Shelbourne could not be reached for comment. An Anglo Irish executive in Chicago declined to comment.

The bank's predicament boils down to bad debts and lost reputation, especially after the disclosure of hidden loans to former chairman Sean FitzPatrick, who resigned Dec. 18.

Irish Finance Minister Brian Lenihan said the government would buy about $2.1 billion in new-issue Anglo stock, effectively nationalizing the bank because the government would gain a 75 percent stake. The government-owned shares could not be traded.

The bank's new chairman, Donal O'Connor, announced an extraordinary general meeting Jan. 16 to approve the government intervention -- and urged shareholders in a letter Wednesday to accept the government's terms even though their own stock would be heavily diluted.

"The board recognizes and understands the sense of hurt and disappointment that people feel regarding the bank following recent events," O'Connor wrote. "We apologize unreservedly to our customers, employees, shareholders and all other stakeholders for these events and are determined to restore people's trust and confidence in the bank."

But Anglo's shares have continued to fall this week, as Irish, British and American analysts voiced doubts that the bank has revealed the true extent of its exposure to bad debts, currently estimated at $700 million.

Credit rating agency Standard & Poor's said its officials planned to visit Dublin next month to get a briefing from Anglo directors. The New York agency -- whose ratings influence the interest rates that banks must pay on their borrowings -- said the FitzPatrick scandal "may have a significant impact on Anglo's standing in the marketplace." It expressed "continuing reservations about the long-term viability of Anglo's business model."

Contributing: AP

...Please click on link
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