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Old March 20th, 2009, 04:15 AM   #8461
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YES finally some good news!!!!!!!!
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Old March 20th, 2009, 04:59 AM   #8462
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It will get built. I mean... If Obama doesn't bail the Spire out, there really won't be a thing left to expect from him!

Anyway... A glimmer of hope finally...
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Old March 20th, 2009, 05:18 AM   #8463
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Back in the days - mid to late-70s - when I was practicing law my law firm represented the developer in complex litigation over the Hancock.

My hazy recollection - I wasn't directly involved in the case - was that the caisson delays extended construction into a concrete strike, and the combination of the two delayed the project into a credit crunch period. The original construction lender refused further funding and had to be replaced.

The developer was an amazing guy who bounced back a winner from multiple reverses during his career.

This information is second-hand and recalled from many years back.
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Old March 20th, 2009, 05:34 AM   #8464
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...yes, it IS in his home state, after all. Right now, it looms large as a symbol of the recession.
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Old March 20th, 2009, 05:07 PM   #8465
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Great news ! This project deserves to exist for our eyes ! Hope to see construction resumes as soon as possible...
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Old March 20th, 2009, 05:31 PM   #8466
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Great News. This tower will be back on track.
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Old March 21st, 2009, 01:35 AM   #8467
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The Spire lives! Hopefully this is only the beginning, as the credit market turns around things should get more optimistic. I admit that I was worried about this one, but how could you possibly not build such an amazing building? The Chicago Spire is one of the few supertall skyscrapers out there that is really pushing the design envelope.

On a side note, the Illinois legislature also passed the 250 million in reserve funds for the 2016 Olympics, which were requested by the International Olympic Association. That’s huge! If Chicago gets the Olympics, the Spire will almost surely go forward.
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Old March 21st, 2009, 05:57 AM   #8468
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WOW! That's great news!!! I knew they won't give up on The Spires!
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Old March 22nd, 2009, 01:46 PM   #8469
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This will take more than they evaluated in the planning ..and we'll have to see if they save the project as they mention
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Old March 22nd, 2009, 03:43 PM   #8470
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Im curious if they'll manage to finish this before the olympics even if they restart work.... but anyway this is really good news.
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Old March 22nd, 2009, 04:00 PM   #8471
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that doesn't mean anything. developers/ realtors will say anything you want to hear. The supposed "work" that has been done is all pre construction stuff, i don't think it amounts to much
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Old March 22nd, 2009, 04:23 PM   #8472
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That flag (posted two pages behind) looks like a prank: I like it! It's the new logo of a project that looks dead... till work resumes again one day.
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Old March 22nd, 2009, 06:41 PM   #8473
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Quote:
Originally Posted by SilentStrike View Post
Im curious if they'll manage to finish this before the olympics even if they restart work.... but anyway this is really good news.
That wouldn't even be a challenge. This building doesn't have all the political problems FT and the other buildings have the former WTC site do. It should be completed in about three years after construction resumes.
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Originally Posted by stewartrama View Post
that doesn't mean anything. developers/ realtors will say anything you want to hear. The supposed "work" that has been done is all pre construction stuff, i don't think it amounts to much
Actually considering all the caissons to support the structure and the garage are completed a reasonable amount of work has been completed. Yes, the ramps and utility work were pre-construction but a lot of the other work was actually part of the construction process for the tower. Once work resumes things will start happening very quickly because of what has already been done.
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Old March 23rd, 2009, 12:43 AM   #8474
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Quote:
Originally Posted by Msradell View Post
Actually considering all the caissons to support the structure and the garage are completed a reasonable amount of work has been completed. Yes, the ramps and utility work were pre-construction but a lot of the other work was actually part of the construction process for the tower. Once work resumes things will start happening very quickly because of what has already been done.
That's what I'm saying, they already did a lot of work on this thing. It would be pointless the throw it all away. They could build something less, but there would be a lot of wasted materials. If Shelbourne just can’t finish it, I hope the Spire project would be picked up by another developer.
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Old March 23rd, 2009, 12:59 PM   #8475
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impressive building! the final version is the best by far. -but would the spire still be built if it were equal or less to the sears tower in height? i think it needs the height to get away with the unique design.

i cant help but think it looks like a giant unicorn horn in the midst of one of americas best skylines...it just doesnt fit. it will be cool, sure, but im afraid it will overdominate the chicago skyline.

am i alone on this one?
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Old March 24th, 2009, 12:35 AM   #8476
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Found this on SSP, possible good news! Scroll down to the bold.

http://www.reuters.com/article/domes...52M08Z20090323

Quote:
RPT-FEATURE-Global recession stalls skyscraper construction
Mon Mar 23, 2009 4:03am EDT
(This story is part of a Reuters series on infrastructure)

By Andrew Stern

CHICAGO, March 23 (Reuters) - There is a gaping hole where one of the world's tallest buildings is supposed to go up.

The planned 150-story Chicago Spire would be 2,000 feet tall (610 m) if it gets built atop its completed foundation, ranking the tower the tallest in the Western Hemisphere and the sixth-tallest among the world's planned skyscrapers.

The Spire was supposed to be finished by 2012 and the Irish developer staged a global marketing campaign. Buyers snapped up a third of its 1,194 luxury condominiums priced between $750,000 and $40 million. Ty Warner, creator of the Beanie Baby toys, opted for the top-priced penthouse.

But after digging a 76-foot-deep (23 m) hole and sinking caissons, construction on the twisting Spire -- inspired, its famed architect Santiago Calatrava said, by swirling smoke from a Native American campfire -- was stalled in January by the credit crisis that is stifling construction worldwide.

Chicago has long been a showcase for tall towers since the steel-framed skyscraper was invented, its history full of developers whose ambitions sometimes crashed on the rocks of economic slowdowns, said John Norquist, president of non-profit group The Congress for the New Urbanism.

For people living in the hundreds of new condominiums near the planned Spire, the unbuilt site "starts to look like a blight," Norquist said.

"When everybody's feeling buoyant and they all think they're going to be billionaires overnight, that's when these 'biggest' plans come about. If you get them going before the bust hits, they get built right away. Otherwise you've got to wait and sometimes they don't get built at all," he said.

Globally, work has been halted on 142, or 11 percent, of 1,324 skyscraper projects, including 29 of 301 U.S. projects, according to Emporis GmbH, a German company that tracks development. Work is stalled on the five tallest buildings on five continents, including the Spire -- Emporis refers to these landmark buildings as "Babel" projects.

Work was stopped on the kilometer-tall (.6 mile) Nakheel Tower in Dubai, one of scores of construction projects idled in the former Gulf Arab boom town. A January HSBC report said $75 billion worth of projects in the United Arab Emirates were suspended or canceled. Contractors complain of not being paid.

Other tall towers on hold are Moscow's Russia Tower and the Gran Torre Costanera office building in Santiago, Chile.

MASSIVE JOB LOSSES

The U.S. economic downturn has probably been felt most acutely in the construction industry. Some 2 million American construction workers are unemployed and the industry's 21.4 percent jobless rate is the highest of any sector.

"Every month we see massive job loss in the construction industry and every month it gets worse ... The construction industry is in a near depression," said Terry O'Sullivan, head of the Laborers' International Union of North America.

The recently passed U.S. economic stimulus bill was expected to funnel $150 billion into building and repairing infrastructure, which the union said would employ 700,000 workers, for a while. The stimulus funding is viewed as only a downpayment on the $2.2 trillion engineers say is needed to rebuild the nation's infrastructure. Fewer workers are needed to perform maintenance than build from scratch, laborers say.

"If there's no buildings going up, what do you do?" said James Connolly, a Laborers' union manager. "Prepare yourself because it's going to get worse before it gets better."

Construction workers are accustomed to boom-and-bust cycles but this downturn appears deeper and longer. The impact of lost wages of $35 to $40 an hour ripples through the economy.

"People out of work, people lose their homes, people lose their hospitalization, people lose all their benefits," said Tom Villanova, president of the Chicago and Cook County Building Trades, which covers 100,000 construction workers.

"It's as bad as I've ever seen it, and I've been around for 30 years," he said.

Dublin-based Shelbourne Development Group has so far failed to get financing for the $1 billion Chicago Spire. Now, construction unions are negotiating to invest their pension funds to kickstart the project. The Spire would provide 1 million paydays for ironworkers, carpenters and others.

But construction loans are hard to come by. Delinquency rates in Chicago on such loans have risen for 10 consecutive quarters to 15 percent in the fourth quarter of 2008.

Many projects never got off the ground, while other developers have scaled back or suspended work altogether. The residential market has a glut of unsold and foreclosed homes -- at least 7,000 in the Chicago area alone, Villanova said.

In downtown Chicago, canceled contracts on condominiums in the latest quarter outnumbered meager sales, which were off sharply from nearly 3,800 sales in all of 2007, according to Appraisal Research Counselors, a real estate firm. Prospective buyers surrendered downpayments of $10,000 or more, scared off by falling prices and the bleak job market.

"I've been out of work since December," with few prospects, said sprinkler system installer Jeff Switalski, 40.

He said the number of unionized installers in Chicago has tripled to around 1,500 since he started in 1995, when the city began a building boom.

Locally, all eyes are on whether Chicago wins the 2016 Summer Olympics, which would be a huge construction project.

"Maybe if every town, every city, in the United States had an Olympics, that would be the only thing that would save us," Switalski said.

(Editing by Doina Chiacu and Michael Conlon)
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Old March 24th, 2009, 12:42 AM   #8477
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Wow thats good news, i hope they can resume the work again.
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Old March 24th, 2009, 01:42 AM   #8478
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http://www.chicagotribune.com/busine...,7040270.story

AFL-CIO could help fund Spire construction

By Mary Ellen Podmolik
5:29 PM CDT, March 23, 2009


A deep-pocketed AFL-CIO pension fund is meeting with Chicago Spire developer Shelbourne Development Group Tuesday in Chicago to advance discussions that could have the pension fund help pay for construction of the stalled skyscraper.

Discussions between the AFL-CIO Investment Trusts and Irish developer Garrett Kelleher began in January but the talks are in the "embryonic stage," said Tom Villanova, president of the Chicago and Cook County Building Trades Council, which represents 24 trades locally.
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Old March 24th, 2009, 01:47 AM   #8479
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Just put that baby back on the track...I'll give my allowance for this month to help...
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Old March 24th, 2009, 02:02 AM   #8480
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Lot's of encouraging news lately.
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