daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments > DN Archives



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old March 24th, 2009, 03:11 AM   #8481
Onn
BANNED
 
Join Date: Oct 2008
Location: The United States
Posts: 1,544
Likes (Received): 173

The union cash sounds like Shelbourne's last resort. But if buildings like Trump, Marina City, and the Empire State Building were all built with some pension money, I don't see why the Spire couldn’t be too. The Spire would certainly give them the most bang for their buck, in an economy like this. It's far enough along where the unions could almost jump right in. Sounds like a good deal, Kelleher has to be somewhat relieved with this proposal.
Onn no está en línea   Reply With Quote

Sponsored Links
Old March 24th, 2009, 03:18 AM   #8482
FromLaVega
Sustainable Development
 
Join Date: Mar 2008
Location: La Vega
Posts: 1,304
Likes (Received): 29

FromLaVega no está en línea   Reply With Quote
Old March 24th, 2009, 08:40 AM   #8483
micrip
Registered User
 
micrip's Avatar
 
Join Date: Jun 2004
Location: Baltimore
Posts: 3,875
Likes (Received): 1050

Sounds encouraging, but I bet those pension funds have taken a beating lately as well.
__________________
Baltimore...Propensity for Density
micrip no está en línea   Reply With Quote
Old March 24th, 2009, 10:20 AM   #8484
regjeex
Daghay na BANN3D_lol
 
regjeex's Avatar
 
Join Date: Apr 2007
Location: Underworld
Posts: 867
Likes (Received): 301

the building looks sexy..
__________________
Pag mata na intawon mo, ayaw na sige damgo
regjeex no está en línea   Reply With Quote
Old March 24th, 2009, 03:42 PM   #8485
buildmilehightower
NANI Luis Almeida Cunha
 
buildmilehightower's Avatar
 
Join Date: Mar 2008
Location: London
Posts: 3,421
Likes (Received): 240

hope ur a female.
__________________


독일의 막가파 두목이름은? 칼막 휘둘러
일본에서 가장 유명한 구두쇠 수도국장 이름은? 무라까와 쓰지마
buildmilehightower no está en línea   Reply With Quote
Old March 24th, 2009, 05:27 PM   #8486
MWR
Registered User
 
Join Date: Jan 2006
Posts: 155
Likes (Received): 0

Chicago Spire developer in talks with AFL-CIO for funding
MWR no está en línea   Reply With Quote
Old March 24th, 2009, 05:30 PM   #8487
Flubnut
4th Level of Hades
 
Join Date: Dec 2006
Location: Chicago
Posts: 709
Likes (Received): 5

The source: http://www.chicagotribune.com/busine...,7040270.story
Flubnut no está en línea   Reply With Quote
Old March 24th, 2009, 07:29 PM   #8488
ZZ-II
I love Skyscrapers
 
ZZ-II's Avatar
 
Join Date: May 2006
Location: Near Ingolstadt in Bavaria
Posts: 33,506
Likes (Received): 6526

another article:

http://cbs2chicago.com/business/chic....2.966280.html

New Life May Be Breathed Into Chicago Spire
Construction Of Soaring Apartment Tower Has Been Delayed
CHICAGO (CBS) ―



The ill-fated Chicago Spire could rise from the dust, after being only an enormous hole in the ground for the past several months.

A major union says its pension fund could help pay for construction of the building.

There were big plans for the giant residential tower at 400 N. Lake Shore Dr. It would have surpassed the Sears Tower – soon to be renamed the Willis Tower – as the tallest building in the Western Hemisphere, and was supposed to be one of the tallest buildings in the world.

But the site has been empty for months, except for a broad, round hole that was dug for the foundation. The plan began to unwind after celebrity architect Santiago Calatrava filed a lien on the project, claiming the developer hadn't paid him $11.34 million he was owed for his work.

Also, the Chicago architectural firm Perkins & Will, hired as a local overseer of the design, filed its own lien, claiming it is owed $4.85 million.

Meanwhile, the spire's developer, Shelbourne Development Ltd., acknowledged slowing the pace of the work last fall because turmoil in financial markets limited access to credit.

But now, the Chicago Tribune reports on its Web site that the AFL-CIO's Housing Investment Trusts are meeting with Shelbourne on Tuesday for preliminary discussions. It could be a win-win for both sides, with the developer getting the building, and the union securing jobs.

Plans for the Spire were first announced in 2005. The soaring spiral design of the building by the celebrity architect has won fans. Calatrava in published reports has compared the structure to a smoke spiral rising from a campfire along the Chicago River.

But unlike the John Hancock Center and Sears Tower, which would both be dwarfed by the building, the Chicago Spire does not have plans for any public restaurants or observatories. The building would be open only to residents, and that group is a select few. The condos in the building are priced from $750,000 to $15 million each.
ZZ-II no está en línea   Reply With Quote
Old March 24th, 2009, 08:04 PM   #8489
friendsofthecity
Registered User
 
Join Date: Mar 2007
Posts: 4,929
Likes (Received): 690

Quote:
Originally Posted by xXFallenXx View Post
Lot's of encouraging news lately.
Very encouraging indeed!
friendsofthecity no está en línea   Reply With Quote
Old March 24th, 2009, 08:22 PM   #8490
Chicagophotoshop
Chicago Photographer
 
Join Date: Jun 2007
Location: Chicago, IL USA
Posts: 2,832
Likes (Received): 14

this deserves a dancing banana
__________________
Portfolio | Twitter | Facebook | Flickr | Gear
| SmugMugPro
Chicagophotoshop no está en línea   Reply With Quote
Old March 24th, 2009, 09:59 PM   #8491
simulcra
Cynical post-collegiate
 
Join Date: Jun 2004
Location: Seattle
Posts: 937
Likes (Received): 1

Quote:
The infamously embattled Chicago Spire may have found new life in its battle to simply get built. While right now it remains Chicago's most famous hole in the ground, developer Shelbourne Development Groupis scheduled to meet today with members of the AFL-CIO Housing Investment Trusts to discuss using some pension funds to get the building's construction going again. Construction was halted last fall and, earlier this year, the financial woes of the developer deepened thanks to fallout from the economic crisis in Ireland.

Tom Villanova, president of the Chicago and Cook County Building Trades Council, told the Tribune that the talks, which began earlier this year, are in the "embryonic stage," but there's hope. Said Villanova, "The main thing is jobs. We can use our own funds to benefit members. The Spire is going to be five years of construction, which is just phenomenal for us. It's thousands of jobs." The AFL-CIO's involvement would also make the building a completely unionized project.

An investment by the pension fund would make the project a 100 percent union job.

"Obviously, the idea of pulling the unions together and making this a 'Made in America' project is very positive," said project spokeswoman Kim Metcalfe, who confirmed ongoing discussions with the union.

"We're exploring all of the financial options with the economy as challenging as it is, but clearly this is long-term," Metcalfe said. "We're working toward the success of the building. We continue to actively market the building. Clearly, the construction of the building is on pause, but nothing else about the building has stopped."

But the Spire wouldn't be the end of it: one of the trusts is the Building Investment Trust which, according to Villanova, could become involved in constructing an Olympic Village should Chicago by awarded the 2016 Summer Olympics.
I kind of bee-lined here after i read that. Despite being otherwise fairly liberal, I tend to rag on the protectionist tendencies of most unions. But if the AFL-CIO would be able to strike a deal with Kelleher to get this building going, that would be outstanding! Using the pension as a source of funding has some scary precedent to it (what if they start doing this more aggressively and a few bad decisions wipes out the pension?), but this would be a great business-union partnership for great mutual benefit. Stable employment for the union, a hopefully expanded pension, a trickle effect to the broader Chicago/global economy as a whole for a project this big, Kelleher gets his building up and can start selling more units, and Chicago gets its spire.

*crosses fingers*
__________________
Mmm... forbidden donut...
simulcra no está en línea   Reply With Quote
Old March 24th, 2009, 11:48 PM   #8492
DinoVabec
Worldwide
 
DinoVabec's Avatar
 
Join Date: Nov 2007
Location: In the clouds
Posts: 5,900
Likes (Received): 752

Now i'm waiting for some equipment on the site in the next few months...
__________________
There are two rules for success:
1. Never tell everything you know.
-Roger H. Lincoln
DinoVabec no está en línea   Reply With Quote
Old March 25th, 2009, 12:05 AM   #8493
chrome13
Registered User
 
Join Date: Oct 2007
Location: Chicago
Posts: 233
Likes (Received): 1

Seems like a big gamble for the unions. As much as I like this building, i'm not sure I buy the idea that there's really a market to fill this building at the price they're asking.
chrome13 no está en línea   Reply With Quote
Old March 25th, 2009, 04:07 PM   #8494
Chicagophotoshop
Chicago Photographer
 
Join Date: Jun 2007
Location: Chicago, IL USA
Posts: 2,832
Likes (Received): 14

Quote:
Originally Posted by chrome13 View Post
Seems like a big gamble for the unions. As much as I like this building, i'm not sure I buy the idea that there's really a market to fill this building at the price they're asking.
agreed. they would have to bring prices down I imagine.
__________________
Portfolio | Twitter | Facebook | Flickr | Gear
| SmugMugPro
Chicagophotoshop no está en línea   Reply With Quote
Old March 25th, 2009, 04:12 PM   #8495
Rasputin1970
Registered User
 
Rasputin1970's Avatar
 
Join Date: Jul 2007
Location: Irkutsk / Miami Beach
Posts: 505
Likes (Received): 36

Quote:
Originally Posted by chrome13 View Post
Seems like a big gamble for the unions. As much as I like this building, i'm not sure I buy the idea that there's really a market to fill this building at the price they're asking.
regular people are not buying in places like Spire. It is well beyond their means. Customers that buy there are not affected by recession. It is not an affordable living project. So I see no reason to think that market will have this problem with this building.
__________________
Trying to be Fearless
Rasputin1970 no está en línea   Reply With Quote
Old March 25th, 2009, 05:19 PM   #8496
Chicagophotoshop
Chicago Photographer
 
Join Date: Jun 2007
Location: Chicago, IL USA
Posts: 2,832
Likes (Received): 14

Quote:
Originally Posted by Rasputin1970 View Post
regular people are not buying in places like Spire. It is well beyond their means. Customers that buy there are not affected by recession. It is not an affordable living project. So I see no reason to think that market will have this problem with this building.
this global recession is affecting everyone across the board...even the wealthiest of people.
__________________
Portfolio | Twitter | Facebook | Flickr | Gear
| SmugMugPro
Chicagophotoshop no está en línea   Reply With Quote
Old March 25th, 2009, 07:18 PM   #8497
chrome13
Registered User
 
Join Date: Oct 2007
Location: Chicago
Posts: 233
Likes (Received): 1

Quote:
Originally Posted by Rasputin1970 View Post
regular people are not buying in places like Spire. It is well beyond their means. Customers that buy there are not affected by recession. It is not an affordable living project. So I see no reason to think that market will have this problem with this building.
The stock market has lost 50% of its value from its peak. That has had a very real effect on the portfolios of those who could even consider purchasing a unit in the spire. These people might not be in the poorhouse, far from it, but they also might hold back from investing a million plus into a condo towards a project that has been on extremely shaky footing.
chrome13 no está en línea   Reply With Quote
Old March 25th, 2009, 09:10 PM   #8498
k.smith904
Registered User
 
Join Date: Jan 2009
Posts: 39
Likes (Received): 0

Quote:
Originally Posted by chrome13 View Post
The stock market has lost 50% of its value from its peak. That has had a very real effect on the portfolios of those who could even consider purchasing a unit in the spire. These people might not be in the poorhouse, far from it, but they also might hold back from investing a million plus into a condo towards a project that has been on extremely shaky footing.
QFT. Plenty of upper-class society has been affected by the recession, more-so than the average joe would think.
k.smith904 no está en línea   Reply With Quote
Old March 25th, 2009, 11:38 PM   #8499
simulcra
Cynical post-collegiate
 
Join Date: Jun 2004
Location: Seattle
Posts: 937
Likes (Received): 1

Quote:
Originally Posted by k.smith904 View Post
QFT. Plenty of upper-class society has been affected by the recession, more-so than the average joe would think.
Also QFT. While it may suck for the average American to watch their 401k shrink to 1990's levels, for the "investor" class, most of their income and net worth was coming from the market (for example, Warren Buffet pays close to 15% in taxes since most if not all of his income comes from capital gains). While they're still quite well off, they've been proportionately more acutely affected by the recession and are going to be very eager to push off unnecessary expenditures... like a new condo in a flagship tower in Chicago.

That being said, there are some early signs that the real estate market has bottomed out, and as such, people may be more willing to invest in a new home. If my understanding is correct (and please correct me if I'm not), the distinction here is that no ownership has actually passed in these Spire condos, so no one has lost or gained any equity - they have a stake in so far as they have signed purchase agreements and paid some kind of holding fee? The prices are still there, and as long as Kelleher feels that they can sustain sales at that level (I mean, they already sold the hardest unit, the top penthouse), they'll stay at that level.
__________________
Mmm... forbidden donut...

Last edited by simulcra; March 25th, 2009 at 11:39 PM. Reason: typo
simulcra no está en línea   Reply With Quote
Old March 26th, 2009, 03:45 AM   #8500
CrazyAboutCities
Registered User
 
CrazyAboutCities's Avatar
 
Join Date: Feb 2007
Location: Seattle, Washington
Posts: 8,549
Likes (Received): 240

YAY!!!! Finally!!! I am little surprised that they would start construction again much earlier than I expected. I thought they might start again sometime in 2010 but I am glad I am wrong about it!
CrazyAboutCities no está en línea   Reply With Quote


Reply

Tags
chicago, santiago calatrava, spire, tallest, tower

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 09:58 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu