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Old September 4th, 2009, 12:51 AM   #8861
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Quote:
Originally Posted by chicagogeorge View Post


The Olympics are probably headed to Rio.... South America has never held the Olympics...

I think the tower's construction has nothing to do with the Olympics. It has to do with getting the financing to secure construction costs... Once that occurrs construction will resume.
Mind you the Olympic host is for the OIC to decide. Remember the recession is ending by 2010 so that the securing of fund for this project can begin.
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Old September 4th, 2009, 03:00 AM   #8862
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I just don't see the logic for buyers/investers to spend hundreds of thousands of dollars (if not a million+) on a condo solely because the Olympics are coming to a city for three weeks. The Olympics will come and go. Afterwards your stuck with a million dollar mortgage, thousands in annual property taxes, and hundreds in monthly association fees. A buyer looking to flip the property right away after the Olympics could find themselves swamped in a market flooded with other similar units.

If this were a commercial/office/hotel project, I could see it getting a boost with the Olympics, but not as a residential tower.
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Old September 4th, 2009, 03:48 AM   #8863
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Old September 4th, 2009, 04:10 AM   #8864
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A stairway to?

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Joe Zekas photo, shot earlier today from a 42nd floor balcony at ParkView Condominiums. Larger version at Flickr.
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Old September 4th, 2009, 04:17 AM   #8865
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why never build this year, i hate these peoples dont build and workd
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Old September 4th, 2009, 04:25 AM   #8866
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Its likely Chicago will get the Olympics. But I'm not sure how much that has to do with this tower getting built. It may not make a whole lot of difference. The economy recovering is most important, and that could be a year away. I don't know if the Olypmics matter to Shelbourne either way.
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Old September 4th, 2009, 04:43 AM   #8867
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I hope and expect something to happen with this site with the next 4-6 months. whether that something be positive or negative depends on the decision on Oct 3rd.
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Old September 4th, 2009, 05:17 AM   #8868
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I've yet to meet anyone in the real estate business who believes the Spire will be built - and I meet a lot of people.
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Old September 4th, 2009, 08:23 PM   #8869
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way to be a buzzkill

EDIT: with your insider's take, do you know anything going on with Kelleher? I'm still wondering what's going on with the liens, the BofA lawsuit, the AFL-CIO talks, etc.
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Old September 4th, 2009, 10:56 PM   #8870
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Quote:
Originally Posted by JoeZekas View Post
I've yet to meet anyone in the real estate business who believes the Spire will be built - and I meet a lot of people.
IF we land the Olympics, I think someone will take a chance on the Spire, IMO.

when you talk to your people, are the Olympics part of the discussion?
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Old September 5th, 2009, 01:28 AM   #8871
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I should supplement my earlier statement by noting that Spire staff I've talked to express confidence the project will proceed. My most recent contact along those lines, however, was more than 4 months ago.

I have no insider knowledge regarding the lawsuits or any other aspect of the project.

I hear a lot of people expressing a lot of hope about the Olympics. Any positive impact on the Spire strikes me as highly speculative.
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Old September 5th, 2009, 02:30 AM   #8872
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now what "if" they don't go ahead with the project ? what could they possible do with the site ?
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Old September 5th, 2009, 05:44 PM   #8873
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I don't think anybody is saying that the Olympic will be the reason why the building has to be constructed. The statement on the Olympic was just a remark on what chicogogeorge aforesaid. Besides, the Olympic can create a good investment opportunity for any gven city.Yet, this is not the reason for the Chicagospire construction to take off soon. The economy will just do that when the recession is over perhaps, by next year Q3.
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Old September 5th, 2009, 07:53 PM   #8874
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Its not like the Olympics will have some massive negative effect on sales either... Its just something else they can tack on the list of reasons to own a room. "spectacular views of -everything ever-" if the spire does get built its going to be a few hundred years before it boxed in by a bunch of 3,000+ towers.
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Old September 5th, 2009, 11:03 PM   #8875
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While I agree with most others that the olympic effect will be very very little, I still believe that its the only chance for this thing. Would chicago experience a bump in dowtown condo sales if it were selected as host? I think so, yes. Will that bump be enough to convince a major bank to finance this beheamoth? Almost certainly not. But who knows?

What any reasonable person does know, is that this thing has no chance in hell right now--even if the economy maintains its slow upward trajectory (unless of course they made it much much smaller). It is just too big and outrageous as is.

I would say it has a 0.01% chance right now--and it would have a 1% chance with the Olympics. So using my arbitrary numbers only to prove my point, I'd say this thing is 100 times more likely i Chicago wins 2016--but still nearly pulseless.
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Old September 6th, 2009, 05:48 AM   #8876
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im sure there is a surplus of housing in chicago...this will not be built
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Old September 6th, 2009, 08:46 PM   #8877
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is there any information about the construction restart??
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Old September 7th, 2009, 11:05 AM   #8878
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this is starting to feel like the russia tower
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Old September 7th, 2009, 02:40 PM   #8879
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aw im really sad that this project is on hold....
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Old September 7th, 2009, 11:27 PM   #8880
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rofl
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