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Old October 2nd, 2009, 08:38 PM   #8981
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not much i dont think it would have made much of an effect anyways
Many people refused to accept that here.Olympic can sometime create debt for host city.

There's no doubt this building will be constructed -I am confident of that.
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Old October 2nd, 2009, 08:41 PM   #8982
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Did any of you read the previous page? Shelbourne is getting bank loans together as we speak, a blurb came out about it yesterday. The Olympics may have had little to no effect on the Spire anyway. I think this is a project that is just too good to be cancelled. It has to go forward.
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Old October 2nd, 2009, 09:05 PM   #8983
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Did any of you read the previous page? Shelbourne is getting bank loans together as we speak, a blurb came out about it yesterday. The Olympics may have had little to no effect on the Spire anyway. I think this is a project that is just too good to be cancelled. It has to go forward.

Those loans, the ones from that article, are all 3 years old. There are no new loans. Zero. This thing is dead.
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Old October 2nd, 2009, 09:11 PM   #8984
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Those loans, the ones from that article, are all 3 years old. There are no new loans. Zero. This thing is dead.
You don't have any information of that. "A number of loans have been closed", those were likely closed more recently than not.
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Old October 2nd, 2009, 10:15 PM   #8985
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The Olympic bid has failed, I don't see any possible saving opportunity for this project now. Look for a cancellation announcement in the next few months.
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Old October 2nd, 2009, 11:17 PM   #8986
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^The project's chances of securing financing do not hinge on the Olympics. I don't understand why people think that all of these on hold residential proposals will suddenly come alive just because of a two week event.
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Old October 2nd, 2009, 11:28 PM   #8987
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The Olympic bid has failed, I don't see any possible saving opportunity for this project now. Look for a cancellation announcement in the next few months.
Why did you even come here and say that? You clearly don't want the project to move forward.
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Old October 2nd, 2009, 11:34 PM   #8988
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Olympic or not, Chicago Spires will get built eventually! There is no reason why any tower can't get built because a city like Chicago lost the bid to host Olympic Games. Look at San Diego, Los Angeles, New York, and some US cities tried to bid for Olympic Games in the past and they still building. That is weak argument about how Olympic games affects projects.
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Old October 2nd, 2009, 11:35 PM   #8989
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They should use the hole and plan a new more moderate building. Perhaps something that respects the existing skyline a little more.
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Old October 3rd, 2009, 01:27 AM   #8990
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Why did you even come here and say that? You clearly don't want the project to move forward.
You all said that the Olympics will boost this project, blah blah blah, and be a chance to restart the project. Without it, the profit margin is even less and the chance of selling enough residences to get construction loans is lowered dramatically. There just isn't enough demand to start this project, and that is not changing anytime soon. This was a chance at a stimulus, and it doesn't look like there are any more coming down the line.
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Old October 3rd, 2009, 01:36 AM   #8991
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You all said that the Olympics will boost this project, blah blah blah, and be a chance to restart the project. Without it, the profit margin is even less and the chance of selling enough residences to get construction loans is lowered dramatically. There just isn't enough demand to start this project, and that is not changing anytime soon. This was a chance at a stimulus, and it doesn't look like there are any more coming down the line.
I said a long time ago that the Olympics may not make much of a difference whether this tower gets built or not, only that is might push the project over the top.

The economy is also turning around already, that should be the stimulus right there.
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Old October 3rd, 2009, 04:01 AM   #8992
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They should use the hole and plan a new more moderate building. Perhaps something that respects the existing skyline a little more.
If they consider something like this they will be in worse shape for financing and they are now. They would lose the majority of the deposits they already have and without the building being a true icon of the Chicago skyline selling units would be much more difficult.
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Old October 3rd, 2009, 04:45 AM   #8993
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YESS!! The Olympics should push the Spire over the top for financing too, if they already have some lined up.
Olympics?

Bye bye!
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Old October 3rd, 2009, 04:52 AM   #8994
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Olympics?

Bye bye!
Why did you mention that? I just said it could push the Spire "over the top". It's not do or die for this project.
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Old October 3rd, 2009, 01:16 PM   #8995
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The Olympics would have not made much difference. The problem is the economy. There is not enough demand for units in such prestige projets at the moment and banks are reluctant to open credit lines or with a large spread that does not makes the project viable.
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Old October 3rd, 2009, 02:41 PM   #8996
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They should use the hole and plan a new more moderate building. Perhaps something that respects the existing skyline a little more.
Second that
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Old October 3rd, 2009, 06:58 PM   #8997
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The Olympics would have not made much difference. The problem is the economy. There is not enough demand for units in such prestige projets at the moment and banks are reluctant to open credit lines or with a large spread that does not makes the project viable.
No, that was a few months-year ago. Many of the power-brokers on Wall Street that would be buying units like these have already regained much of what they lost in the recession. And banks have to start lending at some point, they could put togther a collection of smaller loans. The US economy is also expected to grow 4% in the second half of the year, and 5% next year.
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Old October 3rd, 2009, 07:09 PM   #8998
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Olympics?

Bye bye!
lol pwned
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Old October 3rd, 2009, 07:17 PM   #8999
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No, that was a few months-year ago. Many of the power-brokers on Wall Street that would be buying units like these have already regained much of what they lost in the recession. And banks have to start lending at some point, they could put togther a collection of smaller loans. The US economy is also expected to grow 4% in the second half of the year, and 5% next year.
Your the biggest optimist their is Onn, I'll give you that. But the Spire being built is all down to Shelbourne selling units. Plain and Simple. Luxury condo sales are completely dead in Chicago. No one is even buying units in the Trump tower and that tower is finished.

The Olympics had/has nothing to do with this, even the overall ecomonic news isn't even relevant. It's all about sales. Sell enough units and a bank will give you a construction loan. That's it, end of story. If you want to see how well the condo market is right now in Chicago, Google it. The only homes moving are heavily discounted and under $200,000.

Harryc is gonna be photographing an empty hole for at least another couple of years...
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Old October 3rd, 2009, 07:24 PM   #9000
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I had a meeting with someone at Jones Lang Lasalle in Chicago last week, and the Spire was brought up at that meeting. The folks at Jones Lang pretty much said it is dead. One guy said he doesn't expect to see construction on the site in his lifetime.

If it does restart, they are predicting at least 2 years between now and when construction restarts. The main issue is financing, and absolutely no one is willing to finance the project.
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