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Old October 31st, 2009, 08:20 AM   #9161
DFDalton
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Quote:
Originally Posted by iownyou View Post
is this going to get built?
when will construction start again?
February 30th.
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Old October 31st, 2009, 08:38 AM   #9162
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Quote:
Originally Posted by spectre000 View Post
9 AM sharp. Don't miss it.
I'll be there.
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Old October 31st, 2009, 01:07 PM   #9163
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Quote:
Originally Posted by tedzbear View Post
www.thechicagospire.com/

The fact that they are keeping it active is possibly a hopeful sign. Somebody should register like they want to buy a residence and see if they respond. Anybody want to try?


I subscribed to that the hopeful sign. But, the later part of your comment doesn't prove anything if the building is still going to be constructed.
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Old November 1st, 2009, 05:09 AM   #9164
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That area they just fenced off looks like it is going to be used for something other than just improving the neighborhood. It's got a firm gravel base and then landscape cloth to keep weeds from growing. Someone else mentioned a sales trailer may be going there, not sure if that's correct but I do believe something is going to be put in that area. It wasn't just done for no reason.
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Old November 1st, 2009, 05:40 AM   #9165
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I registered interest months ago and haven't received a response.
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Old November 1st, 2009, 05:47 AM   #9166
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can't wait until it starts rising....
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Old November 1st, 2009, 07:25 AM   #9167
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damn it! when Is this going to start!? I can't wait!
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Old November 1st, 2009, 08:38 AM   #9168
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The only hope for jump-starting this near-dead project would have been a federal government loan or grant (hell would freeze over first) or a loan from the AFL-CIO Housing Investment Trust to create jobs for union construction workers. The latter is, ironically, more likely now that the 2016 olympic bid failed, but the odds are extremely remote, because this Trust is still tasked with making sane and profitable investments - not just creating employment for union construction workers.

The main problem remains. The Chicago downtown luxury condo market is totally saturated and, with the current supply of newly-built units and those being completed in the next year or so, it will likely remain so for the next decade. The downward pressure on prices makes the Spire uneconomical. The pre-crisis attempt to market the Spire as a "work of art" to foreign investors at inflated prices was unsuccessful. The gross sales at reasonable Chicago market prices can't come close to covering the construction costs much less assure a reasonable profit. This makes continuing the project as currently envisioned not merely risky, but insane.

Any logical assessment says this thing will not go forward as planned. Even if Kelleher could convince investors to loan him the money a scant few months after the largest financial crisis since the Great Depression, no good developer willingly throws away hundreds of millions of borrowed dollars simply to satisfy his ego or to please disinterested civic boosters and skyscraper fanboys.

The Chicago Spire is dead. Face it!
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Old November 3rd, 2009, 09:57 AM   #9169
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From what I read, Fordham needs "only" $1.4 billion to complete the tower and has been sued by Santago Calatrava over unpaid fees. On the bright side, it's my understanding that there is a kind of grace period before they have to begin returning deposits. Maybe I'm wrong, but it appears unlikely that the stars can align for this project in an environment where banks are bracing themselves for a serious commercial real estate default meltdown.
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Old November 5th, 2009, 01:51 AM   #9170
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I saw a pretty nice clip on this tower on the Travel Channel's "Extreme-" show today... Too bad they halted progress.
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Old November 6th, 2009, 10:40 PM   #9171
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I post only in rebuttal to what I view as irrationally positive speculation.

I was banned from that "other" skyscraper site in October 2008. In July of that year, I noted the absence of activity after Case had finished the foundation work as a bad sign. People didn't want to hear it. Name calling ensued, just as it does here. When Case cleared and leveled the site just before leaving, the clueless pollyannas saw that as a signal that they were getting ready to pour the plaza level concrete. I didn't call them names, but did point out they were being foolish.

Later that summer, I mentioned the possibility that a banking crisis might have been making it extremely difficult for Shelborne to secure a construction loan and scoffed at their rosy PR pronouncements that construction was being delayed only briefly while utility work was taking place just off site. People didn't want to hear that, they only wanted to know how tall it would be at the end of a year. (My guess of 0 feet turned out to be accurate.) When I noted that the housing bubble was clearly bursting and that we should expect a banking liquidity crisis to occur just in time for the 2008 elections, I was asked to shut up. When I noted the addition of a chain link fence being built around the hole as an ominous sign of a very long delay, I was countered with the fact that the Beanie Baby guy had just bought the penthouse as "proof" that all was well.

The moderator at that "other" skyscraper page banned me for "brainless speculation", despite the fact that I was simply pointing out unpopular but easily recognizable signs that the Spire project is in trouble - and this just to counter what was clearly irrationally positive speculation by the pollyannas. If you visit that site and look at past posts, you will notice a high number of posts under "banned" monikers. You will also notice that it is a nazi moderated fanboy site, where dissent is not tolerated.

I am happy that this website allows the relatively free posting of unpopular viewpoints. There is no need for this thread to be locked. Think of it as an archive or a time capsule of what people were thinking over the course of the project. If you want a laugh, go to that other skyscraper "page". Read the comments from last year on the Chicago Spire thread and laugh at the foolish overconfidence that this thing was a done deal.

(BTW, I had also speculated there on the Waterview thread last year that the building would be redesigned to eliminate the condo portion. Now, someone over there is reporting "inside knowledge" of a redesign - completing Waterview as a 55 story hotel/office building. If true, more proof that the Chicago downtown luxury condo market is totally glutted and as a result, not profitable.)

Last edited by DFDalton; November 6th, 2009 at 10:58 PM.
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Old November 7th, 2009, 04:01 AM   #9172
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Quote:
Originally Posted by DFDalton View Post
(BTW, I had also speculated there on the Waterview thread last year that the building would be redesigned to eliminate the condo portion. Now, someone over there is reporting "inside knowledge" of a redesign - completing Waterview as a 55 story hotel/office building. If true, more proof that the Chicago downtown luxury condo market is totally glutted and as a result, not profitable.)
That might actually be good news for the Spire. It would certainly make them the undisputed most luxurious condo project in Chicago.
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Old November 11th, 2009, 11:50 AM   #9173
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Quote:
http://www.independent.ie/business/i...w-1939157.html

Irish builder sues US bank in Chicago 'Spire' loan row


By John Mulligan


Wednesday November 11 2009

Shelbourne Development, the property group headed by Irishman Garrett Kelleher that hopes to build one of the world's tallest buildings in Chicago, has countersued Bank of America, claiming the financial institution "willfully and wantonly" engaged in a systematic pattern of deception and unfairness in its dealings with it.

Bank of America initiated legal action against the developer and his company during the summer, alleging failure by Shelbourne to make repayments to loans that were to be partly used to progress ambitious plans for the $2bn (€1.3bn) Spire building in the 'Windy City'. Although, foundation work started on the 150-storey, 2,000-feet-high building, construction was halted last year following the downturn. Some of the development work had been part-financed by now nationalised Anglo Irish Bank................
..
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Old November 11th, 2009, 06:47 PM   #9174
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call me crazy, but I have hope this will still happen.
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Old November 12th, 2009, 03:27 AM   #9175
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I hope so too....
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Old November 12th, 2009, 08:09 PM   #9176
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..

Last edited by SGMD1; September 12th, 2013 at 07:42 PM.
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Old November 12th, 2009, 08:40 PM   #9177
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Bahahaha, it took me a while to realize what you meant by "Sparta hole".
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Old November 28th, 2009, 12:45 PM   #9178
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..

Last edited by SGMD1; September 12th, 2013 at 07:42 PM.
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Old November 28th, 2009, 08:33 PM   #9179
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Quote:
Originally Posted by simulcra View Post
Bahahaha, it took me a while to realize what you meant by "Sparta hole".





Guys, I can only wish for this project to continue, but it's very unlikely...
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for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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Old November 30th, 2009, 06:35 AM   #9180
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^Not so fast

http://www.chicagotribune.com/busine...,1953419.story

Spire developer Garrett Kelleher to meet with leaders of AFL-CIO pension investment trusts
By Mary Ellen Podmolik
November 30, 2009


Chicago Spire developer Garrett Kelleher is scheduled to meet Monday with leaders of AFL-CIO pension investment trusts in what is being characterized as "advanced" talks regarding the planned skyscraper's funding.

Under discussion is a potential $170 million land loan that would retire Shelbourne Development Group Inc.'s loan from Anglo Irish Bank, pay off liens and restart work on a project dormant for more than a year.

..."When I was sitting in Copenhagen and things went south, this moved to the No. 1 slot. We're way past the look-see stage. We're in the commitment stage now.

...Kelleher and Spire representatives have been making the rounds of local union halls in the past few weeks, trying to generate interest from the locals' pension funds as well, according to a source close to the discussions. Last week, one unspecified local union committed $40 million to the project, the Shelbourne spokeswoman confirmed.
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