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Old December 1st, 2009, 12:24 AM   #9181
simulcra
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Quote:
Originally Posted by spyguy View Post
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.


Best news I've heard in a while!

EDIT: Wow! This is only happening as a direct result of losing the olympics. To expand one of spyguy's snippets:

Quote:
In March, the investment trusts and Shelbourne began to discuss the idea of tapping the funds to get the Spire off the ground. Those talks had cooled by summer, as the investment trusts signaled interest in helping foot the bill for an Olympic Village in Chicago.

The Spire "was in the No. 2 slot," prior to Chicago losing out on its bid to host the 2016 Olympics, said Tom Villanova, president of the Chicago & Cook County Building & Construction Trades Council, which represents 24 affiliated trades. "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."
EDIT2: HEH, I notice that BVictor1 is pretty active in the comments for that article. Go take them on!
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Last edited by simulcra; December 1st, 2009 at 12:55 AM.
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Old December 1st, 2009, 12:55 AM   #9182
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...

Quote:
Originally Posted by spyguy View Post
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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Old December 1st, 2009, 01:09 AM   #9183
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NOT dead!!!
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Old December 1st, 2009, 01:38 AM   #9184
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What the hell are "local unions"?
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Old December 1st, 2009, 01:46 AM   #9185
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Local unions. Union's pension funds. You mean like construction workers? As if, they should pay to be able to work on this? Interesting concept. I will gladly accept 100 billion dollars for the exclusive rights to build a 200 floor tower in my back yard.
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Old December 1st, 2009, 01:48 AM   #9186
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Quote:
Originally Posted by dnobsemajdnob View Post
Unions pension funds could never come up with the billion dollars necessary to fund this. Moreover, notwithstanding unions' self-interest in creating construction jobs, no fiduciary would commit pension funds for a pie in the sky real estate project -- particularly after the Dubai default.

I thought that this thread was closed or was that just "damage control" to stop posts about this project's death?
Are you here to remind us that NYC's grandiose projects will proceed (and I hope they will) but that Chicago's won't ?

BTW, the article only references a $170 million loan which might serve to kickstart construction.
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Old December 1st, 2009, 02:00 AM   #9187
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I'd be curious to know what percentage of the original contracts were union, as opposed to the 100% they would be if this actually happens.
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Old December 1st, 2009, 02:17 AM   #9188
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Quote:
Originally Posted by dnobsemajdnob View Post
Not to mention -- why is the project in the active section and not proposed -- let alone wish upon a star/pie in the sky proposals?
Because it's going to get funding, and there are other "On-Hold" projects in the construction section. It was in the proposal section because it looked like it was a goner, but not anymore. Stop being so down, it's going to go forward. I knew it all along. The Spire has returned from exile!
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Old December 1st, 2009, 02:27 AM   #9189
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Quote:
Originally Posted by dnobsemajdnob View Post
Where is it getting $1 billion+ in funding for a speculative project?
They don't need 1 billion+ dollars right now, they’re going to do water, electricity, and gas hook up first. But by then maybe the banks will be in better shape, I'm sure Kelleher will be more than happy to take whatever money he can get on this one. The Unions may extended funds too, or he may have other money lined up...

Hence, the line:
Quote:
"An announcement of a significant financial commitment is expected soon."
Something is going to happen soon.
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Old December 1st, 2009, 02:27 AM   #9190
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''And unto the windmill the knight charged!''

...

Yes i think you will have to articulate it
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Old December 1st, 2009, 02:52 AM   #9191
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Quote:
Can unions help finance the Chicago Spire, as they did Marina City?



November 30, 2009

The Tribune's Mary Ellen Podmolik drops the news today that the Chicago Spire may not be as dead as it is widely believed to be: The project's developer, Garrett Kelleher, she writes, is meeting today with union leaders who could provide a crucial loan to the stalled, 2,000-foot residential tower designed by Spanish architect Santiago Calatrava (at left, with a model of the twisting tower).

If the AFL-CIO does wind up pushing the Spire forward, it would not be the first time that unions have put their financial might behind an unconventional riverfront skyscraper in Chicago. In the 1960s, the Building Service Employees International Union backed Bertrand Goldberg's Marina City, with its two corncob-shaped apartment towers, because it wanted to secure jobs for its members as people fled downtown for the suburbs.

Is history about to repeat itself? Or is the financial mountain caused by the recession and Chicago's glut of condos too high for Kelleher to climb?
http://featuresblogs.chicagotribune....rina-city.html
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Old December 1st, 2009, 03:00 AM   #9192
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Quote:
From Chicago Public Radio, Adriene Hill reports.


ADRIENE HILL: The design plans for the Chicago Spire are stunning. At 2000 feet, it would be one the largest buildings in the world, but the actual work site is less impressive. It's little more than a hole in the ground. There's been no work on the site for over a year since the developer ran into money trouble. Now the AFL-CIO is looking to step in.

THOMAS VILLANOVA: We're trying to get monies invested to get the project going, to get the spire project going.

That's Thomas Villanova. He heads the local Building and Construction Trades Council. He says under the proposed deal, union members would do all the work on the Spire. He estimates seven-and-a-half million work hours, which makes it well worth the possible downsides.

VILLANOVA: We have up to 30 percent unemployment in some of our locals. We have people losing their benefits, their homes, their families, because they haven't worked in such a long period of time.

Villanova wouldn't get into specific dollar amounts...

ROBERT BRUNO: It's a hell of a lot of money.

Robert Bruno is a labor expert at the University of Illinois, Chicago. He says the AFL-CIO has used funds in the past to create economic opportunities for its members. But the size of this project makes it striking.
...
http://marketplace.publicradio.org/d...chicago-spire/
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Old December 1st, 2009, 03:14 AM   #9193
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why never put photos on this thread in november, i want to see this tower
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Old December 1st, 2009, 03:23 AM   #9194
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Quote:
No Deal Reached on Spire, Talks to Continue

Union leaders meet with building's developer

Chicago Spire developer Garrett Kelleher and AFL-CIO representatives didn't reach an agreement to continue funding the Chicago Spire during a meeting Monday, but union leaders say the talks will continue.
http://www.nbcchicago.com/news/local...-78175542.html

What the...This is as bad as the stock market! The rise, the fall, the rise again, the fall....

Guess we wait now.
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Old December 1st, 2009, 03:36 AM   #9195
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Onn, I believe the article(s) stated that an agreement wasn't expected to be reached today.

dnobsemajdnob, I hope your fantasy does come true and that your world does end in 2012..

Last edited by 3521usa; December 1st, 2009 at 03:43 AM.
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Old December 1st, 2009, 03:43 AM   #9196
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Quote:
Originally Posted by 3521usa View Post
Onn, I believe the article(s) stated that an agreement wasn't expected to be reached today.
I know, I don't expect there to be a resolution today. But the suspense is like watching the stock market.
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Old December 1st, 2009, 03:50 AM   #9197
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Quote:
Originally Posted by dnobsemajdnob View Post
In other breaking news, Kelleher announced that Santa is REAL!!!

Kelleher also announced that despite the collapsed property market in Dubai, and despite its massive losses there HSBC pledged to finance a speculative, mile high tower in Dubai in order to create jobs and to make the city cool!
I think your milking the situation a little too much here chief. Hold your horses please.
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Old December 1st, 2009, 03:50 AM   #9198
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Using pension investment trusts for a luxury residential tower seems to me a misuse of that money. I'm conflicted about this deal. On the one hand I really want this tower built, but this is not the money source they should be using.

But I guess if it flops, the unions get the land and the tower.

And I don't like how Kelleher has been marketing so much to foreign buyers. It's much easier for a person from China or Europe or wherever to put down a deposit and then walk away at a later date if they change their mind.

This deal just seems very risky...
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Old December 1st, 2009, 03:52 AM   #9199
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Enough Onn and bondjamesbond! If you want to argue, PM yourselves.
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Old December 1st, 2009, 04:16 AM   #9200
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The naysayers are getting nervous. I can smell their fear.
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