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Old March 23rd, 2010, 08:32 PM   #9561
Chicagophotoshop
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Quote:
Originally Posted by Destroyed007 View Post
There's no evidence that the project is accurately dead yet. It could be on hold for as longer as the SWFC.
is this a serious statement? NO EVIDENCE? how about no lender? how bout B of A lawsuits? how about architect lawsuit? how about Anglo Irish Bank being nationalized?

show me one piece of evidence that this building actually has a chance.
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Old March 23rd, 2010, 10:02 PM   #9562
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OK, forget it and chill. I know there's been a lawsuit, and all other shits going on, but we haven't got a word from Kelleher, since the failed deal, if the project would be cancelled. But looking back at most issues, including legal issues, the project could be one of Chicago's never built skyscrapers.
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Old March 23rd, 2010, 10:36 PM   #9563
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No evidence for cancellation but no evidence for future construction. So ON HOLD is the best answer.
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Old March 24th, 2010, 05:37 AM   #9564
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Pretty much correct there
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Old April 3rd, 2010, 05:11 AM   #9565
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I would love to live there. If it is really a wonderful place to live.
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Old April 4th, 2010, 05:14 AM   #9566
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any news still excited for this one
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Old April 4th, 2010, 12:27 PM   #9567
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no, for more than a year actually




p.s. but, dispite that im sure someone will post some photo update soon

Last edited by patrykus; April 4th, 2010 at 12:33 PM.
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Old April 10th, 2010, 04:02 AM   #9568
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Old April 10th, 2010, 11:44 AM   #9569
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Hey Harryc, don't you think if it would be cancelled, they are going to fill the hole up with something? Or are they leaving it like this forever?

grts
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Old April 10th, 2010, 01:39 PM   #9570
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They won't close it bc now it's a monument, a metaphorical bottomless well in which a lot
of people have been throwing their money lately. As a memorial for the financial crisis...
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Old April 10th, 2010, 01:45 PM   #9571
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you can fill it with water and make a fountain and a park around it, maybe more people will throw money in there
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Old April 11th, 2010, 05:14 AM   #9572
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lol a fountain, in a sunken, hidden away alotment that you can't even see whilst driving past lakeshore drive
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Old April 13th, 2010, 02:41 AM   #9573
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Auditors for Spire developer Kelleher raise funding questions
By Thomas A. Corfman, April 12, 2010

(Crain’s) — In another sign of woe for Chicago Spire developer Garrett Kelleher, auditors have raised concerns about “the ongoing funding” of his Shelbourne Property Group, according to a financial report filed last week by the Dublin-based company.

Accounting firm KPMG warned that additional write-downs to the company’s financials could be required if it is unable to recover loans to related companies that total 35 million euros, or $47.5 million, or obtain “adequate funding facilities,” according to a report filed April 6 with Ireland’s Companies Registration Office.

KPMG did not question Shelbourne Property’s ability to remain a “going concern.”

Shelbourne Property Group is in “technical default” on loans held by a group of banks, including Anglo Irish Bank Corp., the lender on the riverfront site of the proposed 150-story tower, according to a report filed the same day by Shelbourne Finance Ltd., a subsidiary of the Group.

The dollar amount of the loans in default was not disclosed by either company.

In 2006, Anglo Irish financed Mr. Kelleher’s $64-million purchase of the Spire site, on the north bank of the Chicago River just west of Lake Shore Drive, with a loan in an amount that has not been disclosed.

In February, another Shelbourne-related company reported that the Group was in technical default on loan-to-value and interest-coverage covenants with its lenders, a group that also includes Royal Bank of Scotland PLC and Bank of Scotland (Ireland) Ltd.

Shelbourne Finance said the Group has an “excellent relationship” with its banks, and has already negotiated some restructuring and standstill agreements.

Shelbourne Finance has previously lent 89.1 million euros, or $121 million to the partnership that owns the site at 400 N. Lake Shore Drive, the company said in its filing. Shelbourne Finance set aside 68% against a possible loss on the loans, the company says.

The company recorded a loss of 63.9 million euros ($86.8 million) for the 12 months ending March 31, 2009, the most recent year available, according to the April 6 filing. During the 2008 fiscal year, the company had a profit of 2.6 million euros, or $3.5 million.

In the year ending March 31, 2009, the company had assets of about 191 million euros, or $259.4 million, against liabilities of 256 million euros, or $347.7 million.

The filings were reported on Sunday by the Ireland’s Sunday Business Post and Sunday Times.


http://www.chicagorealestatedaily.co...ws.pl?id=37787
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Old April 14th, 2010, 08:17 PM   #9574
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More bad news......

I'll bet that they will file for bankruptcy very very soon.

Quote:
Auditors for Spire developer Kelleher raise funding questions
By: Thomas A. Corfman April 12, 2010
http://www.chicagobusiness.com/cgi-bin/news.pl?id=37787
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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 April 15th, 2010, 02:21 AM   #9575
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its sad
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Old April 15th, 2010, 04:14 PM   #9576
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the bad news never stop comming :-(
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Old April 15th, 2010, 09:05 PM   #9577
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Old April 15th, 2010, 09:20 PM   #9578
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Quote:
Originally Posted by Moby_ View Post
the bad news never stop comming :-(


It's pretty much over. Sadly, the visionary architecture in America is usually championed by the underfinanced, undercapitalized dreamers. If this was 30 stories of cheap bulk office space in a tedious box, the bankers would be lined down the block to finance it.
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Old April 15th, 2010, 09:48 PM   #9579
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Originally Posted by yangkhm View Post


See the different between two hole
...and what's the big hole for?
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Old April 16th, 2010, 02:37 AM   #9580
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Steel still rust... It's so sad for this project to be ON HOLD while Freedom Tower is UC.
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