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Old May 3rd, 2010, 09:09 PM   #9601
desertpunk
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Quote:
Originally Posted by simulcra View Post
so is this still "On Hold"? even if the real estate market recovers within the next year, it still won't support the kind of prices kelleher was asking for a place here.
I don't think market conditions will determine the fate of this project half as much as the developer's own finances and ability to access credit. Kelleher is just ill-suited for a tower of this magnitude and he's sinking deeper in a legal and personal debt mire...
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Old May 5th, 2010, 05:42 PM   #9602
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Is it really time to fill in the hole and hold a wake for this project?
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Old May 6th, 2010, 08:25 PM   #9603
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Is it really time to fill in the hole and hold a wake for this project?
NO
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Old May 7th, 2010, 10:42 AM   #9604
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The longer they wait to restart this the more likely it won't go ahead. I am preparing myself for this project's death. Sorry to be pessimistic. I'm depressed about the whole situation.
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Old May 7th, 2010, 03:43 PM   #9605
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Originally Posted by Westyguy View Post
The longer they wait to restart this the more likely it won't go ahead. I am preparing myself for this project's death. Sorry to be pessimistic. I'm depressed about the hole situation.
Sorry. Just had to do it

Chicago. The Holy City.

OK, enough of that now. This building really would be a nice addition to the Chicago skyline, despite its somewhat phallic shape. Let's just keep our fingers crossed that funding - somehow, magically - gets completed and the construction can continue.
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Old May 11th, 2010, 03:15 PM   #9606
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http://www.independent.ie/business/i...p-2175029.html
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Shelbourne Development's finance chief quits for role in web start-up
Tuesday May 11 2010
By John Mulligan

Shelbourne Development's finance director Emmet O'Reilly has left the troubled property group that is headed by embattled developer Garrett Kelleher.

Mr O'Reilly, who has been with the group for over seven years, formally resigned as a director of the firm within the past couple of weeks.

It's understood he has taken up a role with Dublin-based web start-up Weedle, a social networking firm that was co-founded by Iain MacDonald, who headed the Perlico telephone company before selling it to Vodafone in 2007.

Weedle attempts to link people's skills with available work. The company recently announced the closure of a $4m (€3.1m) fundraising drive. Its investors include Michael Smurfit, who was also an investor in Perlico, and Enterprise Ireland.

.....(cont'd)
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Old May 11th, 2010, 07:41 PM   #9607
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These failing big projects always unravel in slow motion - it usually takes years. Rarely does a developer hold a big press conference and ceremony to announce the end. But when your finance director leaves to start a job finder website, that's certainly one more sign things aren't well at Shelborne. As if we need another sign?

And did I say "rarely"? I meant never. If they were to do it, what kind of ceremony should Kelleher and the city of Chicago hold? Perhaps a reverse ground breaking and surrender ceremony. Start with a group of dignitaries (bank loan officers, collection specialists, lien holders, repo men) surrounding the hole with silver shovels. A bugler could play taps as the attendees shovel a mound of $100 million in phony dollar bills into the hole. Then, in a special paid appearance, ex-governor Blagojevich could descend into the hole, light the mound of cash on fire, then stay there. Calatrava could personally detonate a small model of the Spire, then approach Kelleher and slap him across the face with a white glove. Finally Kelleher, clumsily dressed in top hat and tails, could board a ship docked in the Chicago river, take his place at one end of a long table draped in black cloth and sign an instrument of surrender, forfeiting the land to the banks. At the other end of the table Daley, after a very brief prayer, could intone, "These procedings are closed."

Then, and only then it seems, could we stop all this nonsense - thinking this building actually has a chance.

Last edited by DFDalton; May 12th, 2010 at 05:09 AM.
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Old May 11th, 2010, 07:47 PM   #9608
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Just LOL , but you are in the wrong place man, it seems that americans have limited amount of sense of humor
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Old May 11th, 2010, 07:51 PM   #9609
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Just LOL , but you are in the wrong place man, it seems that americans have limited amount of sense of humor
Lets not judge so many people by one persons post in a forum
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Old May 11th, 2010, 08:03 PM   #9610
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I'm sorry, ofcourse youre right, not every american, and not only americans, but I think they are a bit more sensitive than others Much the same with Dubaians as well..
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Old May 13th, 2010, 09:44 AM   #9611
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I'm feeling two-sided about this not going through. on the one hand I hate the location and would love to see it further back (maybe LaSelle St.) but I also would've loved to see it go up anyway just because it's so huge...
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Old May 13th, 2010, 02:52 PM   #9612
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What about this idea: The city of Chicago buys the land and builds a re-designed version of the Tokyo Sky Tree. It would be much less expensive to build, fit the current foundation work perfectly, bring in tourist money, and become an iconic symbol for the city.
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Old May 13th, 2010, 02:57 PM   #9613
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Quote:
Originally Posted by DFDalton View Post
A bugler could play taps as the attendees shovel a mound of $100 million in phony dollar bills into the hole. Then, in a special paid appearance, ex-governor Blagojevich could descend into the hole, light the mound of cash on fire, then stay there. Calatrava could personally detonate a small model of the Spire, then approach Kelleher and slap him across the face with a white glove. .
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Old May 13th, 2010, 03:04 PM   #9614
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Quote:
Originally Posted by Viperfreak2 View Post
What about this idea: The city of Chicago buys the land and builds a re-designed version of the Tokyo Sky Tree. It would be much less expensive to build, fit the current foundation work perfectly, bring in tourist money, and become an iconic symbol for the city.
I hope that was a joke? Chicago isn't in the business of
building eyesores, particularly in one of the city's most prominant locations.
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Old May 13th, 2010, 07:32 PM   #9615
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Things are looking more and more dire. How many canceled/unbuilt supertalls does Chicago have in the last 30 years now? Has to be more than ten. This and the Skyneedle...

Last edited by meh_cd; May 13th, 2010 at 07:42 PM.
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Old May 14th, 2010, 09:45 PM   #9616
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Quote:
Originally Posted by spiller9 View Post
I hope that was a joke? Chicago isn't in the business of
building eyesores, particularly in one of the city's most prominant locations.
Nah, not a joke. I like the TST! It's not an eye sore to me, as a matter of fact I think it looks a lot like the CS, CN tower, etc. Beautiful.

http://www.skyscrapercity.com/showth...46504&page=185
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Old May 14th, 2010, 09:49 PM   #9617
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Quote:
Originally Posted by meh_cd View Post
Things are looking more and more dire. How many canceled/unbuilt supertalls does Chicago have in the last 30 years now? Has to be more than ten. This and the Skyneedle...
NYC has at least two times more cancelled supertalls... so chicago is just doing fine.
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Old May 14th, 2010, 10:28 PM   #9618
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Quote:
Originally Posted by HK999 View Post
NYC has at least two times more cancelled supertalls... so chicago is just doing fine.
It's also a lot larger.
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Old May 17th, 2010, 10:21 PM   #9619
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I can't believe its taken this long....

Spire developer closes sales office at NBC Tower

http://www.chicagorealestatedaily.co...ws.pl?id=38254
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Old May 18th, 2010, 12:21 AM   #9620
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Yet they continue to attempt to sell units? How long until they half that completely? I'd assume as soon as they do that they owe a lot of people their deposits back.
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