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Old November 23rd, 2013, 11:29 AM   #9781
droneriot
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Well, it's a very visible location, so I want something that is really well-designed and which stands out at that location. If the demand isn't there for a 610m residential tower at that location I am willing to settle for a shorter mixed-use tower.

I do agree that Chicago's skyline is practically begging for a megatall, but you can't force these things. Economics matter.
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Old November 25th, 2013, 01:50 PM   #9782
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I agree. For some reason Chicago doesn't have the same residential boom as New York has.
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Old November 25th, 2013, 02:48 PM   #9783
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Because there's less billionaires and capital in Chicago. New York is booming because of its international links, as is Miami. Chicago's role as the hub of the Heartland isn't as big of a boom anymore.
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Old November 25th, 2013, 06:02 PM   #9784
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New York, London and Tokyo are completely unfair comparisons, though. Because they're so far ahead of any other world cities in terms of personal finance and wealth.

And if you exclude the figure to just billionaires, not multi-millionaires or high wealth people, then only Moscow joins those three at the top and we all know why that is.

Chicago is the second or third richest city in America, depending on the metric used. And therefore one of the richest and most prosperous cities in the world.

The notion that Chicago is some dead-zone of poor economic conditions and that its future is a bleak wasteland of nothingness is completely made up and in people's heads. A notion that has no basis in reality.

Of course, by comparison to New York, is looks worse off. But so does just about everywhere. It's like saying Kobe is a bad player because he's not as good as Jordan.
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Old November 25th, 2013, 08:29 PM   #9785
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I JUST WANT THIS TO BE BUILT!!!
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Old November 25th, 2013, 08:33 PM   #9786
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So do we.
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Old November 25th, 2013, 10:40 PM   #9787
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Quote:
Originally Posted by Eric Offereins View Post
So do we.
probably everyone would love to see this tower back on track.
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Old November 27th, 2013, 01:11 AM   #9788
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LOL this tower looks like a drillbit or a *****
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Old November 27th, 2013, 07:24 PM   #9789
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^wtcwhatever? Seriously?

This is the best designed building I've ever seen. I wish Minneapolis could have one...or two.
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Old November 30th, 2013, 07:01 PM   #9790
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It would easily be my best tower if it got built.
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Old November 30th, 2013, 07:42 PM   #9791
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Quote:
Originally Posted by wtcforever View Post
LOL this tower looks like a drillbit or a *****
It's okay, dude, you're hardly the only one who thinks so. I hope something big gets built here, but Chicago can do so much better than a skyscraper that calls to mind a Trojan Twisted Pleasure condom.
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Old December 2nd, 2013, 07:36 AM   #9792
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Quote:
Originally Posted by SomeKindOfBug View Post
New York, London and Tokyo are completely unfair comparisons, though. Because they're so far ahead of any other world cities in terms of personal finance and wealth.

And if you exclude the figure to just billionaires, not multi-millionaires or high wealth people, then only Moscow joins those three at the top and we all know why that is.

Chicago is the second or third richest city in America, depending on the metric used. And therefore one of the richest and most prosperous cities in the world.

The notion that Chicago is some dead-zone of poor economic conditions and that its future is a bleak wasteland of nothingness is completely made up and in people's heads. A notion that has no basis in reality.

Of course, by comparison to New York, is looks worse off. But so does just about everywhere. It's like saying Kobe is a bad player because he's not as good as Jordan.
Just curious as to which metric would rank Chicago as the second richest city in America. It's well behind Los Angeles in GMP, the best metric of a city's economic activity.

Chicago, like most of the midwest, is well behind in recovering from the recession. It's unemployment rate is still hovering around 11% and the unemployment rate for Illinois as a whole is still north of 9%.

(Plus, the Bears lost today and are pretty much out of the running for the playoffs.)
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Old December 2nd, 2013, 02:10 PM   #9793
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Has there been some news/info about a possible restart?

Or is the discussion on the last couple of pages just because people are wondering why this project is still as dead as can be?
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Old December 2nd, 2013, 02:34 PM   #9794
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There was a news article a number of pages ago saying the developer is still interested in building it.
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Old December 3rd, 2013, 06:15 AM   #9795
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Jan 28 2008

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Old December 3rd, 2013, 10:48 AM   #9796
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Interesting that there are tracks in the snow, means something is driving around, for whatever reason.

-edit- Oops, didn't notice the date.
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Old December 4th, 2013, 05:21 PM   #9797
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Quote:
Originally Posted by Eric Offereins View Post
I agree. For some reason Chicago doesn't have the same residential boom as New York has.
I think it will come. Many American cities are seeing their first population increases for decades now, including Chicago. Residential demand in the city of Chicago is certainly growing now and that will finally put more pressure on developers to increase supply.
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Old December 4th, 2013, 11:11 PM   #9798
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Originally Posted by Momo1435 View Post
Has there been some news/info about a possible restart?

Or is the discussion on the last couple of pages just because people are wondering why this project is still as dead as can be?
Basically, the original developer Garrett Kelleher, wants to move forward with the Spire but he only has until March to obtain $95 million to wrest the project from a major lienholder (Related Midwest) who may decide to either build the Spire (unlikely) or something else at the site...if they can get the site itself. The whole mess is in the courts but we'll have a ruling next year or Kelleher will stump up the money and then go forward with his plans. In the meantime, we're chatting.

This began over a year ago in Ireland when NAMA, the agency in charge of disposing foreclosed assets in Ireland cleared the way for a sale of the Spire's debt which was in the Irish courts after Kelleher went bust over there. Related Midwest, a major developer, bought that debt for far less than the $93 million that creditors sought. They don't hold title to the site, which Kelleher still has. They are demanding $95 million from him to reclaim the project but they are also forcing a bankruptcy for Kelleher's US operations so they can get that site from him. The best chance the Spire has is Kelleher coming up with the dough and then the financing to build. A long shot, to say the least...
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Old December 10th, 2013, 07:39 PM   #9799
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Going rounds...

Venture led by Chicago Spire developer seeks $189 million

Quote:
A entity led by Irish developer Garrett Kelleher says it's owed $189 million from the Chicago Spire condominium project, a figure that represents the money it provided to the finance the early stages of the failed skyscraper.

In all, another Kelleher venture that launched that ambitious development owes its secured and unsecured creditors nearly $294 million, according to a filing last week in U.S. Bankruptcy Court in Chicago. That venture was pushed into Chapter 11 in October by its largest secured creditor, developer Related Midwest LLC.

The new filing puts a precise figure on the amount Mr. Kelleher sank into the Spire, a proposed tower at the Chicago River and Lake Shore Drive that would have stretched 2,000 feet into the sky. Shelbourne Finance Ltd., a Dublin, Ireland-based firm formed by Mr. Kelleher, a “financing entity providing financing” to the project, has an unsecured claim of $188.7 million, according to the filing.

As an unsecured creditor, Shelbourne Finance would get paid back after Related Midwest and other secured creditors recoup what they are owed, about $105.5 million, according to the filing. Thomas Murphy, a lawyer for Mr. Kelleher, acknowledged that there probably wouldn't be any money left over for Shelbourne Finance when the project's debts are restructured. “The likelihood is very slim, but it's all dependent on the plan of reorganization, and we're working on that now,” he said.

Last month, Mr. Murphy said Mr. Kelleher was talking with investors interested in reviving the stalled development, now just a hole in the ground.

A lawyer for Related Midwest, the Chicago subsidiary of New York-developer Related Cos., declined to comment.

[...]
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Old January 6th, 2014, 08:00 AM   #9800
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I hope one day this will be built.
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