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Old February 7th, 2014, 06:52 PM   #9821
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I was so disappointed when this fell through. If it actually happens it will suddenly shoot Chicago's skyline near the top of the list. This would be a beautiful building (and beautifully tall).
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Old February 7th, 2014, 06:54 PM   #9822
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It would be wonderful!!!

Fingers crossed.
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Old February 7th, 2014, 07:29 PM   #9823
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shit, here's an underdog story if I've ever heard one. It keeps coming back. The deal is to pay off creditors by the way, it's not financing for the building.
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Old February 7th, 2014, 07:50 PM   #9824
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Developer Of Spire Seeking To Revive 2,000-Foot Skyscraper Project
http://chicago.cbslocal.com/2014/02/...raper-project/



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CHICAGO (CBS) – An ambitious plan to build a 2,000-foot skyscraper in Streeterville could be getting new life, after the developer of the Chicago Spire reportedly found an investor to help it emerge from bankruptcy.

According to multiple news reports, Irish developer Garrett Kelleher’s firm, Shelbourne North Water Street LP, has asked a bankruptcy court judge to approve a $135 million investment from Atlas Apartment Holdings LLC, to pay off Shelbourne’s creditors, and fully fund its reorganization.

Crain’s Chicago Business reports, if approved by the court, the investment would allow Shelbourne to jumpstart plans for the twisting 150-story “Chicago Spire” condo building at 400 N. Lake Shore Dr.

The project stalled in 2008, largely due to the foreclosure crisis, and the only work that had been done at the time was the completion of a 76-foot-deep foundation for the skyscraper.

It’s unclear how Kelleher plans to fund remaining construction of the Spire, how soon work could resume, or when he expects it could be completed.

If completed, the Spire would be the tallest building in the western hemisphere.

According to news reports, Shelbourne is seeking to have his reorganization plan confirmed by the court by Aug. 31. Under the plan, some or all of the 2.2-acre property could be transferred to Atlas.
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Old February 7th, 2014, 07:54 PM   #9825
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I don't really know how strong the condo market is in Chicago. But I wonder if part of it couldn't be hotel or rental units. I'd love to see this built in any fashion so long as it keeps the original design.
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Old February 7th, 2014, 07:55 PM   #9826
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Hope this giant drill will rise!
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Old February 7th, 2014, 07:57 PM   #9827
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Fantastic news! I really do hope this tower will rise soon! (a few years )

To think this will be almost as tall as Shanghai Tower! :O

What is thye state of the current site? are pilings already installed from a few years ago?
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Old February 7th, 2014, 08:05 PM   #9828
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Quote:
Originally Posted by iamtheSTIG View Post
Fantastic news! I really do hope this tower will rise soon! (a few years )

To think this will be almost as tall as Shanghai Tower! :O

What is thye state of the current site? are pilings already installed from a few years ago?
Yeah the foundation is pretty much complete
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Old February 7th, 2014, 08:14 PM   #9829
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Incredible news, although from the look of it it's still from construction restart. Let's hope for the best
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Old February 7th, 2014, 08:16 PM   #9830
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Quote:
Originally Posted by patrykus View Post
Incredible news, although from the look of it it's still from construction restart. Let's hope for the best
I think the fact that we've got any concrete news at all is a major leap forward.

I think we can say the Chicago Spire is no longer in development limbo.

It's in development hell, but at least that's something.
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Old February 7th, 2014, 08:24 PM   #9831
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The freeze in the Chicago condo market seems to be thawing some. Its still a weak market, but the recovery has become much more pronounced over the last year or so. The good thing about this project is that its being rethought of at the beginning of a strong market, and not at the peak of one like it was when it was first proposed.
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Old February 7th, 2014, 08:30 PM   #9832
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good news, but I'll keep the champaign corked until the first cranes arrive.
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Old February 7th, 2014, 08:50 PM   #9833
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You must be ignorant to the fact that some 400 units, including the penthouse, sold in just 4 months when the building initially went on the market before the crash and that half of those pre-sales were to people around the globe.

Anyway, I'd much rather see a very tall and iconic two tower project here but that's just me.
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Old February 7th, 2014, 08:53 PM   #9834
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Quote:
Originally Posted by RobertWalpole View Post
The price points needed to make this break even, let alone, make a profit, simply are not attainable in Chicago. Even if they were, there are not enough people in Chi who could (or would) pay in excess of $3k/sf. No offense, but people from London, Paris, Rome, HK, etc have no interest in buying in the US outside of NY, SF, Miami, and LA.

Moreover, the amount pledged is an utter fraction of the construction budget, and absent massive sales at price points many times greater than anything Chi has ever seen, no one will fund a construction loan.

Something will rise here, but not this.

Unfortunately I do agree with that assessment. Very Ambitious and unrealistic to develop a 2,000ft condo tower in a very soft market. It will be difficult for the developer to make money on this money wise. The market needs to be super hot for this particular tower to be realized. Are there plans of this tower to be mixed use?? It's a cool looking spire though.
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Old February 7th, 2014, 08:54 PM   #9835
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Quote:
Originally Posted by RobertWalpole View Post
The price points needed to make this break even, let alone, make a profit, simply are not attainable in Chicago. Even if they were, there are not enough people in Chi who could (or would) pay in excess of $3k/sf. No offense, but people from London, Paris, Rome, HK, etc have no interest in buying in the US outside of NY, SF, Miami, and LA.

Moreover, the amount pledged is an utter fraction of the construction budget, and absent massive sales at price points many times greater than anything Chi has ever seen, no one will fund a construction loan.

Something will rise here, but not this.
Any figures on that? Cause it's an awfully sweeping statement.
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Old February 7th, 2014, 08:56 PM   #9836
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Yeah I'm sure there are plenty of people in the us alone that would put up that kind of money for a unit here... I'm mean there are literally millions of millionaires in the us.
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Old February 7th, 2014, 09:03 PM   #9837
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Quote:
Originally Posted by RobertWalpole View Post
The price points needed to make this break even, let alone, make a profit, simply are not attainable in Chicago. Even if they were, there are not enough people in Chi who could (or would) pay in excess of $3k/sf. No offense, but people from London, Paris, Rome, HK, etc have no interest in buying in the US outside of NY, SF, Miami, and LA.

Moreover, the amount pledged is an utter fraction of the construction budget, and absent massive sales at price points many times greater than anything Chi has ever seen, no one will fund a construction loan.

Something will rise here, but not this.
Over 40% of the units in this tower were pre sold before the developer went bankrupt. Its possible, and it has happened before.
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Old February 7th, 2014, 09:09 PM   #9838
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Edit.

Last edited by Architecture lover; April 5th, 2014 at 03:38 AM.
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Old February 7th, 2014, 09:22 PM   #9839
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I also feel this is too good to be true but hell, hope I'm proven very wrong... and at least there's news it's better than nothing.

Something will be built there.

Last edited by Jay; February 7th, 2014 at 09:42 PM.
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Old February 7th, 2014, 09:34 PM   #9840
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YES IM SO EXCITED ABOUT THIS !
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