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Old February 8th, 2014, 03:06 PM   #9861
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Quote:
Originally Posted by rlw777 View Post
What?!? People from outside the US don't want to live in Chicago? That's awfully general and just plain wrong. Chicago has one of the biggest communities of Chinese immigrants in the US. It's the nations 3rd largest city. Hell the developer of the site is from Ireland and lived and worked in Chicago before he moved back to Ireland.

Lets not forget that any change of direction from the approved design at this point makes the development take more time and increases it's cost... new designs means paying an architect and then getting city approval again which could mean another few revisions.
The average Chinese immigrant is not the demographic about which Robert is talking when he says foreigners don't want to invest in Chicago.
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Old February 8th, 2014, 03:26 PM   #9862
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Hey, why does the title say "Proposed" ? This masterpiece is clearly OnHold, lol.
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Old February 8th, 2014, 04:21 PM   #9863
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Form CTBUH:

Investor Bails Out Chicago Spire Project



Atlas Apartment Holdings plans to spend up to US$135 million to fully fund the reorganization of the Chicago Spire’s finances, which would allow developer Shelbourne North Water Street LLP to resume construction of the tower – intended to be the tallest in the Western Hemisphere.

The Santiago Calatrava-designed tower would twist upward to reach 610 meters, which, if executed as planned, would revoke 541-meter One World Trade Center of its impending title of “Tallest Building in the United States.”

Construction halted when funders backed out of the plan during the economic downturn. The project was subsequently foreclosed on in 2010. With a recent upswing in the housing market, investors are returning to projects that have been abandoned or put on hold.

"Given the ongoing recovery in the Chicago property market, the timing is better now than when this project commenced," said Shelbourne’s head, Garrett Kelleher, in a statement. "I am delighted to have found a partner who believes in the project as passionately as I do."

http://www.ctbuh.org/News/GlobalTall...US/view.aspx#!
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Old February 8th, 2014, 05:49 PM   #9864
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Is it possible this starts to go vertical by end of year since site work had already began previously?
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Old February 8th, 2014, 06:47 PM   #9865
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Is it possible this starts to go vertical by end of year since site work had already began previously?
No. It will depend on getting financing and likely a large number of pre sales. Even if everything lines up it will likely take all of this year. Maybe 2015.

This is still a long shot. But a shot nevertheless.
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Old February 8th, 2014, 07:07 PM   #9866
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Not only that, Calatrava designs are notorious for going way over budget, in some cases double, so a price tag easily over $2 B may be needed for this project to ultimately rise.

It would be more realistic with another architect w/ a cheaper design. With Calatrava's reputation, there will be issues getting financing IMO. It would be difficult enough getting it even with Calatrava out of the picture in a tough Chicago condo lending market.
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Old February 8th, 2014, 07:24 PM   #9867
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Atlas plans to buy 550 units in the building and rent them out. So it would seem this is more dependent on being financed like a rental building. I forget how many total units were planned, I want to say something like 700+. Anyone remember?

This plan seems far more achievable.


http://http://online.wsj.com/news/ar...013961372.html
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Old February 8th, 2014, 07:45 PM   #9868
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Edit.

Last edited by Architecture lover; April 5th, 2014 at 03:37 AM.
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Old February 8th, 2014, 07:47 PM   #9869
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So true guys Especially two guys above shows blind optimism to ANY single thing proposed (or not ) for ny and they come here with this completely reversed attitude But this is what pure bias is

Still, this tower has long and difficult way ahead before it can even start rising again.
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Old February 8th, 2014, 09:05 PM   #9870
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I for one love to see the Spire being built to its full potential, i.e. 2,000ft. The tower would be breaking a taboo and a new record in the U.S.. I'm not a huge fan of the design (or the location for that matter) but I believe that with time we'll get used to it.
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Old February 8th, 2014, 10:03 PM   #9871
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This developer has no credibility.
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Old February 8th, 2014, 10:04 PM   #9872
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It's still better than Old Office Redevelopment "developer"
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Old February 8th, 2014, 10:07 PM   #9873
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Quote:
Originally Posted by Hed_Kandi View Post
This developer has no credibility.
Perhaps, but Atlas owns about 70,000 apartments around the world. And I think at this point it's largely up to them to raise the equity and financing for this to proceed. Atlas turning this into largely a rental building instead of all condominium seems like a wise move.
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Old February 8th, 2014, 10:11 PM   #9874
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Quote:
Originally Posted by spectre000 View Post
Perhaps, but Atlas owns about 70,000 apartments around the world. And I think at this point it's largely up to them to raise the equity and financing for this to proceed. Atlas turning this into largely a rental building instead of all condominium seems like a wise move.
Maybe adding a hotel component plus an observation deck would help.
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Old February 8th, 2014, 10:11 PM   #9875
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Quote:
Originally Posted by spectre000 View Post
Atlas plans to buy 550 units in the building and rent them out. So it would seem this is more dependent on being financed like a rental building. I forget how many total units were planned, I want to say something like 700+. Anyone remember?
It was designed to have 1,194 units.
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Old February 8th, 2014, 10:21 PM   #9876
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Quote:
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Maybe adding a hotel component plus an observation deck would help.
There's no way for OD without major redesign imo. Tha base is too small and public observation deck would need separate entrance and perhaps elevator shaft as well. Plus the location of a tower is not exactly made for receiving millions of visitors annually and it would surely got that much.
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Old February 8th, 2014, 10:30 PM   #9877
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Quote:
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Incredible news, although from the look of it it's still from construction restart. Let's hope for the best
Great news indeed. I hope so much this will get build finally!
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Old February 8th, 2014, 10:52 PM   #9878
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Quote:
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It was designed to have 1,194 units.
Wow, I'd forgotten it was that many.
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Old February 8th, 2014, 11:34 PM   #9879
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There is certainly a possibility that this project doesn't get built but it is not unrealistic that it does get built. To all the folks who think this is impossible here are some things for you to consider.

1.5 billion cost 1200 units = 1.25 million Average per unit to break even. Considering that all prices won't be equal (the penthouse presold for $40 million last time around) They should be able to hit similar numbers to other luxury condos in the neighborhood. (2 bed condos currently listed up to $800,000 in the area.)

In the last decade while Chicago's overall population declined the greater downtown population grew by 45%. It continues to experience higher population growth than the rest of the city. (This downtown population growth is a national trend)

The project already has been vetted and has city approval. The excavation and foundation are done and paid for. Changing the design costs more money for the design and will take more time/money seeking approval.

The project is more popular than ever because Chicago just lost the tallest building in the western hemisphere title to New York. This doesn't seem like much of a factor but just this funding story has made national news and is trending on Google news which has to help with finding investors and selling condos.
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Old February 9th, 2014, 05:21 AM   #9880
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Quote:
Originally Posted by aquaticko View Post
it's international finance, and related industries, that's giving New York its boom.
Finance is still struggling. Wall Street has not bounced back from the recession. Demand by the world's wealthy for living in the safest and most iconic big city in the world and its relative lack of supply is what is driving this current construction boom.

Quote:
Originally Posted by SomeKindOfBug View Post
I think RW lives in New York and I guess he wanted the title of America's tallest building for a little longer than it looks like they're going to get, even with the Hudson Spire project. Must be a tough break to have it snatched away like that.
The Chicago Spire, as currently imagined, will not be built. Period.
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