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Old February 18th, 2014, 07:43 PM   #9961
Chi649
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http://www.chicagotribune.com/busine...,3897794.story

Chicago Spire developer in deal to get Related Cos. financing

By Mary Ellen Podmolik

11:13 a.m. CST, February 18, 2014

Related Cos. and the developer of the Chicago Spire have reached an agreement in principle under which Related will provide up to $1 million in bankruptcy financing to Shelbourne North Water L.P., Garrett Kelleher's development firm.

However, Atlas Apartment Holdings, which also sought to provide debtor-in-possession financing to Shelbourne, remains interested in funding the construction of the Spire, which was originally intended to be the tallest building in the Western Hemisphere.

During a bankruptcy court hearing Tuesday, attorneys for Shelbourne said that despite the earlier agreement in principle it had reached with Northbrook-based Atlas, it has opted to seek approval to have Related provide bankruptcy financing. Attorneys for Related and Shelbourne told U.S. Bankruptcy Court Judge Janet Baer that they hoped to work out the details of the agreement Tuesday and present it to the court on Wednesday.

Atlas, which has spent $300,000 in due diligence on the the project, remains interested in pairing up with Kelleher to get the condo tower built and Mr. Kelleher "is essential to that process," Atlas attorney Doug Bacon told the court.

Bacon protested to the judge about the tone of Related's most recent pleading in the case, noting that Related likened Atlas to a pawn shop, and the reference was noted in a Tuesday article in the Chicago Tribune.

"We don't need that mud all over us," Bacon said.

Baer seemed to agree. "This is a very passionate project for the city of Chicago," Baer said. "I understand that. But hyperbole will get you nowhere. Keep the hyperbole, keep the adjectives out of the pleadings."

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Old February 18th, 2014, 07:54 PM   #9962
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I'm not getting any hopes up at all, but it's good to see that there is a a little tick of activity with this project.
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Old February 18th, 2014, 11:48 PM   #9963
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Quote:
Originally Posted by Chi649 View Post
http://www.chicagotribune.com/busine...,3897794.story

Chicago Spire developer in deal to get Related Cos. financing

By Mary Ellen Podmolik

11:13 a.m. CST, February 18, 2014

Related Cos. and the developer of the Chicago Spire have reached an agreement in principle under which Related will provide up to $1 million in bankruptcy financing to Shelbourne North Water L.P., Garrett Kelleher's development firm.

However, Atlas Apartment Holdings, which also sought to provide debtor-in-possession financing to Shelbourne, remains interested in funding the construction of the Spire, which was originally intended to be the tallest building in the Western Hemisphere.

During a bankruptcy court hearing Tuesday, attorneys for Shelbourne said that despite the earlier agreement in principle it had reached with Northbrook-based Atlas, it has opted to seek approval to have Related provide bankruptcy financing. Attorneys for Related and Shelbourne told U.S. Bankruptcy Court Judge Janet Baer that they hoped to work out the details of the agreement Tuesday and present it to the court on Wednesday.

Atlas, which has spent $300,000 in due diligence on the the project, remains interested in pairing up with Kelleher to get the condo tower built and Mr. Kelleher "is essential to that process," Atlas attorney Doug Bacon told the court.

Bacon protested to the judge about the tone of Related's most recent pleading in the case, noting that Related likened Atlas to a pawn shop, and the reference was noted in a Tuesday article in the Chicago Tribune.

"We don't need that mud all over us," Bacon said.

Baer seemed to agree. "This is a very passionate project for the city of Chicago," Baer said. "I understand that. But hyperbole will get you nowhere. Keep the hyperbole, keep the adjectives out of the pleadings."

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Sounds like progress to me... Or related betting on failure. But more financing at a lower interest rate... can't complain about that
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Old February 19th, 2014, 12:29 AM   #9964
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http://archrecord.construction.com/n...cago_spire.asp

From a 2010 article: "The top five creditors suing the Irish developer of the Spire, Shelbourne North Water Street L.P., in Cook County court claim more than $118 million. Anglo Irish Bank Corp. holds the largest claim, $77.3 million, for a mortgage racking up $7,800 per day in interest charges.

Other creditors include Shelbourne’s in-house construction manager, Chicago Spire LLC, claiming $15 million; Calatrava’s Festina Lente (IL) Ltd., $11.3 million; Case Foundation Co., $10.4 million; and Perkins + Will, $4.8 million. Lorig Construction Co., Des Plaines, Ill., built ramps linking the Spire to Lake Shore Drive. It filed an initial foreclosure suit in July, claiming it is owed $512,386."

There are a lot of debts to be paid off. Then they can start thinking about borrowing billions to re-start construction.
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Old February 19th, 2014, 03:59 AM   #9965
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Quote:
Originally Posted by Dave H View Post
http://archrecord.construction.com/n...cago_spire.asp

From a 2010 article: "The top five creditors suing the Irish developer of the Spire, Shelbourne North Water Street L.P., in Cook County court claim more than $118 million. Anglo Irish Bank Corp. holds the largest claim, $77.3 million, for a mortgage racking up $7,800 per day in interest charges.

Other creditors include Shelbourne’s in-house construction manager, Chicago Spire LLC, claiming $15 million; Calatrava’s Festina Lente (IL) Ltd., $11.3 million; Case Foundation Co., $10.4 million; and Perkins + Will, $4.8 million. Lorig Construction Co., Des Plaines, Ill., built ramps linking the Spire to Lake Shore Drive. It filed an initial foreclosure suit in July, claiming it is owed $512,386."

There are a lot of debts to be paid off. Then they can start thinking about borrowing billions to re-start construction.
I believe Related bought all that debt for $93m
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Old February 19th, 2014, 09:23 AM   #9966
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Quote:
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I believe Related bought all that debt for $93m
They actually paid much less at auction. The $93 million was the original tab run up by Shelbourne. Since Related Midwest focuses mainly on rentals, they would only have purchased that debt at a discount.
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Old February 19th, 2014, 11:11 PM   #9967
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Is the giant concrete hole in the ground filled with water now? I can't imagine they'd have the resources to keep it out.
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Old February 20th, 2014, 01:03 AM   #9968
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Lets shrinking the Chicago Spire to the half, and then lets get down to business. Chicago skyline is IMHO the best in North America.
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Old February 20th, 2014, 01:20 AM   #9969
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Lets shrinking the Chicago Spire to the half, and then lets get down to business. Chicago skyline is IMHO the best in North America.
That's the American spirit!
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Old February 20th, 2014, 01:54 PM   #9970
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You think so?

I agreee with Dave. I don't see how 1M brings this project any closer to a restart.
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Old February 21st, 2014, 07:20 PM   #9971
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Quote:
Originally Posted by mindgoessnap View Post
Is the giant concrete hole in the ground filled with water now? I can't imagine they'd have the resources to keep it out.
Showing the level of the lake - not the river ;-)


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Old February 21st, 2014, 07:31 PM   #9972
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lol the spired version reminds me of a narwahl
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Old February 21st, 2014, 09:35 PM   #9973
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Skyline with Spire Added

[IMG]http://i59.************/3584bq8.jpg[/IMG]
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Old February 24th, 2014, 04:34 AM   #9974
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wait how will the foundation be stable after being full of water?
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Old February 24th, 2014, 04:50 AM   #9975
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they will essentialy have to start from scratch id imagine, short of re-excavating the earth.
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Old February 24th, 2014, 05:09 AM   #9976
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Quote:
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they will essentialy have to start from scratch id imagine, short of re-excavating the earth.
They may replace bulkheads and refresh the hole for the service core but a much larger area was due to be excavated for the underground parking.

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7 levels underground parking. Here is a sketch posted many moons ago by UberAlles



The hole is now all the way to the bottom, the core of the building ( elevator shafts ) will be in this part, the rest of the lot ( from slip to river, from townhomes to LSD ) will be the underground parking.
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Old February 25th, 2014, 01:03 AM   #9977
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The water in the hole is actually helping to offset the ground pressures outside the sheeting.
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Old February 25th, 2014, 09:06 PM   #9978
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Quote:
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The water in the hole is actually helping to offset the ground pressures outside the sheeting.
That is until water going to freeze, then it creates problems.
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Old February 25th, 2014, 09:35 PM   #9979
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Yes I would assume the freezing/thawing of ice is wreaking havok on the concrete much like it is doing to our roads in PA. So many potholes
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Old February 25th, 2014, 10:07 PM   #9980
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Quote:
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That is until water going to freeze, then it creates problems.
Agreed. They should fill the hole with sand. That would relieve all of the stress on the system, it would keep the ground water from freezing, and it would be relatively easy to dig out, if the project ever moves forward.
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