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Old March 12th, 2014, 02:58 PM   #10001
Victhor
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Quote:
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True but now there's actually a chance that this will be built and that makes me happy


The city that *ahem* INVENTED the skyscraper definitely needs a megatall.



...
Chicago invented the skyscraper in the 19th century, and reinvented it in the 20th century (Mies' Lakeshore Drive appartment buildings), now it could aspire to something better than the Chicago Spire, but well, until something better comes, the Chicago Spire is ok. 10 years ago, the Spire would have been something new, but now it's outdated, there's already several spiral towers in other cities.
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Old March 12th, 2014, 10:32 PM   #10002
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Chicago Spire Exiting Bankruptcy But Not Yet Out of the Woods



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The Chicago Spire is well on its out of bankruptcy, but construction of the supertall 2,000 foot project still remains uncertain. Yesterday afternoon, Spire developer Garrett Kelleher faced his financial demons and has agreed to essentially relinquish control over the 150 story project to new partner and investor Atlas Apartment Holdings. Whether or not construction of the Santiago Calatrava-designed Spire will actually happen entirely depends on if the new Spire team can pay $109 million to its previous debtor, Related Midwest, by October 31. The site at 400 North Lake Shore Drive has remained untouched since 2008, and until all debts are paid, the Spire will likely remain a 100 foot hole in the ground.

After court proceedings yesterday, new Spire partner Atlas Apartment Holdings has reaffirmed that the plan is to continue building the Spire that we are all familiar with, a sweeping 2,000 foot spiral that would become home to nearly 1,200 condo units. And what about Kelleher? Is his continued inclusion in the project merely symbolic? The Trib reports that Atlas still considers Kelleher the developer of the Spire, and that for the Northbrook based apartment development company, the whole point of getting involved was to see that the Spire was built, not to assume total control or change the architectural plans. However, the story could certainly change on March 25 when all parties head back to court for the next round of proceedings.

[...]

Spire developer resolves debts, looks to start again

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'We are building exactly the same building that was contemplated to be built. ... Buying it out of bankruptcy was an interim step,' says Atlas CEO Steve Ivankovich

The fight for control of the Chicago Spire's site is headed toward resolution, after which the hunt for the funds to build it can begin anew.

Shelbourne North Water Street LP, has reached an agreement with key creditors that would resolve the company’s bankruptcy, pay outstanding claims in full and theoretically enable a behemoth project that has sat idle for six years to move forward.

But if all goes according to the proposal laid out during a bankruptcy hearing Wednesday afternoon, it won’t be Irish developer Garrett Kelleher calling the shots in the development of what aims to be the tallest building in the western hemisphere, a residential skyscraper with an estimated construction cost of at least $1.5 billion. Nor will it be Related Midwest, a deep-pocketed residential developer in Chicago that has been at odds with Shelbourne for months – unless Related doesn’t get the monies it is due.

Attorneys for the key parties involved in the bankruptcy unveiled in court the framework for an agreement that would have Atlas Apartment Holdings LLC, a Northbrook-based apartment development and management company, provide the funds necessary to resolve the bankruptcy case.

Post-bankruptcy, Atlas would oversee the development of the Chicago Spire as it was originally intended, a 2,000-foot, 150-story spiral-shaped condominium tower. Kelleher, who just last month detailed in court filings his proposed financial partnership with Atlas, would remain key to the project, according to Atlas CEO Steve Ivankovich.

“Garrett (Kelleher) is still the developer,” Ivankovich said in an interview. “We are building exactly the same building that was contemplated to be built. “For us, it was always about building the Spire,” he added. “Buying it out of bankruptcy was an interim step.”

[...]
Related really put the screws to these guys. $109 million? That's WAY more than Related paid for the debt. Given the negative vibe between Related and Atlas, it's interesting how far Atlas is going to reaffirm their commitment to the Spire which Related put in doubt.
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Old March 12th, 2014, 10:35 PM   #10003
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This is certainly a step forward!
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Old March 12th, 2014, 10:50 PM   #10004
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Quote:
Originally Posted by Victhor View Post
Chicago invented the skyscraper in the 19th century, and reinvented it in the 20th century (Mies' Lakeshore Drive appartment buildings), now it could aspire to something better than the Chicago Spire, but well, until something better comes, the Chicago Spire is ok. 10 years ago, the Spire would have been something new, but now it's outdated, there's already several spiral towers in other cities.
In terms of pure stats, yeah I'll agree: Chicago Spire is fairly ordinary. Not the tallest, biggest, most luxurious or the highest capacity etc etc. When you look at the numbers, on a global scale, it's not exactly Concorde is it?

But the design, oh man, the architecture and the styling is just phenomenal. I'm a sucker for Calatrava at the worst of times but he's on world class form here.

I think the spire, if built as designed, would be one of the most beautiful skyscrapers in the world. And vying seriously for top spot. It's gorgeous.
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Old March 12th, 2014, 11:36 PM   #10005
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Old March 13th, 2014, 12:57 AM   #10006
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In terms of pure stats, yeah I'll agree: Chicago Spire is fairly ordinary. Not the tallest, biggest, most luxurious or the highest capacity etc etc. When you look at the numbers, on a global scale, it's not exactly Concorde is it?
How on earth is a 2000 foot building ordinary? That's top caliber.

This building is about the same size as Shanghai Tower and the occupied portion of Burj Khalifa.

Even the mighty Sears Tower won't look like the giant it is next to this thing.
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Old March 13th, 2014, 12:57 AM   #10007
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Seems like this building will be competing with the billionaires buildings in NYC. It would end up like the trump tower which is not good.
Trump Tower Chicago? How is that not good?
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Old March 13th, 2014, 01:08 AM   #10008
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How on earth is a 2000 foot building ordinary? That's top caliber.

This building is about the same size as Shanghai Tower and the occupied portion of Burj Khalifa.

Even the mighty Sears Tower won't look like the giant it is next to this thing.
Sorry. I meant to say, it's not pushing boundaries in those areas. It's still remarkable, but not cutting edge ie it's not going to be the tallest building in the world etc.

But the architectural design is, I think, actually the best. I can't think of a building proposed or u/c that looks better in my opinion.
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Old March 13th, 2014, 01:17 AM   #10009
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The U.S. kind of can't ever have the tallest building as there's a FAA height regulation of 2,000 feet in the U.S. And getting the permits to go over that is very difficult.
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Old March 13th, 2014, 01:18 AM   #10010
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The idea behind the design is actually fairly simple, but Calatrava turned it into a work of art. I drool at the mere thought of a possibility of seeing this tower built.
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Old March 13th, 2014, 02:05 AM   #10011
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The U.S. kind of can't ever have the tallest building as there's a FAA height regulation of 2,000 feet in the U.S. And getting the permits to go over that is very difficult.
The US doesn't need buildings that tall, anything near that height is beyond impressive.
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Old March 13th, 2014, 02:22 AM   #10012
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Yah its hard to get a permit but its not for one building it would mean a no fly zone for the entire city.
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Old March 15th, 2014, 12:34 AM   #10013
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Much as I would love to see it, I just can't see this tower getting built. The financing is too complicated and while they're trying to straighten it out, I sure other complications will intervene. I hope I'm wrong.
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Old March 15th, 2014, 12:39 AM   #10014
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Much as I would love to see it, I just can't see this tower getting built. The financing is too complicated and while they're trying to straighten it out, I sure other complications will intervene. I hope I'm wrong.
Seems legit, although all the recent news has been nothing but good. The original developer now has control of the site and he has Atlas behind him. That site is obviously prime real estate and would have some of the best views imaginable so maybe they could work out a slightly shorter/more economical building.

At least the foundation is already there, it's a start.
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Old March 15th, 2014, 12:46 AM   #10015
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The design is good enough that it's worth holding onto hope, even if it turns out to be false hope. The city would be a better place with the Spire built.
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Old March 15th, 2014, 05:18 AM   #10016
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Originally Posted by SomeKindOfBug View Post
In terms of pure stats, yeah I'll agree: Chicago Spire is fairly ordinary. Not the tallest, biggest, most luxurious or the highest capacity etc etc. When you look at the numbers, on a global scale, it's not exactly Concorde is it?
Hey, here in the U.S. we'll take what we can get. A 2,000 ft tower that doesn't use spires to achieve it's height is phenomenal.
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Old March 15th, 2014, 06:18 AM   #10017
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Hey, here in the U.S. we'll take what we can get. A 2,000 ft tower that doesn't use spires to achieve it's height is phenomenal.
Oh please you make it sound so mediocre. A 2000 ft building to the roof would be as high as the highest of those Asian giants.
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Old March 15th, 2014, 06:35 AM   #10018
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A 100 meter building is tall for me...
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Old March 15th, 2014, 06:59 AM   #10019
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A 100 meter building is tall for me...
I agree, I live in San Francisco and the buildings here are tall to me, 2000 feet is beyond huge.

Let's see what Atlas/Kellher can pull off, at least the foundation is ready
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Old March 16th, 2014, 04:55 AM   #10020
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You live in San Francisco? I've always wanted to see the fog and the Golden Gate Bridge (which is ironically red; did you know that some wanted to make it a rainbow color?) and the Transamerica Pyramid!

And 2000 feet is unbelievably tall in America, but not extremely tall in terms of world competition, and it's even more average in the proposed section compared to other asian proposed buildings. (I mean, there's a megatall proposal in Indonesia!) And if this does get built, it'll be a big win for Chicago, and it'll be mandatory for the Hudson Spire to be built. (Their names are ironically similar, huh?)
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