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Old April 2nd, 2014, 04:53 AM   #10081
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And I sure hope he success
So do I!

Oslo cannot into skyscrapers...
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Old April 4th, 2014, 09:56 AM   #10082
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Can someone tell me what this means exactly and what the implications are for the Chicago Spire?

http://www.independent.ie/business/i...-30154048.html

NAMA appoints receivers to 11 firms linked to developer Garrett Kelleher

DONAL O'DONOVAN – PUBLISHED 04 APRIL 2014 02:30 AM

NAMA has appointed receivers to take over assets of almost a dozen companies connected to Garrett Kelleher, the Irish developer who is planning to build North America's tallest building in Chicago.
Accountants Simon Coyle and Tom O'Brien of Mazars were appointed as receivers on March 28 to take control of the assets of a number of Irish companies, including Shelbourne Properties, Shamrock Building Company, and CWD Properties where the developer is a director. In all, the joint receivers have been appointed over some or all of the assets of 11 companies, according to papers filed with the Companies Registration Office.
NAMA had registered charges, or mortgages, against some of the assets involved as recently as last December.
However, the claims involved are understood to originally date back to property and development loans taken out during the boom.
At its height, Mr Kelleher's Shelbourne Development group had significant property interests, including a portfolio of Irish, UK and continental European commercial properties as well as the planned Chicago Spire.
The Chicago project stalled following the global financial crash but received a shot in the arm last month when a US court backed a deal struck by Kelleher, main US lender Related, and new backer Atlas.
The deal will result in them coming together to develop what is set to become the landmark €1.5bn Chigaco Spire. (Additional reporting by Bloomberg)
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Old April 4th, 2014, 02:27 PM   #10083
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NAMA is the National Asset Management Agency.

Receivership is what happens when a company or individual, in control of significant assets, is deemed to be incapable of managing those assets in accordance with either law or the best interests of the public.

As these ancillary companies are not Kelleher himself (ie, he hasn't filed bankruptcy), nor are they the main developer for the Chicago Spire project, this could have no effect on the project whatsoever.

That said, this places a lot more power in the hands of his partners (Atlas and Related) as they now know Kelleher's empire is in dire financial straits (as if they didn't already) and is being dismantled by the Irish Government. Meaning they can leverage their own stability against his history of incompetence should the Spire site or the project as a whole ever come before arbitration (ie if Related have other plans for the site, they now have a massive advantage in negotiating a deal).
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Old April 4th, 2014, 08:59 PM   #10084
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Originally Posted by SomeKindOfBug View Post
NAMA is the National Asset Management Agency.

Receivership is what happens when a company or individual, in control of significant assets, is deemed to be incapable of managing those assets in accordance with either law or the best interests of the public.

As these ancillary companies are not Kelleher himself (ie, he hasn't filed bankruptcy), nor are they the main developer for the Chicago Spire project, this could have no effect on the project whatsoever.

That said, this places a lot more power in the hands of his partners (Atlas and Related) as they now know Kelleher's empire is in dire financial straits (as if they didn't already) and is being dismantled by the Irish Government. Meaning they can leverage their own stability against his history of incompetence should the Spire site or the project as a whole ever come before arbitration (ie if Related have other plans for the site, they now have a massive advantage in negotiating a deal).
I thought Related was against him?

This whole thing just gets more and more confusing, this doesn't sound like good news but I can't really tell anymore.
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Old April 5th, 2014, 03:33 AM   #10085
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Thanks for the explanation SomeKindOfBug
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Old April 6th, 2014, 01:30 AM   #10086
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April 2nd

Springtime in Chicago


Still frozen


The ramp forward
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Old April 6th, 2014, 02:22 AM   #10087
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So bare
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Old April 9th, 2014, 03:40 AM   #10088
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Thanks Harryc
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Old April 9th, 2014, 01:59 PM   #10089
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That freezing and thawing is probably not so good for the concrete?

If I were living in those small blocks to the right I wouldn't be happy with that fence so close before my front door.
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Old April 11th, 2014, 07:07 PM   #10090
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Quote:
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That freezing and thawing is probably not so good for the concrete?

If I were living in those small blocks to the right I wouldn't be happy with that fence so close before my front door.
That concrete you see in the hole will not be there permanently anyway. It's only acting as reinforcing rings for the shoring for the core. Once the underground garage is excavated (top-down excavation as the building goes up) the shoring and those rings will be removed.
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Old April 21st, 2014, 11:00 PM   #10091
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it's baut 30ft of water in hole
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Old April 21st, 2014, 11:33 PM   #10092
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A nice swimming pool.
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Old April 21st, 2014, 11:50 PM   #10093
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Not really new news but dated recently

http://www.law360.com/articles/52973...lender-related
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Old April 22nd, 2014, 12:54 AM   #10094
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I wonder what India Towers hole looks like after monsoon season>?

I did not know that the concrete rings would be removed.
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Old April 24th, 2014, 10:12 PM   #10095
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Quote:
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I wonder what India Towers hole looks like after monsoon season>?

I did not know that the concrete rings would be removed.
The water is --- the water table, reflects the lake level (higher than the river).

Yes the entire hole will be removed, it was just put in to make the rock caissons easier (IIRC the mat would have been the next item in).

Last Week (4/21)
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Old April 29th, 2014, 01:45 AM   #10096
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Question: I went to Chicago for the first time not too long ago and went down Lakeshore Dr. across from Navy Pier. Would the tower be proportional with the skyline or stick out like a sore thumb? In Buffalo the tallest building here really isn't proportionate.
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Old April 29th, 2014, 01:54 AM   #10097
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It would stick out quite a lot, but I think it's okay with the planned design.
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Old April 29th, 2014, 04:53 AM   #10098
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Quote:
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Question: I went to Chicago for the first time not too long ago and went down Lakeshore Dr. across from Navy Pier. Would the tower be proportional with the skyline or stick out like a sore thumb? In Buffalo the tallest building here really isn't proportionate.
It would stick out, but Chicago's skyline is one of the largest and tallest in the world so it wouldn't stick out anymore than the Shanghai Tower or Burj.
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Old May 1st, 2014, 02:48 PM   #10099
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Chicago’s Mired Spire to Get Another Shot



The ever-stillborn, yet seemingly invincible Chicago Spire has yet another lease on life. In a court-approved restructuring plan, developer Garrett Kelleher and his new partner, Atlas Apartment Holdings, will provide financing to pay off Related Companies, the debt-holder on the project. If they fail, the land will be turned over to Related.

The Santiago Calatrava-designed, 610-meter tower has been nothing more than a hole in the ground along Chicago’s Lake Shore Drive since Shelbourne North Water Street LP, Kelleher’s company, filed for bankruptcy protection in October 2007. Atlas and Kelleher have two options and an Oct. 31, 2014 deadline to satisfy Related’s claims, according to a bankruptcy court filing. They can give Related $109 million, or they can pay $22 million and get a five-month extension. With the extension, they will have to come up with an additional $92 million by the end of March 2015, according to the filing.

Even if they’re able to repay creditors, the developers will still need to get financing for the 150-story tower’s construction.

CTBUH Executive Director Antony Wood provided some context for the project’s significance to Chicago, the birthplace of the modern skyscraper.

“It would be a big deal for Chicago both in terms of its height and its title, and also its prominence on that site right on the lake and the difference of its architecture,” Wood said. “The skyscraper was born in this city and people still associate a huge amount of pride with not only the buildings that are here, but Chicago being at the forefront of pushing what the skyscraper is.”

Daunting though the odds are, no one is counting out Kelleher yet, who is not one to back off from a fight, according to Thomas Murphy, an attorney for Shelbourne Development.

The market is also different from the one in which the project launched, in a highly speculative market with loose financing and murky pro formas. In the intervening years, tall and thin residential developments the world over are now attracting global capital to what is seen as a sound investment.

Wood said he’s confident people will buy condos in the Spire should it be built.

“We could say with some certainty that there is going to be a high percentage of people who are buying these apartments as investments,” he said. “It would be the first of its kind, in a sense, of an iconic residential building on a brilliant site that’s going to get the world’s attention.”

http://www.ctbuh.org/News/GlobalTall...US/view.aspx#!
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Old May 1st, 2014, 08:11 PM   #10100
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Not really new news but good to hear... I guess?
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