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Old April 20th, 2007, 01:30 PM   #1001
nomarandlee
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Quote:
Originally Posted by Smallville View Post
Chicago is already a world class city and this tower will make it even more so. Way to go Chicago. I always love visiting your great city.

Hey guys what is the timeline for this tower to be completed?
best hope is for early this summer lasting 40 months to end of construction.
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Old April 20th, 2007, 02:01 PM   #1002
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http://www.chicagotribune.com/news/l...l=chi-news-hed

Financial questions tower over Spire's political win

By Susan Diesenhouse
Tribune staff reporter
Published April 20, 2007, 12:49 AM CDT

The political hurdles facing the developer of a proposed tower in Chicago that would be North America's tallest structure don't seem nearly as daunting as the financial ones.

The Chicago Spire took another step toward becoming a 2,000-foot-high reality Thursday when the Chicago Plan Commission recommended that its current design by famed architect Santiago Calatrava be approved by the city zoning committee.

But given Garrett Kelleher's reticence to reveal project cost or unit prices and the fact that he has yet to start marketing or secure the necessary loans, questions abound about the financial feasibility of a project that could cost more than $2 billion.

During the hearing, Kelleher, chief executive of Shelbourne Development Ltd. of Dublin, said the tower would be "a unique building in a happening city."

Regarding questions about the project's finances, Kelleher told the commission that a top executive at the Anglo Irish Bank, headquartered in Dublin, "fully supports me and I have shown their letter to the City of Chicago."

But one high-rise developer wonders if that would be sufficient.

"The world's tallest buildings are so expensive that they need countries or major corporations to bankroll them," said Steven Fifield, chairman of the Fifield Cos., which has built office and residential towers in Chicago and elsewhere in the U.S. "The Anglo Irish Bank is not big enough to be the sole lending source on a project that could approach $1,000 a square foot to develop.

"That just isn't credible."

Moving through the city approval process, Kelleher's firm wants to increase the amount of space to be built on its 2.2-acre lakefront site to 25 times the lot size, rather than 10 times the lot size. That would enable Shelbourne Development to build a 2.4 million-square-foot tower. It also seeks permission to build exit and entry ramps linked to Lake Shore Drive.

Now that he has the Plan Commission's approval, Kelleher will ask the City Council's Zoning Committee for its OK of the twisting 150-story tower's design and site plan Thursday. If he clears that hurdle, he'll bring his project to the full City Council on May 9 for the final go-ahead.

Prospects appear good.

"This is a wonderful project, and everyone is very enthused," said Constance Buscemi, spokeswoman for the city's Planning Department.

Shelbourne also has offered to pay $9 million toward the development of the nearby 3.2-acre DuSable Park. In exchange, Kelleher acquires a valuable marketing tool: He will offer prospective buyers a home with an expanse of much-treasured waterfront green space.

Streeterville residents support the project on the north bank of the Chicago River at Lake Shore Drive, but they "continue to be concerned about traffic, completion of a [lakeside] bike path and the [DuSable] park," said Gail Spreen, president of the Streeterville Organization of Active Residents. She asked that neighbors be kept informed of project plans.

If, as expected, the spire gets a green light from the city, the 40 months of construction will get under way this spring, said Thomas Murphy, general counsel to Shelbourne. But, he added, the development firm has not yet hired a general contractor. It also has not started pre-construction marketing, routine for U.S. projects that will seek outside financing. But Kelleher said that during the third quarter he will start selling residences in the tower, which is expected to have 1,200 luxury condominiums, retail space and underground parking.

Real estate experts have estimated the project's cost could reach $2.4 billion, and at a time of rising construction costs, building such a tall structure is even more expensive because the higher it soars, the more complicated the engineering.

"Tall buildings, especially when they are slender, must be stiffer to withstand the force of wind, which means that the structure calls for more steel, an expensive prospect," Fifield said.

Furthermore, such towers require that more interior space be devoted to elevator service, so there's less space to sell. Murphy said he expects the Spire to yield only about 65 percent sellable space.

Another factor that could increase the complexity and cost of the project would be excavating to build underground parking so close to the water. To dig below the water level while keeping the site dry, Shelbourne would use a process called slurry wall construction that calls for great skill and time, both costly commodities.

Given the cost, Shelbourne might have to sell the units for $1,500 a square foot or more.

"You can get that in New York, Las Vegas, Los Angeles, London," Fifield said. "But Chicago is a kick-the-tires kind of town, so that will be more of a challenge."

Kelleher plans to market the Spire worldwide in such places as Dubai, Russia's St. Petersburg, Beijing, Singapore and Madrid, in addition to New York and other parts of the U.S. Already, he said, "the number of inquiries exceeds the number of units. I have no doubt this project will sell out."

[email protected]



Copyright Š 2007, Chicago Tribune
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Old April 20th, 2007, 02:02 PM   #1003
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From the Chicago Tribune

Evolution of the Chicago Spire
Zurich-based architect Santiago Calatravašs design for the twisting, 2,000-foot Chicago Spire has gone through numerous changes since it was unveiled as the Fordham Spire in 2005. Here is an architectural chronology of the project, which would be located across Lake Shore Drive from Navy Pier and would be the nation's tallest building:

July 2005
Chicago developer Christopher Carley unveils the Fordham Spire, a twisting, 115-story skyscraper designed by Spanish-born architect Santiago Calatrava. The tower would include hotel rooms on its first 20 stories and condominiums above. The building's roof would rise to 1,458 feet, 8 feet taller than Sears Tower, while a steel spire would bring its total height to 2,000 feet. With each floor rotating slightly over the one below it, the tower would twist 270 degrees from bottom to top, creating an effect comparable to a whirring drill bit. Parking is in a tiered 4-story podium attached to the building's base.
(Chicago Tribune architecture critic Blair Kamin)


March 2006
The Chicago Plan Commission approves a revised plan for the Fordham Spire, in which the roof rises to 1,570 feet, with a 30-foot water tank above it stretching to 1,600 feet. The spire still rises to 2,000 feet, but its structure is modified so it can accommodate broadcast antennas. The project now has 124 stories, with more condominium units and fewer hotel units than the original version. Its floors now make a 360-degree turn from ground to summit. Parking is shifted to a separate 6-story structure to the tower's north.


December 2006
With Dublin-based developer Garrett Kelleher having taken control of the project after Carley could not get it off the ground, another design emerges, this one with no broadcast antenna or hotel. Kelleher decides those uses are not feasible. The tower, now 150 stories tall, becomes all condominiums, about 1,300 of them, tripling the number of hotel and condominium units Carley envisioned. The tower's rotation is cut to 270 degrees and it has an almost flat, domelike top that causes it to be nicknamed the "Twizzler Tower." The parking garage is moved underground and the tower footprint is shifted to the north of its site, creating the possibility for more riverfront open space.


January 2007
After the December 2006 version of the tower is widely panned, Kelleher and Calatrava unveil the architect's latest design to the Tribune. It restores the tower's 360-degree rotation and has a tapering, tiplike summit. The design remains a work in progress, however, and it is not shown in public meetings.


March 2007
Kelleher and Calatrava publicly unveil the revised design to Chicago community groups, but the unveiling actually contains more than one version of the tower. In the first (at left), the tower rotates more than 400 degrees from ground to top, appearing visually hyperactive. In the second, the skyscraper has a 360-degree rotation and a more subtle silhouette. The tower becomes wider near the top than the January 2007 version because of complex structural requirements.


April 2007
The Chicago Plan Commission approves the final plan for the Chicago Spire. The approved version is the second plan unveiled in March 2007, with a 360-degree rotation and a tapering, conelike profile. A spokeswoman for the developer says Kelleher plans to build about 1,200 condominium units. The design includes a riverfront plaza and a new plan by Calatrava for DuSable Park, just east of the tower across Lake Shore Drive (foreground). The developer will contribute millions of dollars in construction costs to build the park.
(Source: Tribune files)

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Old April 20th, 2007, 02:11 PM   #1004
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From the Chicago Tribune

Evolution of the Chicago Spire
Zurich-based architect Santiago Calatravašs design for the twisting, 2,000-foot Chicago Spire has gone through numerous changes since it was unveiled as the Fordham Spire in 2005. Here is an architectural chronology of the project, which would be located across Lake Shore Drive from Navy Pier and would be the nation's tallest building:

July 2005
Chicago developer Christopher Carley unveils the Fordham Spire, a twisting, 115-story skyscraper designed by Spanish-born architect Santiago Calatrava. The tower would include hotel rooms on its first 20 stories and condominiums above. The building's roof would rise to 1,458 feet, 8 feet taller than Sears Tower, while a steel spire would bring its total height to 2,000 feet. With each floor rotating slightly over the one below it, the tower would twist 270 degrees from bottom to top, creating an effect comparable to a whirring drill bit. Parking is in a tiered 4-story podium attached to the building's base.
(Chicago Tribune architecture critic Blair Kamin)


March 2006
The Chicago Plan Commission approves a revised plan for the Fordham Spire, in which the roof rises to 1,570 feet, with a 30-foot water tank above it stretching to 1,600 feet. The spire still rises to 2,000 feet, but its structure is modified so it can accommodate broadcast antennas. The project now has 124 stories, with more condominium units and fewer hotel units than the original version. Its floors now make a 360-degree turn from ground to summit. Parking is shifted to a separate 6-story structure to the tower's north.


December 2006
With Dublin-based developer Garrett Kelleher having taken control of the project after Carley could not get it off the ground, another design emerges, this one with no broadcast antenna or hotel. Kelleher decides those uses are not feasible. The tower, now 150 stories tall, becomes all condominiums, about 1,300 of them, tripling the number of hotel and condominium units Carley envisioned. The tower's rotation is cut to 270 degrees and it has an almost flat, domelike top that causes it to be nicknamed the "Twizzler Tower." The parking garage is moved underground and the tower footprint is shifted to the north of its site, creating the possibility for more riverfront open space.


January 2007
After the December 2006 version of the tower is widely panned, Kelleher and Calatrava unveil the architect's latest design to the Tribune. It restores the tower's 360-degree rotation and has a tapering, tiplike summit. The design remains a work in progress, however, and it is not shown in public meetings.


March 2007
Kelleher and Calatrava publicly unveil the revised design to Chicago community groups, but the unveiling actually contains more than one version of the tower. In the first (at left), the tower rotates more than 400 degrees from ground to top, appearing visually hyperactive. In the second, the skyscraper has a 360-degree rotation and a more subtle silhouette. The tower becomes wider near the top than the January 2007 version because of complex structural requirements.


April 2007
The Chicago Plan Commission approves the final plan for the Chicago Spire. The approved version is the second plan unveiled in March 2007, with a 360-degree rotation and a tapering, conelike profile. A spokeswoman for the developer says Kelleher plans to build about 1,200 condominium units. The design includes a riverfront plaza and a new plan by Calatrava for DuSable Park, just east of the tower across Lake Shore Drive (foreground). The developer will contribute millions of dollars in construction costs to build the park.
(Source: Tribune files)

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Old April 20th, 2007, 02:14 PM   #1005
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http://www.chicagotribune.com/news/l...l=chi-news-hed

Financial questions tower over Spire's political win

By Susan Diesenhouse
Tribune staff reporter
Published April 20, 2007, 12:49 AM CDT

The political hurdles facing the developer of a proposed tower in Chicago that would be North America's tallest structure don't seem nearly as daunting as the financial ones.

The Chicago Spire took another step toward becoming a 2,000-foot-high reality Thursday when the Chicago Plan Commission recommended that its current design by famed architect Santiago Calatrava be approved by the city zoning committee.

But given Garrett Kelleher's reticence to reveal project cost or unit prices and the fact that he has yet to start marketing or secure the necessary loans, questions abound about the financial feasibility of a project that could cost more than $2 billion.

During the hearing, Kelleher, chief executive of Shelbourne Development Ltd. of Dublin, said the tower would be "a unique building in a happening city."

Regarding questions about the project's finances, Kelleher told the commission that a top executive at the Anglo Irish Bank, headquartered in Dublin, "fully supports me and I have shown their letter to the City of Chicago."

But one high-rise developer wonders if that would be sufficient.

"The world's tallest buildings are so expensive that they need countries or major corporations to bankroll them," said Steven Fifield, chairman of the Fifield Cos., which has built office and residential towers in Chicago and elsewhere in the U.S. "The Anglo Irish Bank is not big enough to be the sole lending source on a project that could approach $1,000 a square foot to develop.

"That just isn't credible."

Moving through the city approval process, Kelleher's firm wants to increase the amount of space to be built on its 2.2-acre lakefront site to 25 times the lot size, rather than 10 times the lot size. That would enable Shelbourne Development to build a 2.4 million-square-foot tower. It also seeks permission to build exit and entry ramps linked to Lake Shore Drive.

Now that he has the Plan Commission's approval, Kelleher will ask the City Council's Zoning Committee for its OK of the twisting 150-story tower's design and site plan Thursday. If he clears that hurdle, he'll bring his project to the full City Council on May 9 for the final go-ahead.

Prospects appear good.

"This is a wonderful project, and everyone is very enthused," said Constance Buscemi, spokeswoman for the city's Planning Department.

Shelbourne also has offered to pay $9 million toward the development of the nearby 3.2-acre DuSable Park. In exchange, Kelleher acquires a valuable marketing tool: He will offer prospective buyers a home with an expanse of much-treasured waterfront green space.

Streeterville residents support the project on the north bank of the Chicago River at Lake Shore Drive, but they "continue to be concerned about traffic, completion of a [lakeside] bike path and the [DuSable] park," said Gail Spreen, president of the Streeterville Organization of Active Residents. She asked that neighbors be kept informed of project plans.

If, as expected, the spire gets a green light from the city, the 40 months of construction will get under way this spring, said Thomas Murphy, general counsel to Shelbourne. But, he added, the development firm has not yet hired a general contractor. It also has not started pre-construction marketing, routine for U.S. projects that will seek outside financing. But Kelleher said that during the third quarter he will start selling residences in the tower, which is expected to have 1,200 luxury condominiums, retail space and underground parking.

Real estate experts have estimated the project's cost could reach $2.4 billion, and at a time of rising construction costs, building such a tall structure is even more expensive because the higher it soars, the more complicated the engineering.

"Tall buildings, especially when they are slender, must be stiffer to withstand the force of wind, which means that the structure calls for more steel, an expensive prospect," Fifield said.

Furthermore, such towers require that more interior space be devoted to elevator service, so there's less space to sell. Murphy said he expects the Spire to yield only about 65 percent sellable space.

Another factor that could increase the complexity and cost of the project would be excavating to build underground parking so close to the water. To dig below the water level while keeping the site dry, Shelbourne would use a process called slurry wall construction that calls for great skill and time, both costly commodities.

Given the cost, Shelbourne might have to sell the units for $1,500 a square foot or more.

"You can get that in New York, Las Vegas, Los Angeles, London," Fifield said. "But Chicago is a kick-the-tires kind of town, so that will be more of a challenge."

Kelleher plans to market the Spire worldwide in such places as Dubai, Russia's St. Petersburg, Beijing, Singapore and Madrid, in addition to New York and other parts of the U.S. Already, he said, "the number of inquiries exceeds the number of units. I have no doubt this project will sell out."

[email protected]



Copyright Š 2007, Chicago Tribune
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Old April 20th, 2007, 02:44 PM   #1006
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I love the refining of the pinnacle. Looks much better now.
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Old April 20th, 2007, 02:56 PM   #1007
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So the only thing stopping this is finance. Do the builders have enough initial finance to make this a reality? It would be horrible for it to "fall over" at the last minute due to lack of funds.

BTW, Does anyone has a diagram of comparison with Burj Dubai.
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Old April 20th, 2007, 03:05 PM   #1008
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Quote:
Originally Posted by Westyguy View Post

BTW, Does anyone has a diagram of comparison with Burj Dubai.

http://skyscraperpage.com/diagrams/?27180647
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Old April 20th, 2007, 03:17 PM   #1009
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Quote:
Originally Posted by Westyguy View Post
So the only thing stopping this is finance. Do the builders have enough initial finance to make this a reality? It would be horrible for it to "fall over" at the last minute due to lack of funds.

BTW, Does anyone has a diagram of comparison with Burj Dubai.
No financing is not a problem. It still needs city approval, which should come on May 9th.
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Old April 20th, 2007, 05:20 PM   #1010
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Kelleher insists that construction will begin without a pre-construction sales quota. I mean that doesn't happen in the US, but is this a more common practice in Europe? Does the Anglo-Irish Bank have that kind of financial strength to sponser such a project?
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for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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Old April 20th, 2007, 05:38 PM   #1011
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The renderings are great, but this model is truly stunning:



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Old April 20th, 2007, 07:14 PM   #1012
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I agree, the renderings look awesome. I pray that Kelleher is not boostering, by saying he would want to begin construction right after city council approval. I pray to the gods of Mt Olympus that this project will actually happen.
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for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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Old April 20th, 2007, 07:53 PM   #1013
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woowww this is wonderful news. It was even covered on CNN http://www.cnn.com/2007/US/04/20/tal....ap/index.html
the render there is very outdated however. Hopefully it will be approved on the 9th!!
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Old April 20th, 2007, 09:37 PM   #1014
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CNN.com article..

CHICAGO, Illinois (AP) -- The city's planning board has endorsed a proposal for a twisting lakefront tower that would become the nation's tallest building.

With Thursday's approval from the Chicago Plan Commission, the design and site plan for the 2,000-foot Chicago Spire goes to the city zoning committee next week.

"This is a wonderful project, and everyone is very enthused," said Constance Buscemi, spokeswoman for the city's planning department.

The 150-story tower, which would feature 1,200 residences, would unseat Chicago's 1,451-foot Sears Tower as the tallest U.S. building. It would also top New York's 1,776-foot Freedom Tower, under construction at the former World Trade Center site.

The Chicago Spire was designed by Santiago Calatrava, the Spanish-born architect known for designing the Milwaukee Art Museum addition and the Athens Olympic sports complex.

If the zoning panel approves the plan, the City Council will consider it May 9. If it is approved, construction would begin this spring, said Thomas Murphy, general counsel to developer Shelbourne Development Ltd.

Shelbourne executives have declined to estimate the building's total development cost. Real estate experts put it at well over $1 billion, the Chicago Tribune and Crain's Chicago Business reported on their Web sites Thursday.

The tallest building in the world is the Taipei 101 tower in Taiwan, which measures 1,671 feet and 101 floors. A tower in Dubai now under construction is expected to rise beyond 2,300 feet and more than 160 floors .

Copyright 2007 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
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Old April 20th, 2007, 09:40 PM   #1015
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Good news
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.... Trump Tower Toronto .............. Costa Rica Photos 1, Costa Rica Photos 2
.... if you build it they will come ........ St. Martin/St. Maarten Photos, Aruba Photos
.... www.trumptowertoronto.com ....... St. Lucia Photos, My Complete Photo Album
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Old April 20th, 2007, 10:10 PM   #1016
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Quote:
Originally Posted by wjfox2002 View Post
I love the refining of the pinnacle. Looks much better now.
i hated that spire
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Old April 20th, 2007, 11:10 PM   #1017
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great article, thank you.

from SSP:

Quote:
Originally Posted by spyguy View Post
Two large renderings from Edward Lifson's blog


Last edited by ZZ-II; April 22nd, 2007 at 10:49 AM.
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Old April 20th, 2007, 11:19 PM   #1018
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Here is a great video presentation of it:
http://link.brightcove.com/services/...bcpid770169321
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Old April 20th, 2007, 11:48 PM   #1019
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This tower has been talked about for years now. All of a sudden its making cnn i see today. I seriously doubt this will ever be built. We don't have the cheap labor like in Dubai to build something like this.
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Old April 20th, 2007, 11:57 PM   #1020
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I beg to differ. Have you seen our borders lately? Me niether. If there is enough interest in buyers this could be built. Interesting article in chicago tribune today about the whole issue.
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