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Old August 2nd, 2014, 12:43 AM   #10261
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It is nonsense to lock a thread just because there are no updates. If there is nothing to talk about then forumers don't have to post here, but if there suddenly will be something to talk about in the form of an update or press release, then this thread should always be accessible and ready for some new life
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Old August 2nd, 2014, 12:46 AM   #10262
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Quote:
Originally Posted by hunser View Post
1. Maintenance costs.
2. New materials / cladding can reshape a building.
^

This.

Ask anyone who owns a Gehry building.
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Old August 27th, 2014, 05:29 PM   #10263
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Looks like we may be getting back on track with this project

PROJECT CLIMBS OUT OF HOLE from wsj 8/26/2014

Quote:

Creditors could soon start voting on a restructuring plan that aims to pay off the developer's debts and to finally erect the 2,000-foot-tall building.

Judge Janet S. Baer of the U.S. Bankruptcy Court in Chicago last week signed off on the developer's disclosure statement, a plain-language version of the restructuring plan that creditors rely on to cast their votes.

However, court papers show the judge didn't authorize the company, led by Irish developer Garrett Kelleher, to send the plan to creditors, something she is expected to revisit at a court hearing this week. If creditors get the all-clear, they would get ballots in coming weeks.

The plan calls for ownership of the project to be turned over to Atlas Apartment Holdings LLC, a Chicago-area company that develops and manages apartment buildings. In exchange, Atlas would invest up to $135 million, mostly to pay creditors.

The lion's share of that amount would go to Related Cos., which purchased a large chunk of the debt on the development last year at a distressed price. If, for some reason, that payment isn't made, the plan calls for Related to become the owner of the site.

In either case, Mr. Kelleher and his companies would give up claims. The plan said that he and affiliated companies would receive $5 million from the new Atlas investment in exchange for all development rights, intellectual property, licenses and other assets. Owed about $215 million, the plan requires them to release those claims.

...

Atlas, an arm of Texas multifamily apartment company Atlas Residential Management, has said that once complete, the building could be home to condominium and apartment units. Atlas hasn't said how it plans to finance the completion of the tower.
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Old August 27th, 2014, 06:49 PM   #10264
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Surely Atlas just go to Related and do a joint venture? Or finance it themselves.

Either way, the fact that they've said once 'complete' seems to imply their intention is to build the Spire as designed, rather than scratch it all and come up with a whole new building.

Which is obviously good news.
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Old August 27th, 2014, 06:55 PM   #10265
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This will be an American icon.
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Old August 27th, 2014, 08:05 PM   #10266
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Quote:
Originally Posted by SomeKindOfBug View Post
Surely Atlas just go to Related and do a joint venture? Or finance it themselves.

Either way, the fact that they've said once 'complete' seems to imply their intention is to build the Spire as designed, rather than scratch it all and come up with a whole new building.

Which is obviously good news.
Indeed. That this deal includes the intellectual property rights (which would be the design for the building) is very encouraging.
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Old August 27th, 2014, 08:24 PM   #10267
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Fingers crossed for one of the most amazing designs of all time!
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Old August 27th, 2014, 08:30 PM   #10268
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Quote:
Originally Posted by SomeKindOfBug View Post
Surely Atlas just go to Related and do a joint venture? Or finance it themselves.

Either way, the fact that they've said once 'complete' seems to imply their intention is to build the Spire as designed, rather than scratch it all and come up with a whole new building.

Which is obviously good news.
Yes, it has to be joint venture with a serious developer such as Related. There is no way there will be creditors giving money to Atlas for such an expensive project to build condos in a cheap market such as Chicago. Hopefully that means the height would stay the same too.
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Old August 27th, 2014, 08:54 PM   #10269
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There couldn't be anything better as this tower to become reality finally! At least to me
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Old August 28th, 2014, 12:00 AM   #10270
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O, wow this thing is legit..... Even though Atlas Is not a big development co. And hasn't ever developed something big. But just imaging 451 grand, 375 e awcker and this, it would be awesome

Last edited by munchymunch; August 28th, 2014 at 03:15 AM.
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Old August 28th, 2014, 02:59 PM   #10271
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Quote:
Originally Posted by Teslatron View Post
Yes, it has to be joint venture with a serious developer such as Related. There is no way there will be creditors giving money to Atlas for such an expensive project to build condos in a cheap market such as Chicago. Hopefully that means the height would stay the same too.
What is a rough figure for the build cost, do you reckon? It's going to be expensive because it's basically the exact opposite of a value-engineered design. It's curvy and intricate and bespoke through and through.
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Old August 28th, 2014, 05:26 PM   #10272
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Looks like Kelleher still wants to build this thing. He is one tenacious fellow.
A little more info from WSJ 8/27/2014

Who Wants to Build the Chicago Spire

Quote:
It came out in bankruptcy court Wednesday that the developer of the Chicago Spire, led by Irishman Garrett Kelleher, wants the ability to shop around for a partner who might offer a better deal than the $135 million pledge currently on the table from Atlas Apartment Holdings LLC.

“Mr. Kelleher wants to build this Spire,” said Joseph D. Frank, the attorney representing the developer in its Chapter 11 case, referring to the 2,000-foot-tall, Santiago Calatrava-designed tower that was thwarted by the economic downturn.

“Everyone on the face of the earth knows that,” U.S. Bankruptcy Judge Janet Baer replied.

However, the developer’s agreement with Atlas doesn’t currently allow competition, so Atlas is asking for a higher breakup fee in return for losing its official status as the exclusive deal on the table.

...
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Old August 28th, 2014, 05:48 PM   #10273
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It would be crazy if this thing gets built! I loved this building from the get go. And with the look of the multi-family market in large cities, this could be a viable project. I think there are enough foreign investors coming into America to warrant this one. Hell, why not use chinese money? Anything to get the Chicago skyline to look like it did in iRobot.

Would the existing work need to be redone or is it good to go?
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Old August 28th, 2014, 10:44 PM   #10274
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Old August 29th, 2014, 06:20 AM   #10275
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https://www.youtube.com/watch?v=gEjJbBUfbjY

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Old August 29th, 2014, 11:53 PM   #10276
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Old August 30th, 2014, 09:23 AM   #10277
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Waiting...

Creditors to vote on future of Chicago Spire project

Quote:
Creditors to vote on future of Chicago Spire project
Ballot to take place to allow $135m debt-restructuring plan




Creditors of the stalled Chicago Spire project, which has been championed by Irish developer Garrett Kelleher, will be able to start voting on a debt-restructuring plan in early September.
Ballots and copies of the plan are due to be sent to creditors on September 4th, US bankruptcy judge Janet Baer was told last week at a hearing in Chicago. The plan involves a $135 million investment by Atlas Apartment Holdings, an international serviced apartment developer and manager.
This would allow the company behind the project pay $120 million in allowed claims off in full.
This process, if agreed by creditors, will give Atlas control of the site for the Spire by the end of October.
In bankruptcy court last Wednesday it emerged that Mr Kelleher wants to be allowed to seek out a better deal from a partner other than Atlas.
https://www.irishtimes.com/business/...ject-1.1912300
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Old August 30th, 2014, 09:43 AM   #10278
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Quote:
Originally Posted by munchymunch View Post
Creditors to vote on future of Chicago Spire project



https://www.irishtimes.com/business/...ject-1.1912300
Gosh, I really want this tower! I hope the financial situation works itself out.
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Old August 30th, 2014, 06:55 PM   #10279
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Quote:
Originally Posted by munchymunch View Post
Creditors to vote on future of Chicago Spire project



https://www.irishtimes.com/business/...ject-1.1912300
Definitely think it's being built now.

I don't think Atlas would spend that much on just the location. I mean it's hot but not that hot.
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Old August 30th, 2014, 07:27 PM   #10280
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Well, buying off creditors is one thing, they will need a lot more money to finance this project.

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