daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments > DN Archives



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old September 26th, 2014, 04:18 AM   #10361
Blue Flame
Get Silly!
 
Blue Flame's Avatar
 
Join Date: Jul 2009
Location: Lexington,KY
Posts: 2,369
Likes (Received): 575

Personally, I would love to see this building built. The complaints seem to be centered around the idea that the design doesn't fit in the skyline. That's exactly what I like about it. It is bold, eye-opening and modern, particularly for Chicago. If they succeed in building it, it would be the best thing that has happened to the city since the Sears Tower.
__________________
A cynic is nothing but a realist with experience.

onewtclover, Swiddle, Hot Rod liked this post
Blue Flame no está en línea   Reply With Quote

Sponsored Links
Old September 30th, 2014, 09:29 PM   #10362
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53450

I hope they get to restarting before the Spire site becomes a wildlife refuge:


The Proposed Chicago Spire, Chicago, IL by Keith The Dodger, on Flickr
desertpunk no está en línea   Reply With Quote
Old September 30th, 2014, 09:38 PM   #10363
citybooster
Registered User
 
Join Date: Jan 2013
Posts: 943
Likes (Received): 509

Quote:
Originally Posted by desertpunk View Post
I hope they get to restarting before the Spire site becomes a wildlife refuge:


The Proposed Chicago Spire, Chicago, IL by Keith The Dodger, on Flickr
lol......... that's funny!!!
__________________

onewtclover liked this post
citybooster no está en línea   Reply With Quote
Old October 1st, 2014, 04:26 AM   #10364
munchymunch
Minneapolis==>Chicago
 
munchymunch's Avatar
 
Join Date: Feb 2014
Location: Hometown of FLW
Posts: 1,415
Likes (Received): 1165

People cleaned up the site weeks ago.....
munchymunch no está en línea   Reply With Quote
Old October 2nd, 2014, 04:13 AM   #10365
Scrapernab2
Registered User
 
Scrapernab2's Avatar
 
Join Date: Sep 2010
Location: Greenville, SC
Posts: 896
Likes (Received): 96

Cleaned up? Pictures please
Scrapernab2 no está en línea   Reply With Quote
Old October 2nd, 2014, 09:19 PM   #10366
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53450

Chicago Spire Tries to Rise Again

Quote:
The Chicago Spire, a hyper-tall condo from Santiago Calatrava that tried to soar into the record books as the world’s second-tallest building, only to get mired in the recession, may be inching back to life.

The developer of the twisting, 2,000-foot tower, Shelbourne North Water Street, is close to paying off $135 million owed to creditors of the bankrupt project, sources close to the project say. Those payments, which could be approved in October, include $109 million to a local division of mega-developer Related Companies, which purchased part of the Spire’s soured loan in 2013. The development team—made up of Shelbourne Development Group plus Atlas Apartment Holdings, a multi-family landlord brought in to provide financing—would then restart construction, the sources add.

Rising on the Chicago River near Lake Michigan, the 150-story Spire is to contain 1,194 condos, from studios to four-bedrooms. Under the terms of the deal with the city that allowed the skyscraper to get so tall, developers would also landscape now-barren next-door DuSable Park. The total development cost is estimated at $1.6 billion.

Recalling Calatrava’s Turning Torso in Malmo, Sweden, the tapered Spire broke ground in spring 2007, and workers got as far as pouring a foundation for the tower and a seven-level below-grade parking garage before the recession forced construction to a halt in fall 2008. Despite selling 369 apartments, developers returned every down payment. And with the economy tattered, Shelbourne struggled to pay contractors and designers, including Calatrava, who filed a lien against Shelbourne for $11.3 million, though he did receive $15 million in a separate payment, sources say.

While completing the Spire, which would still take more than three years, might help bring closure to a long-running saga, Shelbourne and Atlas are not out of the woods just yet. If they can’t settle their debts, Related would seize the property. And questions remain whether there’s enough local demand for apartments priced at $1,100 a square foot, and up. “If there’s a market there for international buyers, the project probably makes more sense,” says Carol Willis, the founding director of New York’s Skyscraper Museum. “But the site is spectacular.”

[...]
__________________
We are floating in space...
desertpunk no está en línea   Reply With Quote
Old October 2nd, 2014, 09:31 PM   #10367
Eric Offereins
The only way is up
 
Eric Offereins's Avatar
 
Join Date: Jan 2004
Location: Rotterdam
Posts: 68,624
Likes (Received): 28178

I getting a bit more optimistic, but still al long way to go.
__________________

ChuckScraperMiami#1 liked this post
Eric Offereins no está en línea   Reply With Quote
Old October 3rd, 2014, 12:37 AM   #10368
Chicity747
Registered User
 
Join Date: Feb 2014
Posts: 10
Likes (Received): 4

How has this not been posted yet...


Chicago Tribune
Mary Ellen Podmolik
October 2nd 2014

The votes are in, and creditors tied to the Chicago Spire, the infamous project that has yet to be, like the proposed reorganization plan.

All creditors authorized to vote on Shelbourne North Water Street LP's reorganization plan cast ballots in favor of the plan, according to a report filed Wednesday night in federal court in Chicago.

The vote is a step forward in a complicated, much-watched saga that has unfolded since Shelbourne, headed by Irish developer Garrett Kelleher, was forced into Chapter 11 bankruptcy in October 2013.

Still, despite the vote, the success of the reorganization plan and Kelleher's desire to stay involved with the site's development hinge on the company's ability to come up with the money necessary to pay off creditors and, in particular, Related Cos., which owns the debt on the site at 400 N. Lake Shore Drive.

This year, Shelbourne inked an agreement with Northbrook-based Atlas Apartment Holdings under which Atlas would provide, through its own funds or funds from others, up to $135 million to pay bankruptcy claims. In return, Atlas would become majority owner of the Spire's site, working with Kelleher to develop the project that has been at a standstill since 2008.

But Shelbourne last month received bankruptcy court permission to pursue other financial backers for that deal, saying it had encountered "certain delays" in advancing its agreement with Atlas.

Related Cos. must receive more than $109 million by Oct. 31. If Shelbourne opts to defer that payment until March 31, Related must receive $22 million by Oct. 31 and more than $92 million by March 31. If either of those payment deadlines is missed, or if Shelbourne chooses not to move forward with the plan, Related would get title to the 2.2-acre site.

U.S. Bankruptcy Judge Janet Baer will conduct a hearing on the plan's confirmation Tuesday.

http://www.chicagotribune.com/busine...002-story.html
Chicity747 no está en línea   Reply With Quote
Old October 3rd, 2014, 12:46 AM   #10369
Chicity747
Registered User
 
Join Date: Feb 2014
Posts: 10
Likes (Received): 4

Quote:
Originally Posted by Scrapernab2 View Post
Cleaned up? Pictures please
Check out post 10292 on page 515, you'll see how much more overgrown it was just a few weeks ago.
Chicity747 no está en línea   Reply With Quote
Old October 3rd, 2014, 03:10 AM   #10370
Jay
Registered User
 
Jay's Avatar
 
Join Date: Oct 2004
Location: California to Barcelona
Posts: 4,054
Likes (Received): 1863

Quote:
Originally Posted by Chicity747 View Post
How has this not been posted yet...


Chicago Tribune
Mary Ellen Podmolik
October 2nd 2014

The votes are in, and creditors tied to the Chicago Spire, the infamous project that has yet to be, like the proposed reorganization plan.

All creditors authorized to vote on Shelbourne North Water Street LP's reorganization plan cast ballots in favor of the plan, according to a report filed Wednesday night in federal court in Chicago.

The vote is a step forward in a complicated, much-watched saga that has unfolded since Shelbourne, headed by Irish developer Garrett Kelleher, was forced into Chapter 11 bankruptcy in October 2013.

Still, despite the vote, the success of the reorganization plan and Kelleher's desire to stay involved with the site's development hinge on the company's ability to come up with the money necessary to pay off creditors and, in particular, Related Cos., which owns the debt on the site at 400 N. Lake Shore Drive.

This year, Shelbourne inked an agreement with Northbrook-based Atlas Apartment Holdings under which Atlas would provide, through its own funds or funds from others, up to $135 million to pay bankruptcy claims. In return, Atlas would become majority owner of the Spire's site, working with Kelleher to develop the project that has been at a standstill since 2008.

But Shelbourne last month received bankruptcy court permission to pursue other financial backers for that deal, saying it had encountered "certain delays" in advancing its agreement with Atlas.

Related Cos. must receive more than $109 million by Oct. 31. If Shelbourne opts to defer that payment until March 31, Related must receive $22 million by Oct. 31 and more than $92 million by March 31. If either of those payment deadlines is missed, or if Shelbourne chooses not to move forward with the plan, Related would get title to the 2.2-acre site.

U.S. Bankruptcy Judge Janet Baer will conduct a hearing on the plan's confirmation Tuesday.

http://www.chicagotribune.com/busine...002-story.html

Not really new news, not good or bad, still a very little bit hopeful but really just because I really really want this building to be built.
Jay no está en línea   Reply With Quote
Old October 3rd, 2014, 04:01 AM   #10371
munchymunch
Minneapolis==>Chicago
 
munchymunch's Avatar
 
Join Date: Feb 2014
Location: Hometown of FLW
Posts: 1,415
Likes (Received): 1165

Atlas has to show the money until this has a chance of rising.
munchymunch no está en línea   Reply With Quote
Old October 3rd, 2014, 04:11 AM   #10372
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53450

Quote:
Originally Posted by munchymunch View Post
Atlas has to show the money until this has a chance of rising.
Exactly. You can get everyone to agree to anything but all the happy talk means nothing if the money isn't there.

__________________
We are floating in space...

ChuckScraperMiami#1 liked this post
desertpunk no está en línea   Reply With Quote
Old October 3rd, 2014, 11:17 AM   #10373
ZZ-II
I love Skyscrapers
 
ZZ-II's Avatar
 
Join Date: May 2006
Location: Near Ingolstadt in Bavaria
Posts: 33,504
Likes (Received): 6525

Quote:
Originally Posted by Eric Offereins View Post
I getting a bit more optimistic, but still al long way to go.
Yes, i think it can be done. Though it's indeed a long way to go. I really want this tower
ZZ-II no está en línea   Reply With Quote
Old October 3rd, 2014, 04:11 PM   #10374
Dwarrel
Registered User
 
Join Date: Sep 2014
Location: Zwijndrecht
Posts: 115
Likes (Received): 16

Perhaps another option to build. Maybe just downstairs, like in Belgium ?
Build a swimmingpool ?

http://www.nemo33.com/nl/
Dwarrel no está en línea   Reply With Quote
Old October 7th, 2014, 09:59 PM   #10375
tawfiqmp
I love Skyscrapers!
 
Join Date: Oct 2011
Location: Chicago/Houston
Posts: 19
Likes (Received): 0

Quote:
A bankruptcy reorganization plan for the company behind the Chicago Spire was confirmed in federal court Tuesday, as a new potential investment partner emerged in developer Garrett Kelleher’s quest to complete the famously unfinished project.

During a confirmation hearing in federal bankruptcy court in Chicago, attorneys for Kelleher’s Shelbourne North Water Street and its financial partner in the reorganization, Atlas Apartment Holdings, said they had a conditional commitment letter from StoneBeck Capital, of New York City, to fund Shelbourne’s reorganization plan.

But the confirmation of the plan starts the clock ticking, and much must be accomplished for Kelleher, Shelbourne and Atlas to hold on to the site past the end of the month. Under the reorganization plan, Shelbourne has until Oct. 31 to make at least a partial payment to Related Midwest, which acquired the debt on the coveted site more than a year ago and helped force Shelbourne into bankruptcy in October 2013.

In February, Kelleher crafted a financing agreement with Northbrook-based Atlas Apartment Holdings under which it would supply, either from its own funds or from other investors, up to $135 million to enable Shelbourne to pay creditors and exit bankruptcy. In return, Atlas would take control of the 2.2-acre site at 400 N. Lake Shore Drive and, with Kelleher’s assistance, develop the site. Kelleher has said he still wants to construct the twisting 2,000-foot-tall residential building he imagined before the housing market crashed.

The site has remained a fenced-off hole in the ground since 2008.

Once out of bankruptcy, the Atlas-Shelbourne team still would need to secure construction financing for any project.

On Tuesday, attorneys for Shelbourne and Atlas cautioned that the nine-page conditional financing letter from StoneBeck included three pages of substance and six pages of caveats. Terms of the commitment letter were kept confidential, but an appraisal and environmental survey of the site have not been completed, attorneys said.

Atlas continues to "spend money by the bucket load" to advance an agreement, Atlas attorney Doug Bacon told U.S. Bankruptcy Court Judge Janet Baer. "This is a better deal and it is more likely to close," he told Baer. But he noted: "You don't know you have a deal until the money flows."

Baer questioned the tight turnaround time for Atlas and StoneBeck to craft a deal before the Oct. 31 deadline. "It's a legitimate concern," Bacon told the court. "It's going to come right down to the wire."

There is no alternate financing plan or source waiting in the wings if the StoneBeck talks fall apart, attorneys told the court.

After the hearing, Northbrook-based Atlas' CEO Steve Ivankovich said he has worked with StoneBeck previously and the agreement now under discussion "is a juicy deal for us. I give it a better than 50 percent shot but it’s tough to say. This is a very tight, tough site to get your head around.”

In seeking confirmation of the plan, Shelbourne attorney Joseph Frank told Baer that Kelleher "could have thrown in the towel. He didn't."

After the hearing, Kelleher said that he was delighted with the plan's confirmation and that the work toward a last-minute financing agreement didn't really surprise him. "It was always going to be a bit of a drill."

Under the payment schedule, Shelbourne must pay Related more than $109 million by Oct. 31 or $22 million by Oct. 31 and more than $92 million by March 31, 2015, to fulfill the terms of the plan. If neither of those payments is made by Oct. 31, the reorganization plan calls for Related to take title to the property and pay other creditors' claims. Related also would take control of the site if Shelbourne and Kelleher decide not to move forward with the plan.
http://www.chicagotribune.com/busine...007-story.html

Hm.
tawfiqmp no está en línea   Reply With Quote
Old October 7th, 2014, 10:09 PM   #10376
j-biz
rasorio caelum civitatem
 
j-biz's Avatar
 
Join Date: Aug 2013
Location: Chicago, IL
Posts: 1,309
Likes (Received): 2793

Ugh... get the money Shelbourne! If they don't pay the $22 million by the end of the month, the Spire is truly dead. There's no way Related MW would build it as designed.
__________________

ChuckScraperMiami#1 liked this post
j-biz no está en línea   Reply With Quote
Old October 7th, 2014, 10:15 PM   #10377
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53450

Kelleher should just apply for another huge loan from Anglo Irish Bank.








__________________
We are floating in space...

ChuckScraperMiami#1 liked this post
desertpunk no está en línea   Reply With Quote
Old October 9th, 2014, 01:30 AM   #10378
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53450

New York lender agrees to fund Spire bankruptcy exit

Quote:
October 07, 2014

A New York real estate lender has agreed to provide the financing Chicago Spire developer Garrett Kelleher needs to pull the failed condominium project out of bankruptcy.

New York-based Stonebeck Capital LLC sent a commitment letter to provide a loan to the Irish developer's venture partner so it can pay off the Spire's creditors this month and exit Chapter 11, according to the partner, Steven Ivankovich of Chicago-based Atlas Apartment Holdings LLC. The commitment letter and funding source was revealed at a confirmation hearing this morning for the Spire's bankruptcy plan, which a...

[...]
This is from the above item however the loan would be for all the outstanding debt in full so really all Atlas and Kelleher have to do is find a way to collateralize it (the small site could make the land alone insufficient) and negotiate the deal with Stonebeck.

Last edited by desertpunk; October 9th, 2014 at 01:41 AM.
desertpunk no está en línea   Reply With Quote
Old October 9th, 2014, 01:47 PM   #10379
Eric Offereins
The only way is up
 
Eric Offereins's Avatar
 
Join Date: Jan 2004
Location: Rotterdam
Posts: 68,624
Likes (Received): 28178

Quote:
Originally Posted by desertpunk View Post
Kelleher should just apply for another huge loan from Anglo Irish Bank.


filling one gap with another.

But they still have to find a way to finance this project.
Eric Offereins no está en línea   Reply With Quote
Old October 10th, 2014, 03:41 AM   #10380
skyscraperhighrise
Registered User
 
skyscraperhighrise's Avatar
 
Join Date: Jun 2006
Location: Fort Lauderdale, Florida
Posts: 1,266
Likes (Received): 1084

Chicago spire needs to be built big time.
__________________
Left/Right it doesn't matter anymore, you still get bigger government, no matter who's in power.

Democrips and rebloodlicans aka democrats and republicans, two wings of the same bird of prey

thankfully i'm a libertarian constitutionalist.

#standwithrand

R.I.P. QuantumX, you will never be forgotten.
skyscraperhighrise no está en línea   Reply With Quote


Reply

Tags
chicago, santiago calatrava, spire, tallest, tower

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 09:06 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu