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Old September 27th, 2008, 10:21 PM   #661
spire1000
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i love this building and chicago!!!
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Old September 28th, 2008, 04:19 PM   #662
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One of the best buildings at the moment.
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Old September 28th, 2008, 04:20 PM   #663
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Quote:
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while on LSD

I thinks (to avoid misunderstanding) that you should better say Lake Shore Drive here. Instead of LSD
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Old October 1st, 2008, 04:46 AM   #664
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people are right.from far away it just looks like a....greenish box with white stuff but when u go closer then you can see the white thingy's whatever they are.
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Old October 3rd, 2008, 10:05 AM   #665
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I think that the building will look much better when it is completed. We can't really get a taste of what ho it will truly look until all of the equipment is out of the way.
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Old October 3rd, 2008, 06:10 PM   #666
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Fairmont owner pulls out of Aqua project
By: Alby Gallun Oct. 03, 2008
(Crain’s) - Citing turmoil in the financial markets, the owner of the Fairmont Chicago hotel has dropped plans for a 225-room expansion in the Aqua building, an 87-story tower being built across the street.

Strategic Hotels & Resorts Inc., which bought the Fairmont in 2005, said it has terminated a $84-million contract to buy about 15 floors in Aqua, a mixed-use high-rise under construction at 225 N. Columbus Drive, just east of the Fairmont.

The Chicago-based real estate investment trust (REIT) telegraphed the move in August, when it told analysts that it was considering delaying the Fairmont expansion and other projects as part of a plan to conserve cash in a declining market.

“Despite the opportunities this property presents, the financial markets and economic operating environment have changed significantly since we first entered into the agreement to purchase the space in 2006,” said Strategic President and CEO Laurence Geller.

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Related story: Fairmont expansion may be delayed.

Strategic, which also owns the InterContinental on Michigan Avenue, said it will save about $100 million by not going forward with the project. The company estimates it will record a $36-million charge in the third quarter to cover a $28 million letter of credit backing the contract and about $8 million in planning and development costs.

The move will not affect the REIT’s projected comparable funds from operations (FFO) for the full year, currently $1.46 to $1.56. FFO - net income excluding gains or losses from property sales, plus depreciation and amortization - is a widely accepted REIT performance measure.

The decision leaves a big hole in Aqua that the project’s developer, Chicago-based Magellan Development Group LLC, must now find a way to fill.

Designed by Chicago architect Jeanne Gang, Aqua will have 474 apartments and 264 condominiums. Buyers have signed contracts for all but five of the condos in the tower, which will be completed next year.

Other hotel investors are pulling back amid the credit crisis, which has made it next to impossible to secure a loan to finance a new project.

For instance, the Harp Group Inc., an Oak Brook-based hotel developer, recently terminated a contract to buy a property at the northeast corner of Lake and Canal streets downtown, where it planned to build a 225-room hotel.

But a lack of financing was not a factor in Strategic’s decision, Mr. Geller said.

“The economics and returns do not merit the investment of an incremental $100 million of capital and we made our decision based on our conclusion from our thoughtful and thorough analytical evaluation of the situation,” he wrote in an email.

Strategic shares fell $1.37, or 18% Thursday, to close at $6.12, an all-time low, on the New York Stock Exchange. The shares have dropped 49% this year, vs. a 19% decline for the Bloomberg REIT Hotels Index.
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Old October 3rd, 2008, 06:30 PM   #667
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Wow not good news....
Wonder who will fill the Fairmont gap??
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Old October 3rd, 2008, 06:32 PM   #668
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A sign of things to come......
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Old October 3rd, 2008, 09:12 PM   #669
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I'm sure that at this location they will soon get a new one.
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Old October 4th, 2008, 06:45 AM   #670
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Quote:
Originally Posted by cheeps View Post
... Aqua will have 474 apartments and 264 condominiums.
Quick question : what is the difference between an apartment and a condo?
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Old October 4th, 2008, 06:47 AM   #671
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Quote:
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Quick question : what is the difference between an apartment and a condo?
You rent an apartment, you own a condominium.
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Old October 4th, 2008, 06:53 AM   #672
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Thanks for the very quick reply.
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Old October 4th, 2008, 07:41 AM   #673
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Thanks for the very quick reply.
No prob
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Old October 5th, 2008, 05:04 AM   #674
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Oct 03

From Lower N Water




From the river near LakeShoreDrive


Poking up as seen from Wells st bridge.
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Old October 5th, 2008, 08:18 PM   #675
spire1000
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thnx for the update
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Old October 7th, 2008, 01:44 AM   #676
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beauty.
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Old October 7th, 2008, 05:25 AM   #677
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Quote:
Originally Posted by M-Life View Post
I thinks (to avoid misunderstanding) that you should better say Lake Shore Drive here. Instead of LSD
lol! i was about to say "really? rock on brotha!"

i will say it anyway, but for the picture only...rock on!

and do try LSD sometime, chances are you won't regret it.
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Old October 8th, 2008, 06:52 AM   #678
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Manufacturer/ flickr

Mike Steele/ flickr
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Old October 8th, 2008, 01:48 PM   #679
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great shots.
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Old October 8th, 2008, 07:08 PM   #680
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Awesome pictures!!!

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