CHICAGO | Waterview Tower | 1,047' Official / 1,035' Roof | 89 FLOORS |NEVER BUILT [Archive] - Page 16

SolarWind

Mar 30, 2008, 11:43 PM

March 28, 2008

http://img86.imageshack.us/img86/1032/dsc0003ss7.jpg

http://img86.imageshack.us/img86/4994/dsc0013np3.jpg

http://img258.imageshack.us/img258/8846/dsc0026yk4.jpg

http://img258.imageshack.us/img258/1993/dsc0004ym5.jpg

http://img86.imageshack.us/img86/5654/dsc0027ui4.jpg

http://img86.imageshack.us/img86/5576/dsc0002lq6.jpg

simcityaustin

Mar 31, 2008, 1:20 AM

I bet they could do something cool with that open space. Maybe put a cafe at the bottom or something. You could have an artist paint something on the walls...I dunno, could be cool though.

Is it closed in? I don't see a wall....hmmm.

chi-arch

Mar 31, 2008, 2:27 PM

Yes, the space is enclosed along the perimeter of the building if that was your question. I believe these high spaces will remain storage/mechanical.

simcityaustin

Mar 31, 2008, 3:48 PM

^^^ Ah, should of figured that. As long as it's used I guess.

jjk1103

Apr 1, 2008, 7:11 PM

....so I presume that the building will rise VERY quickly once they get into the slender tower ?

PhxSprawler

Apr 1, 2008, 8:13 PM

I am amazed at how quickly this is rising!

Surrealplaces

Apr 2, 2008, 5:38 AM

Nice to see this one rising at a good pace.

kenratboy

Apr 2, 2008, 5:41 AM

....so I presume that the building will rise VERY quickly once they get into the slender tower ?

I think so. The transfer floor was a PITA, but things should start to happen much faster. The core is less complex, and the floors are smaller.

jjk1103

Apr 2, 2008, 2:10 PM

.....are they just about at the transfer floor now ?

BVictor1

Apr 2, 2008, 3:51 PM

.....are they just about at the transfer floor now ?

From counting, there seems to be 3-5 floors remaining before the transfer.

Steely Dan

Apr 7, 2008, 3:33 PM

04.06.2008

http://img510.imageshack.us/img510/6189/p1000603ib2.jpg

http://img412.imageshack.us/img412/4315/p1000604mr1.jpg

jc5680

Apr 7, 2008, 3:45 PM

Those columns, in steely's photos, at the top front look taller than normal. Are we at the transfer floor?

dagobert

Apr 7, 2008, 4:41 PM

Those columns, in steely's photos, at the top front look taller than normal. Are we at the transfer floor?

Based on the detailed drawings BVictor posted a long time ago there are supposed to be 15 full hotel floors between the garage and the transfer floor.
Steely Dan's picture shows that they are now working on the ceiling for the 13th floor of the hotel (24H on the diagram), so we have two regular floors to go before we hit the transfer floor, which is going to be almost the size of two regular hotel floors.

http://i97.photobucket.com/albums/l240/BVictor1/P1050785.jpg
http://i97.photobucket.com/albums/l240/BVictor1/P1050786.jpg

aaron38

Apr 7, 2008, 6:16 PM

Well the core is two floors ahead, so if there's two floors to go to the transfer floor, then it's probably about time that the core changes from a square to a triangle.
Don't see that too often.

SolarWind

Apr 8, 2008, 2:45 AM

April 7, 2008

http://img517.imageshack.us/img517/4180/dsc0041bt9.jpg

http://img517.imageshack.us/img517/2636/dsc0040ue5.jpg

http://img516.imageshack.us/img516/8026/dsc0056ls5.jpg

http://img516.imageshack.us/img516/5128/dsc0060cy4.jpg

http://img516.imageshack.us/img516/1793/dsc0043df1.jpg

http://img176.imageshack.us/img176/6995/dsc0038oq8.jpg

http://img517.imageshack.us/img517/4383/dsc0036ip1.jpg

I know too. I wonder if everyone has heard the same thing.

i_am_hydrogen

Apr 8, 2008, 4:19 PM

Wonderful shots, SW.

Steely Dan

Apr 8, 2008, 10:49 PM

* many posts deleted *

in the interest of keeping some semblance of order in this thread i have deleted all of the mindless speculation posts from the past 2 days. if you can't wait until some official information is released, you need to find some other interests pronto........ might i suggest a good book......... or windsurfing

until then, back to what we know, not what we don't know we don't know ;)

Nowhereman1280

Apr 9, 2008, 12:04 AM

BrownTown

Apr 9, 2008, 1:53 AM

^^^ How is saying "oh look they are at the right height and have changed the forms so they must be starting the transfer floor" mindless speculation?

So I will repeat my deleted post. They appear to have changed the forms and removed the forms on the main columns so they must be getting started on the two floors of transfer floors.

From my understanding there were 1 or 2 more floors before that, I think what that means is that the transfer floor STARTS at the current height of those two columns, so tehre are still 2 more floors before the transfer floor.

Haworthia

Apr 9, 2008, 2:44 AM

^^^ How is saying "oh look they are at the right height and have changed the forms so they must be starting the transfer floor" mindless speculation?

So I will repeat my deleted post. They appear to have changed the forms and removed the forms on the main columns so they must be getting started on the two floors of transfer floors.

I think your post was the victim of friendly fire. I doubt SteelyDan did it on purpose.

So a question about the foot print of the condo section, how much smaller is it than the hotel part?

wrab

Apr 9, 2008, 3:10 AM

Solar, those pics are really great.

April 7, 2008

http://img516.imageshack.us/img516/8026/dsc0056ls5.jpg

This one is super great.

BVictor1

Apr 9, 2008, 3:50 AM

I think your post was the victim of friendly fire. I doubt SteelyDan did it on purpose.

So a question about the foot print of the condo section, how much smaller is it than the hotel part?

Bout 1/2

dagobert

Apr 9, 2008, 5:10 AM

Given the earlier comotion with regards to Adjustable Forms Inc. and the "secret" I had visited Adjustable's website and they have a PDF presentation on some of their current projects, including Waterview Tower. In the PDF presentation:

http://www.adjustableforms.com/images/pdf/Projects/Waterview.pdf

they have included a number of photos that have been posted on this forum I think by BVictor, HarryC, and Solarwind. Are you guys aware of this fact?
For example Solarwind's photos:
http://img246.imageshack.us/img246/8357/dsc0095ta6.jpg
http://img340.imageshack.us/img340/3480/56469562ya5.jpg

nomarandlee

Apr 9, 2008, 10:46 AM

http://www.suntimes.com/business/roeder/884782,CST-FIN-roeder09.article

Trouble in Shangri-La REAL ESTATE | High-end hotel was set for Wacker tower hit by money crunch
April 9, 2008Recommend

DAVID ROEDER droeder@suntimes.com

...........But progress on the building, marketed as Waterview Tower, has been excruciatingly slow. Sources said the the developer, Teng & Associates Inc., has been unable to secure about $320 million in construction financing and may be forced to stop work. With the shell of the lower floors in place, it's possible the structure will serve merely as a multilevel parking garage until the market for high-priced housing revives.

Five contractors have filed liens on the property since January. The most significant appears to be a claim by Thatcher Engineering Corp. for $207,000. One lien can indicate just a payment dispute; several indicates a project is in trouble and creditors are protecting their interests in case of a bankruptcy or property sale.

...........Sources said Teng has been trying to arrange financing through a German bank, WestLB AG. But the credit crisis has made bankers notably more conservative. "It's getting so you have to put up 30 percent to 40 percent equity," said Chicago developer Michael Reschke, who said third parties have solicited his interest in a stake in the Teng deal but that he's declined.

Hoepf said he wasn't aware of plans to stop construction on his building and referred questions to the project's manager at Teng, Sean McMahon. McMahon and Teng President Ivan Dvorak did not return calls made over several days......................

F1 Tommy

Apr 9, 2008, 12:30 PM

Well that explaines the cladding. It probably on a dock somewhere on the
west coast waiting for payment.

BVictor1

Apr 9, 2008, 12:30 PM

Now you all know.

F1 Tommy

Apr 9, 2008, 12:54 PM

All this means is Teng might have to give up its share. Im sure someone
would be interested in taking this property and finishing construction
if the price was low enough. Soon it will be time for bargain hunters with money. Teng could tie it up for a awhile. We will see.

The credit crunch is still going to get worse as California, Florida ect. and other very overpriced areas prices still need to correct more in my opinion. If they say upturn by late 2008 you can figure it will be more like mid to late
2009. It will get ugly.

trvlr70

Apr 9, 2008, 1:04 PM

Aw hell.....my biggest fear come true. :pissed:

chicubs111

Apr 9, 2008, 1:06 PM

So there gonna stop construction at the end of the week?

cbotnyse

Apr 9, 2008, 1:11 PM

BrownTown

Apr 9, 2008, 1:24 PM

Well this is the problem with all capital projects, if financing goes south then the whole thing can come crashing down. I work in the electric power industry, and the same thing happens with Billion dollar power plants, you can be half way done and then boom they stop right in the middle of construction for lack of financing. Oh well hopefully this gets worked out and is only a temporary delay. Also this still has me worried about the Chicago Spire, I just hope the financing issues with Waterview are an isolated thing and not going to spread.

chi-arch

Apr 9, 2008, 1:25 PM

I am one of the 67% and not to keen to rent my parking space while the rest of the tower gets built. Oh boy.......:(

Alliance

Apr 9, 2008, 1:25 PM

I think this is something absolutely disastrous for Chicago and puts a whole unprecedented level of doubt on every project proposed and U/C. Not that this project had a squeaky clean resume, but Chicago has lost a supertall here.

I hope to god it will at least be cladded and construction resumed in the very near future.

F1 Tommy

Apr 9, 2008, 1:25 PM

The other thing is if Teng does loose its share will they take the
hotel with??

the urban politician

Apr 9, 2008, 1:28 PM

What a dissappointment.

A stubby little parking garage on Wacker. Eventually I hope the tower is built, or it would be a colossal waste of space and an embarrassment for Chicago

CenIL_LA

Apr 9, 2008, 1:32 PM

I'm sort of amazed that the original financer was able to back out on this project after already having commited. What kind of crap is that? Onto the situation now, I realize how much of the tower is sold but the credit times are tough, and will likely still get tougher. I dont know what it will take to get this tower going but even with a slightly higher number of sold units than had with the first true construction loan, it wasnt able obtain the financing it needed in some of the easiest financing times in recent memory. This isnt too good. Someone will have to go out on a limb to fund this project or else even the usefulness of what has been built will become an issue to further developments. The trick will be, how long does Teng wait before it considers it dead? What does it take beyond 67% of the condo units, 25-35% of a completed building to aquire a loan? Banks are being cautious but this building is not likely to be one hit by as many defaulters as some other buildings. By the time people will be moving in we would likely be on the way up economically.

WonderlandPark

Apr 9, 2008, 1:40 PM

I hope they clad this, Chicago does not need a hulking quarter-finished stack of concrete sitting in a prime spot along the river.

aaron38

Apr 9, 2008, 1:41 PM

Personally, this is where the City of Chicago and the State of Illinois need to step in, and soon.

Nobody wants to throw good money after bad, but the fundamentals of this project are sound. With the capital investment made and 67% already sold, this project is not going to lose money. It may not have the returns that skitish investment banks want, but it's sound. And the remaining units will sell out when the building is built. It's an amazing location, it will sell.

If private investors won't step in, then the City and State can either lend the money to get the project finished, or watch an empty shell sit on Wacker for years. And what are we, North Korea?
I agree with Alliance, this will be a black eye on Chicago if it's not fixed.

Jaroslaw

Apr 9, 2008, 1:47 PM

My disappointment at this is only a little bit tempered by the satisfaction that the relentless campaign here to keep down all negative rumors about this project has been for naught.

There's still a good chance this guy will get built. After the existing contractors get wound up, whoever takes over should be able to get lower bids for the remaining work, with prices of steel and concrete declining in the next year or two. Other things like the curtain wall will come down in price, too. It's a unique product, the vendor would take a very big hit there if it's not used at the WT.

In short, a bankruptcy workout, new numbers, some contrarian investors, and voila. Although at some point they might have to start refunding deposits, too.

BVictor1

Apr 9, 2008, 1:50 PM

I think that we all must remember who wrote the article and the history/reputation that he has with other projects and reporting the negatives.

I think this is something absolutely disastrous for Chicago and puts a whole unprecedented level of doubt on every project proposed and U/C. Not that this project had a squeaky clean resume, but Chicago has lost a supertall here.

I hope to god it will at least be cladded and construction resumed in the very near future.

Who said that Chicago has lost another supertall? Roeder?

Chill people. Learn a bit of faith and quit jumping on the Roeder bandwagon.

WonderlandPark

Apr 9, 2008, 1:54 PM

I think that we all must remember who wrote the article and the history/reputation that he has with other projects and reporting the negatives.

OK, then delete another 3 pages of posts because you don't like the reporter....jeez

Spiral Architect

Apr 9, 2008, 1:57 PM

The past six months have been tense for this project, but much of what is/has been going on behind the scenes is not in Roeder's very outdated article. Be patient.

F1 Tommy

Apr 9, 2008, 1:58 PM

Good point!!:previous:

But after watching how long it took to get above ground level I already had
doubts about Teng's credit. I really think this will get built. It just may be with another developer. Teng does have close ties with the hotel. That may
be a problem.

CenIL_LA

Apr 9, 2008, 1:58 PM

I think that we all must remember who wrote the article and the history/reputation that he has with other projects and reporting the negatives.

Yeah that is the other thing too, obviously they talked to one developer that turned investment into the project down. The article hints at this German bank and working to aquire financing but it doesnt say at what stage in the game that is in. It could be on the cusp of happening for all we know. German banks also have not had the losses through the last few years that others have. Since they are stronger right now they are more likely to become the victor.

the urban politician

Apr 9, 2008, 2:06 PM

I think that we all must remember who wrote the article and the history/reputation that he has with other projects and reporting the negatives.

Who said that Chicago has lost another supertall? Roeder?

Chill people. Learn a bit of faith and quit jumping on the Roeder bandwagon.

^ I agree about Roeder's negativity. And it's also good news to hear that Shangri-La is committed to this site "long term".

But you have to admit, BV, for some of us not on the inside like you, what else is a rational guy supposed to assume? Slow construction, no financing, and a national credit meltdown. It's reasonable to have lots of doubts.

I'm not the "have faith" type, I guess

Jaroslaw

Apr 9, 2008, 2:07 PM

German banks also have not had the losses through the last few years that others have. Since they are stronger right now they are more likely to become the victor.

This is factually incorrect. Just type "German banks" into google news. "German banks are holding an estimated €200 billion ($315 billion) in nonperforming loans, the highest level in Europe, after a slowdown in their ability to sell the loans to investors last year, according to research from accountancy firm Ernst & Young." Wall Street Journal - Apr 3, 2008, and so on...

I'd expect somebody from HK/China to show up, actually. The city probably can't invest in this directly, but what if Daley said, "Union-free labor contracts for the investor," something creative like that? Nah...

Shangri-La had a good 2007, profits up 69%.

http://www.forbes.com/markets/2008/04/01/shangrila-asia-hotels-markets-equity-cx_vk_0401markets05.html

Doesn't seem like they usually put much skin in the game, though: "Shangri-La Asia also signed five new hotel management agreements in 2007 for properties owned by third parties, such as the 212-room Shangri-La Hotel in Toronto and the 257-room Traders Hotel in Doha, Qatar."

CenIL_LA

Apr 9, 2008, 2:19 PM

hmm well I was incorrect then, i had heard that German banks of course were having some issues but I thought I heard them being worse elsewhere. I was aware that Deutsche Bank was posting losses. I am not familiar with the bank they are trying to work with. Regardless on that note though, its still better than any bank here. It is encouraging to hear what you know Jaroslaw, there is still room for the fat singing lady to get fatter before she sings if Teng plays cards correctly.

Mojava

Apr 9, 2008, 2:37 PM

regarding sales figures: they are 67% sold on residential units and about 40% sold on hotel condos. doing the math, they are 55% sold on the entire project.

wrab

Apr 9, 2008, 2:40 PM

This project has some of the nicest layouts & views of any residential tower downtown. For me, the situation is a real headscratcher, even with the economy tanking.

The Pimp

Apr 9, 2008, 2:59 PM

Is the 67% sold figure accurate? (posted earlier) If so, thats seems like more than enough to keep going, plus I would think the hotel portion can have a soft open like Trump did to generate revenue.

If this thing just stops, that would really suck.

Yes. That 67% figure was given to me by Dorie Frieman at the Waterview offices. I personally do not believe this project is dead... BVictor is correct with his assessment of Roeder. He has consistently been a doomsayer douchebag. Just relax everybody. Do you really think the Mayor would allow a vacant shell of a building to sit on Wacker Drive without getting finished? Come on...

chi-arch

Apr 9, 2008, 3:08 PM

I have faith :D

cbotnyse

Apr 9, 2008, 3:08 PM

Yes. That 67% figure was given to me by Dorie Frieman at the Waterview offices. I personally do not believe this project is dead... BVictor is correct with his assessment of Roeder. He has consistently been a doomsayer douchebag. Just relax everybody. Do you really think the Mayor would allow a vacant shell of a building to sit on Wacker Drive without getting finished? Come on...what can Daley really do? I dont think he can get away with using taxpayer money to keep this going.

rgolch

Apr 9, 2008, 3:27 PM

I fear that too many forumers have been in denial about this potentially happening. Sometimes rumors turn out to be true. And it has always been concerning that financing was not secured.

It's true that this tower is in a good location. But there is a lot of legitimate competition out there for potential buyers, and frankly, there are so many other parts of the city I would rather choose.

I understand why so many posts get deleted when this comes up; this topic could spiral out of control. But the deleting of posts also contributes to the lack of acknowledgement that this project could, indeed be in trouble. :(

Mojava

Apr 9, 2008, 3:41 PM

Yes. That 67% figure was given to me by Dorie Frieman at the Waterview offices. I personally do not believe this project is dead... BVictor is correct with his assessment of Roeder. He has consistently been a doomsayer douchebag. Just relax everybody. Do you really think the Mayor would allow a vacant shell of a building to sit on Wacker Drive without getting finished? Come on...

Interesting how she only gave you the decent sales figures for the residential and not the poor sales figures for the hotel.

CenIL_LA

Apr 9, 2008, 3:43 PM

^The good thing is now we have, something we havent had before, something more evidenciary that it is happening. We couldnt go for the last 8 months filling this thread only with what we know. We knew what was happening but without a formal announcement or evidence, we can only do so much. The easiest thing is to let those blips hit the forum so people are aware but it shouldnt be logged into our permanent consience without proof. It didnt prevent denial, many of us will still deny a full outright blowup until another developer places something else on top of the existing shell. We knew there were concerns. We just had no way of knowing what exactly the skinny was.

BVictor1

Apr 9, 2008, 4:05 PM

Interesting how she only gave you the decent sales figures for the residential and not the poor sales figures for the hotel.

I've reported the sales figures for the hotel here multiple times. It's been between 42% and 45% for the past 6 - 9 months.

I have faith :D

You and me both.

The past six months have been tense for this project, but much of what is/has been going on behind the scenes is not in Roeder's very outdated article. Be patient.

I've heard this same response from a few people this morning.

honte

Apr 9, 2008, 4:28 PM

I'm not sweating this... it's far too solid of a project.

I made a post a long while back that got deleted in the speculation bin. In that post, I presented Teng's annual revenue from last year, which was really very impressive. I don't have those numbers any longer.

In another post that got deleted, I mentioned that the hotel is the weakest part of the proposal. Ironically, that is the part that is nearly built now. It seems reasonable that this part of the plan could be transferred to another party, or an agreement struck with Shangri-La to take on the hotel units themselves. This could be structured as a cash-out plan for TENG that reduces their profits in the hotel but gives them more equity to crank into the residential part, which looks much stronger, I believe. This is all coming from an admitted novice in financial matters, but nothing here seems far-fetched.

Last, I agree completely with BVictor concerning Roeder. TENG is a corporation with many millions in profit each year. Roeder is a little chump sitting in a cubicle in the Sun-Times building who likes to lob shots at anyone with any vision who is willing to think outside the box. Meanwhile, he cheers for the developers who do the same old thing, many of them responsible for the nasty part of the Boom.

I'll wait until Friday's announcement, if it's still coming.

dagobert

Apr 9, 2008, 4:35 PM

From an accounting/financial point of view completing this building is a no-brainer. All the money spent in the last year on foundation work, the parking, and hotel portion are a sunk cost. I would venture to estimate that what had been spent already amounts to perhaps about 1/4 to 1/3 (I personally lean toward the 1/3 figure, but I might be underestimating the cost of interior finishing) of the total construction costs for this building. Since we do not live in a text book world, we have to keep in mind that litigation from current creditors and debtors would halt any construction for about 2 years while things are sorted out. If Teng goes into bankruptcy it will be interesting for how much they will be able to sell their portion of this building. Still, anyone who does buy out this tower will do so at a nice discount.

Tom In Chicago

Apr 9, 2008, 4:37 PM

Although this news shouldn't come as a surprise, Teng still owns the land and have had it for years before this building even started construction. . . Shangri-La isn't planning on leaving the project. . . even if they stop construction on the building due to litigation, it will still likely be finished or at worst sold off to a more competent developer to complete the project. . . but the idea that the city and/or state should "step in" and do something about is absolutely absurd. . .

Kngkyle

Apr 9, 2008, 5:11 PM

I won't begin to worry until I see construction halted on the site for a long period of time. I have faith that this will get done as planned. We have known about the fishy financing details for awhile now, so I don't see this as such a shocking revelation.

Rocket1

Apr 9, 2008, 6:00 PM

Perhaps they plan to do something like the Blue Cross/Blue Shield building, where the lower part is completed -- leaving us with a parking garage and hotel.

But everything's in place to commence working on the residential portion several years from now.

The Pimp

Apr 9, 2008, 6:34 PM

Please... let me rephrase. When I stated that the Mayor wouldn't stand for a shell of a building to be on Wacker Drive, I meant that he could use his influence to find another developer to finish off the current project. No one thinks for a second that any government agency could or would step in to assist this or any project. Maybe if Teng was Bear Stearns or Chrysler......

The Pimp

Apr 9, 2008, 6:43 PM

Teng is about to put out a press release stating that the building will continue to be built. This situation is very stressful... because my wife and I are selling our town house next to the CS and were thinking of buying in this building.

chi-arch

Apr 9, 2008, 7:07 PM

Come on in Pimp! The water is fine. :tup: Like I said, I have faith and am not worried that things will progress on Waterview Tower. Any slow down will be very short lived. :D

This will NEVER be a parking garage and hotel with a tower some time down the road.

aaron38

Apr 9, 2008, 8:46 PM

. . .but the idea that the city and/or state should "step in" and do something about is absolutely absurd. . .

What's absurd about the state providing financing? Governments finance projects all the time. What we know is that Teng is desperately trying to get someone to give them a loan, that they will repay. But the credit market has all the private lenders hiding under the bed.
That's why our economic system isn't pure capitalism. Sometimes the government has to step in and keep the wheels moving when private institutions go risk adverse and shut down.

I'm not suggesting that the state take ownership of the project. I'm suggesting that they rectify the problem, that Teng can't get a construction loan. As Honte said, Teng is a big company, they're good for it.
And it's in the state's best interest to get the building built and occupied and the tax revenue flowing.

If the construction loan is the only issue, and Teng cannot get the money, the state should step in.
If there are other problems, that changes matters.

CenIL_LA

Apr 9, 2008, 9:06 PM

^Even smaller cities like Moline provide loans for private condo/office towers. They are funding a pending project in thier downtown as we speak as long as the units can get sold. Moline gets little support from outside sources and isnt a high income community. There is nothing to say Chicago couldnt do it so long it got paid back.

budman

Apr 9, 2008, 9:08 PM

Hey Pimp, I left you a private message.

BVictor1

Apr 9, 2008, 9:20 PM

I sent an email this morning:

Mr. ------,

My name is Butler Adams (BVictor1) and I met you several months ago at
the Union League club when there was a presentation on the structural
engineering for Waterview Tower. I'm sure you've read the article in
todays Sun-Times about financing. I've heard these rumors over the past
few weeks and hope that they are resolved soon. I've also heard that
the article is out of date and a lot is happening behind the scenes.

Please tell me that we won't have a 25-story concrete shell sitting at
the corner of Clark and Wacker. I love this project and have been
following it for the past 3 almost 4 years now. I'd be quite
disappointed along with many other people if this project isn't
completed.

Is there any good news to report? Was the article full of it?

I hope that you all will continue to trek along, and I expect to see a
beautiful skyscraper to talk about on my tour in the near future.

Butler V. Adams
www.emporis.com

The response I received this afternoon:

Hi Butler,

Thank again for your continued support and admiration for the Waterview
Tower project.

Waterview, LLC, the Teng Companies, Shangri-La Hotel & Resorts, and the
project's exemplary team of contractors remain committed to the success
of Waterview Tower & the Shangri-La Hotel, Chicago. Several large
international funds are in the process of their loan review. In the
meantime, all those involved with the project continue to work together
to protect the integrity and quality of the project while the remaining
funding is being secured. To dispel the rumors, Waterview has no
intention to build anything other than its current 90 story "iconic"
design.

Please keep the faith...

**** *******

I think that we should

i_am_hydrogen

Apr 9, 2008, 9:32 PM

To dispel the rumors, Waterview has no
intention to build anything other than its current 90 story "iconic"
design.

Please keep the faith...

Thanks for sharing. Of course, intending to do something and having the ability to do it are often two different things... But I'm still keeping the faith. I'm not worried.

Alliance

Apr 9, 2008, 10:24 PM

I'm worried, but have faith.

Thanks V for your efforts.

cbotnyse

Apr 9, 2008, 10:36 PM

I'm worried, but have faith.

Thanks V for your efforts.second that. I think 67% sold is a strong number, this site has a lot of value.

F1 Tommy

Apr 9, 2008, 10:44 PM

I have faith in this project. It will get done by someone.
I hope Teng can pull it off as they have put alot of effort
into what may be the second best supertall in Chicago.(ok third best)

chi-arch

Apr 9, 2008, 11:27 PM

Faith....and conviction will rule the day. Nice job Bvic :cheers:

killaviews

Apr 10, 2008, 12:08 AM

The Pimp

Apr 10, 2008, 12:29 AM

Hey Pimp, I left you a private message.

Thank you for the message!!!!

kazpmk

Apr 10, 2008, 3:26 AM

Truly horrible news. This would be such a blunder if this building were to be put on hold.

I still have to be cautiously optimistic.

chi-arch

Apr 10, 2008, 1:33 PM

If you want to take a closer look at Waterview's troubles go to Cook County Recorder of Deeds: http://www.ccrd.info/CCRD/il031/index.jsp

The Property ID (PIN)# is 17-09-419-004-0000

It has 4 liens from:
Thatcher: $207,719
Hill Mech.: No amount listed
Aquaris Fluid: $96,586
Hatchell & Assoc.: $90,020

So they owe at least $394,325

To assume that they owe $394K is erroneous as a lien is really a dispute between the property owner and the contractor over money for services. In a lot of cases these filed liens are inflated to cover attorney's fees in collecting the dough, etc. and sometimes they are settled for .10 on the dollar. The filed liens are indeed the fact, but like anything else there are always more than just one side to the story. Unfortunately, the story that was developed and printed over this issue paints one side and is unfair. This is a $400 million dollar project and in the concept of the total these liens are puny.

cbotnyse

Apr 10, 2008, 1:42 PM

chi-arch, do you have a condo under contract here? I think you, more than anyone here, should demand some answers about the health of this project. Have you called anyone?

chi-arch

Apr 10, 2008, 2:13 PM

Yes I do and this is widely known by those who post here regularily. Certainly, I have contacted the developer about this and my faith is intact. I have no worries at all that this will continue upward. We have known for a long time that the financing of this project had not been secured and unfortunately recent news has created yet another stir. It will get done and we are not going to see a 29 story hotel and parking structure on this site, ever. :tup:

kazpmk

Apr 10, 2008, 2:31 PM

^I'm encouraged by the optimism:)

The Pimp

Apr 10, 2008, 3:16 PM

Just had a phone call with the developer at the Waterview. All I can say is... not to worry all is fine!!!!!!!! Good news!

honte

Apr 10, 2008, 3:51 PM

^ Good. Now, sign that contract! ;)

BVictor1

Apr 10, 2008, 3:56 PM

04/09/08

https://community.emporis.com/images/6/2008/04/607418.jpg

https://community.emporis.com/images/6/2008/04/607419.jpg

https://community.emporis.com/images/6/2008/04/607421.jpg

https://community.emporis.com/images/6/2008/04/607427.jpg

https://community.emporis.com/images/6/2008/04/607430.jpg

chi-arch

Apr 10, 2008, 4:02 PM

^^Thanks Vic. :tup:

This is really what we come here to see, right?

dagobert

Apr 10, 2008, 4:34 PM

If everything is fine and dandy as far as money is concerned for the moment, why haven't we seen any facade and cladding go up. Its high time that they begin installing the outerskin instead of storing it in some mythical warehouse. Seeing cladding go up would reassure me more than statements of confidence from the developer- actions speak louder than words after all.

harryc

Apr 10, 2008, 5:48 PM

The dark side ( South )
http://lh4.ggpht.com/harry.r.carmichael/R_43eYd42gI/AAAAAAAAhBw/NiNm7lrn8d4/2008_04_08a.JPG?imgmax=720

click to enlarge
http://inlinethumb35.webshots.com/34018/2251656920102798085S200x200Q85.jpg (http://good-times.webshots.com/photo/2251656920102798085vyXKWH) http://inlinethumb31.webshots.com/31198/2871090780102798085S200x200Q85.jpg (http://good-times.webshots.com/photo/2871090780102798085KhECcI)

Not sure why these were dipped in concrete and then brought down.
http://inlinethumb29.webshots.com/36188/2181733150102798085S600x600Q85.jpg (http://good-times.webshots.com/photo/2181733150102798085fNYXiQ)

chi-arch

Apr 10, 2008, 5:52 PM

Something tells me that even if they started the cladding(mythical warehouse..:) ) you would still not be reassured. :shrug:

The Pimp

Apr 10, 2008, 5:58 PM

^ Good. Now, sign that contract! ;)

I will!

BVictor1

Apr 10, 2008, 6:03 PM

That's alley perspective is going to be bitchin'.

I don't think there are any other supertalls built on an alley, most are on plazas.

chi-arch

Apr 10, 2008, 6:03 PM

^^^Wooot!! Party Time :cheers:

dagobert

Apr 10, 2008, 8:08 PM

Something tells me that even if they started the cladding(mythical warehouse..:) ) you would still not be reassured. :shrug:

come on, lets not be such pessimists. :cheers:

chi-arch

Apr 10, 2008, 8:16 PM

^^Yeah, what was I thinking! :tup: Onward, Upward and skinned! :cheers:

jjk1103

Apr 10, 2008, 8:42 PM