[Surrealplaces]

Let's hope it's not idle for too long. I'm anxious to see this project finish.

[IRLaw]

this is true, the site was largely abandoned today, had me slightly rattled, I walked by the site about 3 or 4 times during the work day, there was some activity inside the building, I'd say about 10-15 workers in the interior AT A MAXIMUM. Maybe they're waiting until all the contract negotiations are complete?

[cbotnyse]

Any activity this morning? I usually drive by the site every morning, but took a different way to work today.

[BVictor1]

^The slow-down that has been mentioned in the past is currently in progress.

There are still a dozen or 2 workers inside the shell.

Once the financing if "finalized" (remember the money is coming from outside the county so it takes longer), things will pick up again.

Patience...

[cbotnyse]

Once the financing if "finalized" (remember the money is coming from outside the county so it takes longer), things will pick up again.

Patience...that has nothing to do with anything. Finance is global and can be done with a click of a button. It doesnt matter if the money was coming from China or from a bank in Chicago. Having said that, I hope they dot all the i's and cross all the t's soon. I was just looking for confirmation of the work slowdown from our reporters that overlook the site.

[harryc]

Lower Wacker

Site very quite today ( Tuesday )



http://lh6.ggpht.com/harry.r.carmichael/SA5FfmARClI/AAAAAAAAi44/sa18u82T4xM/P1310381.JPG?imgmax=720



NW corner

http://lh5.ggpht.com/harry.r.carmichael/SA5FHWARCaI/AAAAAAAAi2w/jaS7akHtYd0/P1310380.JPG?imgmax=720



http://lh5.ggpht.com/harry.r.carmichael/SA5FIWARCbI/AAAAAAAAi28/4s2dDMRABAs/P1310377.JPG?imgmax=720



middle

http://lh3.ggpht.com/harry.r.carmichael/SA5FJ2ARCcI/AAAAAAAAi3I/fxrWSEVAVbM/P1310375.JPG?imgmax=720



The Pump is still there

http://lh6.ggpht.com/harry.r.carmichael/SA5FPmARCdI/AAAAAAAAi3U/QC2hZ5VIdpI/P1310373.JPG?imgmax=720



http://lh4.ggpht.com/harry.r.carmichael/SA5FRGARCeI/AAAAAAAAi3g/EMVNRJhtHWs/P1310344.JPG?imgmax=640



Some work continues

http://lh5.ggpht.com/harry.r.carmichael/SA5FSWARCfI/AAAAAAAAi3s/HQNzJxegn9w/P1310345.JPG?imgmax=512



Ramp down to lower parking levels

http://lh6.ggpht.com/harry.r.carmichael/SA5FYmARCgI/AAAAAAAAi34/3YptHI6hKxw/P1310351.JPG?imgmax=800



Temporary power ( NE corner )

http://lh4.ggpht.com/harry.r.carmichael/SA5FfGARCkI/AAAAAAAAi4s/6yJmEkZintQ/P1310365.JPG?imgmax=720



http://lh6.ggpht.com/harry.r.carmichael/SA5FZmARChI/AAAAAAAAi4E/FF6Mh_OgkKg/P1310352.JPG?imgmax=720



http://lh3.ggpht.com/harry.r.carmichael/SA5Fa2ARCiI/AAAAAAAAi4U/eOQTpgS4Nw8/P1310354.JPG?imgmax=720



The surface peeks through

http://lh5.ggpht.com/harry.r.carmichael/SA5FeWARCjI/AAAAAAAAi4g/LVBNsHjb7H0/P1310362.JPG?imgmax=640

[BVictor1]

http://www.suntimes.com/business/roeder/909657,CST-FIN-roeder23.article

April 23, 2008

DAVID ROEDER droeder@suntimes.com

SHANGRI-HA! Touche for Teng & Associates Inc., the class acts behind the Shangri-La hotel and condo tower under construction at 111 W. Wacker. Their top guys ducked my calls for days before I wrote in this space two weeks ago about how their project was financially pressed. Their reply was to tell friendlier media days later that, presto, they have found $300 million to finish construction on the 90-story building. Except that their own press release said they don't have the money yet.

[the urban politician]

^ So is this Roeder's way of trying to vindicate himself or what?

[the urban politician]

that has nothing to do with anything. Finance is global and can be done with a click of a button. It doesnt matter if the money was coming from China or from a bank in Chicago. Having said that, I hope they dot all the i's and cross all the t's soon. I was just looking for confirmation of the work slowdown from our reporters that overlook the site.

^ Right, but the financing deal doesn't close until June

[cbotnyse]

^ Right, but the financing deal doesn't close until JuneI understand, but that has nothing to do with the bank being overseas.

Lets hope they stick to the closing date. :fingerscrossed: :fingerscrossed:

[CenIL_LA]

Roeder likes to dig himself in deeper huh? He will feel like the ultimate horse's butt when the financing in complete in June. His style of writing in this article is clearly emotional with little basis for what he writes. When did newpapers start outsourcing thier jobs to monkeys? The wheels were in motion for any kind of the financing issues long before he even wrote that article for the slowdown. They didnt put out a press release because of this princess. Thinking that everyone necessarily reads or believes what he writes is a little egotistical.

[Steely Dan]

roeder is a horrible journalist. whatever happened to reporting the facts? what's with his petty little personal vendettas that infiltrate his "articles"? i'm astonished the man is actually gainfully employed in the journalism business. he is an embarrassment to the profession and to the city.

[Tom In Chicago]

Not to stray off topic, but Roeder seems to be pretty much on it. . . just because most of us don't like what he has to say, doesn't make it any less relevent. . .

[Steely Dan]

^ tom, it's not what he says, it's how he says it. the man is an awful journalist. his "articles" are now little more than petty personal "gotcha" pieces, and even in the parts where he does try to offer some actual insight such as "With Chinese stocks down 50 percent since October, it sounds as shaky as the other financing deals they've tried in the last three years.", he doesn't even bother to mention any of these other shaky financing deals that he references to try to prove his point.

he's an awful journalist, regardless of whether or not i personally like the "news" he happens to report.

[Tom In Chicago]

He may not be the best journalist. . . but I think people on these boards are just not happy with /what/ he says and trying to prop up their own hopes for this project without looking at the /facts/. . .

[Nowhereman1280]

Tom, he just got an egg on his face last week when they announced that financing is on the way, this piece is clearly an attempt to cover his ass. Notice that everything he says is based off of "it sounds like this" and "well something bad happened in China so the deal is bad" which have no legitimacy to them at all. The stock market in China going down has no effect on whether or not Chinese banks will lend money. The amount of money China's banks have is what matters.

Personally I would take what the developer actually says over what Roder speculates based on how what the developer said "sounds".

Roder is a moron, its undeniable. He's gone down hill the last couple years especially as he constantly wrote doomsday articles about Chicago Spire despite the fact that the Spire constantly proves him wrong...

[Tom In Chicago]

Yeah. . . I read the article. . . I think you missed my point(s). . . but let's get back on topic. . . thanks in advance. . .

[intrepidDesign]

^ Right, but the financing deal doesn't close until June

So then is the site going to be idle for the month of May?:mad: Our summers are so short I would hate to see a month of good construction weather wasted.

[The Pimp]

He may not be the best journalist. . . but I think people on these boards are just not happy with /what/ he says and trying to prop up their own hopes for this project without looking at the /facts/. . .

Tom...with all due respect. This idiot doesn't have his facts concerning this project. It is absolutely criminal that this so called journalist can pontificate his views without having correct facts. Criminal!!!

[jjk1103]

Tom...with all due respect. This idiot doesn't have his facts concerning this project. It is absolutely criminal that this so called journalist can pontificate his views without having correct facts. Criminal!!!

....we're getting off topic (but we probably don't have much else to talk about).....I would tend to agree with Tom though........Roeder is the R/E reporter and WT is a legimate story, he didn't have all the facts.....he did the best he could......

[Alliance]

I think both camps are wrong.

I think this project is financially unstable, but at the same time, its not as bad as some people are making it out to be.

Roeder is a shitty reporter. No matter how real your story is, if you don't have facts, you don't publish. This sort of standard is present in all of academia, except for editorial boards, which is exactly waht Roeder is writing.

The real issue is the financial stability of this project. I think it is irrational to say "it will be built." By the same token, it is irrational to say it won't be. This is called a GREY area, there is reason for concern and optimism. So, lets just settle down and be lukewarm for a bit.

[Steely Dan]

^ that's exactly my take on the situation as well. june will provide some answers, one way or the other.

and yes, roeder is a shitty, shitty reporter.

[VivaLFuego]

roeder is a horrible journalist. whatever happened to reporting the facts? what's with his petty little personal vendettas that infiltrate his "articles"?

Exactly. His writing is editorial, he might as well be a poster on SSP and not a gainfully employed journalist. Maybe people would return his calls if he treated them with more respect.

[TowerGuy37]

Just a few questions here... Im as optomistic as the next person here and what I'm gonna say here is by no means any kind of speculation just pure observation. If Teng has proceeded thus far and spent and financed most of the cost himself, why wouldn't he continue to work at a more rigorous pace knowing he has his financing? It seems in the long run that costs keep skyrocketing why not try and finish closer to budget. Im sure this is easier than done. Im assuming Teng has bit off so much with this project that he cannot no longer afford to keep it going on him own till June. Its kind of a bummer they can't use these next two months to get that transfer floor finished so they can go full force come closing time!!!!!! SO close to the actual tower now ! any thoughts??

[budman]

Teng is not a guy. In the same way that Pink Floyd is not a guy.

[Tom In Chicago]

TowerGuy37 - Just a few questions here... If Teng has proceeded thus far and spent and financed most of the cost himself, why wouldn't he continue to work at a more rigorous pace knowing he has his financing?

He (the firm) doesn't have financing yet. . .

TowerGuy37 - It seems in the long run that costs keep skyrocketing why not try and finish closer to budget. . . SO close to the actual tower now ! any thoughts??

It's important to note that Teng owns the property. . . what they've done is attempted to build the structure pre-sales anticipating that the forward progress would help 1) sell units and 2) indicate to a prospective guarantuer that they were serious about their commitment to the project. . . what has happened is simply that it is taking longer to obtain a construction loan and the construction costs have caught up with them. . .

I'm confident that the loan will go through with this Chinese bank and construction should resume in a few months, but if it doesn't someone will likely step in to become an equity partner to complete the project. . . if that happens the timeframe for completion is unknown. . .

. . .

[ethereal_reality]

since there is a lull in activity...

http://img501.imageshack.us/img501/3356/1kodachromelasallewackegx8.jpg
acquired snapshot / Waterview site about 60 yrs ago.


Waterview's 512 ft neighbor (LaSalle-Wacker Bldg) was significant enough
to host a beacon for air traffic.

http://img230.imageshack.us/img230/7694/1lasallewackerhugescanblm9.jpg


..looking north down LaSalle. Waterview will be in the center of this image.

http://img507.imageshack.us/img507/3392/lasallebeaconn2bwxi9.jpg

[wrab]

^ Those pics are awesome - funny how even then, with its much smaller scale, the cityscape still looked impressive.

Imagine a WVT unit with an eye-level view of LaSalle/Wacker's (neon?) cap at night - that'd be great.

[Tom Servo]

since there is a lull in activity...

http://img501.imageshack.us/img501/3356/1kodachromelasallewackegx8.jpg


then and now:

so much better sans donnelly and leo burnett and that crappy hotel

http://www.jujuwebdesign.com/photos/USA/Chicago/images/chicago_river.jpg
*jujuwebdesign.com

[ethereal_reality]

^^^ AdrianXSands-that's so cool.

[harryc]

^^^ AdrianXSands-that's so cool.

:previous: Ditto:previous:

[Jaroslaw]

Teng is not a guy... but does anyone know where the name comes from? On their website, there is a photo from the 1950s of what looks like an Asian/Chinese fellow... was Teng the name of the founder?

[chi-arch]

Founded in Chicago as a minority-owned business in 1959, Teng has evolved substantially during the last 42 years. Dr. Wayne Teng and his wife Eleanor started the company as a structural engineering firm with expertise in foundations based on his book Foundation Design. The period from 1959 through the mid-1960s produced mainly structural specialty work and included projects such as high-power transmission antennas. As the commissions became more numerous, the firm's work expanded to include communications facilities for Illinois Bell (now SBC/Ameritech). These facilities consisted largely of buildings that housed sensitive and expensive communications equipment.<-Not my editorial!

Dr. Teng was born in China and attended UIUC. He died in 1999.

[Jaroslaw]

Thanks! That's the info that I wasn't able to find myself... so WT now has a double China connection! :)

[wrab]

Thanks! That's the info that I wasn't able to find myself... so WT now has a double China connection! :)

Triple, if you count the founder, the financing, and Shangri-La.

[The Pimp]

I was told by an executive from Teng that there will be no advancement on the building unitl June....period. Inspite of this minor setback.... a very large unit was sold over the weekend.

[BVictor1]

I was told by an executive from Teng that there will be no advancement on the building unitl June....period. Inspite of this minor setback.... a very large unit was sold over the weekend.

Thanks.

I guess that would go along with the statement that they put out saind that the financing deal should close in 30-60 days.

Get the money, pay of who you owe and start the next phase.

[chi-arch]

^^Yessir, and hopefully never look back. :)

[surfchicago]

Just a padlock out front today. Apparently, not even a security guard.

[SolarWind]

April 29, 2008

http://img297.imageshack.us/img297/6069/dsc0039pq3.jpg

http://img518.imageshack.us/img518/7317/dsc0038ut7.jpg

http://img297.imageshack.us/img297/6313/dsc0036em7.jpg

[Hayward]

Very silent

[jjk1103]

April 29, 2008

http://img297.imageshack.us/img297/6069/dsc0039pq3.jpg


...well the concrete will really have time to set ! :)

[STR]

They could always re-open the parking lot if things take a while, the parking levels are all done.

[i_am_hydrogen]

Taken today:
http://img205.imageshack.us/img205/8381/waterview430su1.jpg

[Beck4ABigChicago]

...well the concrete will really have time to set ! :)

:haha: good stuff.

The slowdown seems to slowly becoming a topic of conversation amongst the public. Have had two cab drivers point it out to me....maybe the cabbies visit this site?

[SolarWind]

No surprise, there's a notice posted on the fence that their gas bill hasn't been paid. The service is going to be shut off in the next two weeks unless payment is received.

[Surrealplaces]

I really hope they get this one going again. It was moving along nicely.

[VivaLFuego]

No surprise, there's a notice posted on the fence that their gas bill hasn't been paid. The service is going to be shut off in the next two weeks unless payment is received.

Yikes.

[dagobert]

No surprise, there's a notice posted on the fence that their gas bill hasn't been paid. The service is going to be shut off in the next two weeks unless payment is received.

I saw the same notice posted on 600 N. fairbanks last June and that gas would be shut off on June 14 or something like it if they didn't pay. The amount was about $10k if I remeber correctly. How much does Teng owe?

[the urban politician]

^ Well, why keep paying for gas if nobody's gonna be on the site for a while?

[SolarWind]

How much does Teng owe?
I recall it was just over $44k. Someone ripped the notice down. The top part was still on the fence.

^ Well, why keep paying for gas if nobody's gonna be on the site for a while?
I guess, but there's a difference between no longer using natural gas and not paying an obligation - maybe your comment was sarcastic; I can't tell. Anyway, I'm sure it will all be worked out once financing is in place. :)

[Soaring_Higher]

When I walked by there the other night it was soooo quiet. I even heard crickets. :goodnight:


We all just need to take a deep breath and...

:fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed:

.

[dagobert]

When I walked by there the other night it was soooo quiet. I even heard crickets. :goodnight:


We all just need to take a deep breath and...

:fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :fingerscrossed: :ssed: :: :fingerscrossed: :fingerscrosse


Shouldn't this be reclassified as being on/hold a not under construction? If they do resume work on it later in the future we can always move it back into the underconstruction category. For the time being it is painfully clear that work has stopped.

[neverdone]

but if it doesn't someone will likely step in to become an equity partner to complete the project. . .
. . .

Can you explain exactly what you mean by equity partner?

[Steely Dan]

Shouldn't this be reclassified as being on/hold a not under construction? If they do resume work on it later in the future we can always move it back into the underconstruction category. For the time being it is painfully clear that work has stopped.

no, we will wait until june to make the call on whether this one goes into the "on hold" category. the teng press release said their china loan would close in june. if that happens, then work should start up again, however, if we don't see work resume by the end of june, then we'll know that something went wrong with the loan closing and then we can move this project to "on hold".

[T-Mac]

Can you explain exactly what you mean by equity partner?

Generally an equity partner is someone who will put their money into the project for a piece of it. They will get some ownership in the project.

[chi-arch]

Remember this is a condo and condo-hotel (for now). There is not a lot of equity to go around once everything is closed with the exception of some hotel components. The equity partner would want to share in the profits on the sales and that's why getting the construction loan is so crucial to the current developer, Teng. The equity partner would have to have some deep pockets.

[SolarWind]

May 9, 2008

http://img214.imageshack.us/img214/6221/dsc0034av1.jpg

http://img214.imageshack.us/img214/6633/dsc0028fn5.jpg

[neverdone]

Is there a point with this building or any really, where creating a cold joint between the old concrete and new concrete becomes a problem?

[HighRiser]

[QUOTE][Is there a point with this building or any really, where creating a cold joint between the old concrete and new concrete becomes a problem?
/QUOTE]

Cold joint problems are more of a function of where not when. Mechanical failures or unforseen conditions can cause even fresh concrete to be chopped back to a defined design point acceptable to structual design.
Lots of buildings and garages in chicago have been built to add on future
expansion, technically building off old cold joints with minimal effort and cost.

[Kingsley]

http://upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Washington_Monument_circa_1860_-_Brady-Handy.jpg/664px-Washington_Monument_circa_1860_-_Brady-Handy.jpg

It should be ok, its just concrete.
:tup:

[sfcity1]

This just looks bad, construction of a great building stopped in its tracks. Hope this is an exception and not a new trend.

[The Pimp]

Shit happens. The mark of greatness is how you handle adversity. My sources at Waterview say that the paperwork for the financing is all but finished.

[schwerve]

from yochicago today (http://yochicago.com/today/luxury-homes/inside-a-171-million-penthouse-at-waterview-tower_7062/)

More than 68 percent of the tower’s 233 residential condos have sold, she says. (Another 222 condos will make up the five-star Shangri-La Hotel, located on Waterview’s 12th through 27th floors.)

[trvlr70]

These numbers should bode well with ambivalent foreign investors...especially since 50% is typically the standard.

[Haworthia]

So a silly question for everyone that's probably been answered before, is the tower section all condo, or some condo and some hotel?

[murdoc9]

So a silly question for everyone that's probably been answered before, is the tower section all condo, or some condo and some hotel?

dude, all you have to do is look a couple of posts up. I can understand a couple of pages, but come on!

[Reminiscence]

My cousin in Chicago told me they suspended construction on one of my favorite towers there. I havent been keeping an eye on this one, but I'm sad to find out its true. I really hope they do resolve this soon, seems like a silly reason to stop the progress, but I guess you gotta do what you gotta do.

[Dalton]

My cousin in Chicago told me they suspended construction on one of my favorite towers there. I havent been keeping an eye on this one, but I'm sad to find out its true. I really hope they do resolve this soon, seems like a silly reason to stop the progress, but I guess you gotta do what you gotta do.

Silly? I think lack of money is the best reason out there to stop a project. Frankly, it was "silly" to start the project without sufficient loan committment to see the project to completion. Let's just hope that loan from China closes in June. We don't need a rotting concrete hulk on the east branch of the river - won't look good for the tourists.

[The Pimp]

Two more units were sold last weekend at 2.5 million a piece. Just doing my part to keep up enthusiam for this special project.

[Kingsley]

Pimp: What is your source on these sales? Are you involved with the project or is it a friend?

Just curious.

Thanks:banana: :banana:

[Reminiscence]

Silly? I think lack of money is the best reason out there to stop a project. Frankly, it was "silly" to start the project without sufficient loan committment to see the project to completion. Let's just hope that loan from China closes in June. We don't need a rotting concrete hulk on the east branch of the river - won't look good for the tourists.

I agree, but I dont know if you understood my post. What you said is pretty much what I was refering to. It was my fault though, I should have made it clear. You would think that all the finances would be resolved before the project moved forward, and that any slight turbulence along the way would be dealt with swiftly. This is one of the few, if not only building that I've seen construction suspended because of a reason like that. And no, that would not look good for tourists, especially at such a nice location.

[cbotnyse]

http://i44.photobucket.com/albums/f21/cbotnyse/my%20photos/DSC_0081.jpg

[neverdone]

:previous: Is that still formwork support in the parking garage. Is there a reason it is still there?

[The Pimp]

Pimp: What is your source on these sales? Are you involved with the project or is it a friend?

Just curious.

Thanks:banana: :banana:


My sources are folks within Teng. In addition, there are about 20 guys working on the inside of the project.

[JMO_0121]

Well June is around the corner and lets just hope all these financial problems get resolved. This building is awesome, and to see it fail would be tragic.
:(

[andydie]

cool angle cbotnyse:tup:

[aaron38]

:previous: Is that still formwork support in the parking garage. Is there a reason it is still there?

It's not formwork. It's the fixtures for hanging the curtain wall, when it eventually gets installed.

Two more units were sold last weekend at 2.5 million a piece. Just doing my part to keep up enthusiam for this special project.
But the project doesn't see the 5 mil until closing, correct?

[chi-arch]

^Correct, but his point is sales continue on the project despite the setback on the loan closing.

[BVictor1]

My sources are folks within Teng. In addition, there are about 20 guys working on the inside of the project.

I'm wondering if they are trying to get the parking garage wll wired and sprinklered so that it can be open during construction? This would allow revenue to begin flowing in immediately.

[mcfinley]

^

the amount of revenue brought in is negligible. There is what, 10 floors of parking? If each floor has 100 parking spots, and we'll be generous and say that each spot is bringing an average of $20 a day...10x100x20 = $20,000 a day or $600,000 a month before expenses like insurance and whatnot.

It may sound like a lot of money, but it PALES in comparison to the total construction costs of the building. I don't think it would even cover the minimum interest of existing bank loans. The purpose of having a parking lot isn't to bring in revenue, it's to increase the desirability of hotel and condos in the building.

[Mojava]

[QUOTE=mcfinley;3559991]^

the amount of revenue brought in is negligible. There is what, 10 floors of parking? If each floor has 100 parking spots, and we'll be generous and say that each spot is bringing an average of $20 a day...10x100x20 = $20,000 a day or $600,000 a month before expenses like insurance and whatnot./QUOTE]

Probably closer to 50 spots per floor.

[simcityaustin]

^

the amount of revenue brought in is negligible. There is what, 10 floors of parking? If each floor has 100 parking spots, and we'll be generous and say that each spot is bringing an average of $20 a day...10x100x20 = $20,000 a day or $600,000 a month before expenses like insurance and whatnot.

It may sound like a lot of money, but it PALES in comparison to the total construction costs of the building. I don't think it would even cover the minimum interest of existing bank loans. The purpose of having a parking lot isn't to bring in revenue, it's to increase the desirability of hotel and condos in the building.

I agree, but I also think a little money is better then no money. $600,000/mo could cover utility expenses, among other things. They're not looking to recoup the cost of construction with the parking, but that doesn't mean they don't want income from it as soon as possible.

[chi-arch]

Lots of those spaces are destined for the condo owners, and will never be income producing stalls (with the exception of the one time purchase). I doubt they would want the liability of traffic at an already tight construction site.

[Dalton]

I'm wondering if they are trying to get the parking garage wll wired and sprinklered so that it can be open during construction? This would allow revenue to begin flowing in immediately.

They would need elevators too for public parking.

[harryc]

May 6
anyone seen the movie The Maiachi (http://www.imdb.com/title/tt0104815/)
.
http://lh6.ggpht.com/harry.r.carmichael/SDChVrY7DnI/AAAAAAAAl78/wOjyJpuSJH8/P1330833.JPG?imgmax=800

May 8 - Plumbers
http://lh6.ggpht.com/harry.r.carmichael/SDChWrY7DoI/AAAAAAAAl8I/CU6Iq63bI64/P1340146.JPG?imgmax=800

May 13
http://lh4.ggpht.com/harry.r.carmichael/SDChYLY7DpI/AAAAAAAAl8U/t5R-0i8u1h0/P1340849.JPG?imgmax=800

May 15 - not sure why the new canopy next door.
http://lh4.ggpht.com/harry.r.carmichael/SDChZLY7DqI/AAAAAAAAl8g/13_kA_8_eTU/P1350201.JPG?imgmax=800

[Dalton]

Anyone know if the curtain wall panels, or major portions of them at least, have already been fabricated on spec?

It would be great if they were being held in some nearby warehouse, merely awaiting payment to be released to the site. That way we could see some action on this quickly once the China loan is secured. (Hopefully we won't have the Burj Dubai scenario where the building is 80 stories tall before a single piece of glass is hung.)

[BVictor1]

Anyone know if the curtain wall panels, or major portions of them at least, have already been fabricated on spec?

It would be great if they were being held in some nearby warehouse, merely awaiting payment to be released to the site. That way we could see some action on this quickly once the China loan is secured. (Hopefully we won't have the Burj Dubai scenario where the building is 80 stories tall before a single piece of glass is hung.)

There's some facade materials stored in a warehouse out in the burbs' somewhere.

[chi-arch]

^There are no less than 17 floors in Bensenville ready to go. Probably, several more floors than that as they have been coming over from China in regular shipments and I doubt the financing has slowed the delivery of those components. If we can get this curtainwall going in June that would be spectacular. :tup:

[Haworthia]

I asked this before, but didn't get a straight answer, is the tower portion of this all condo?

I assume it is, but there isn't really a first page to this thread and the link to original thread seems to lead nowhere.

[Rocket1]

I asked this before, but didn't get a straight answer, is the tower portion of this all condo?


Yes.


You can get more basic info on the project at Waterview's website:

http://www.waterviewtower.com/

Select "Hotel Condominiums" and then "Floor Plan" and you'll get a good idea of the overall layout of the building

[Haworthia]

Yes.


You can get more basic info on the project at Waterview's website:

http://www.waterviewtower.com/

Select "Hotel Condominiums" and then "Floor Plan" and you'll get a good idea of the overall layout of the building

Thanks! So I have another question that might have been asked or discussed already, is there any reason they can't open or finish the hotel portion of this project and then finish the condo tower section when financing is secured?

[chi-arch]

Shangri-La has absolutely no interest in opening until the project is complete. This has been discussed.

[cbotnyse]

Shangri-La has absolutely no interest in opening until the project is complete. This has been discussed.I dont think that makes any sense. That is some real revenue. Just look at Trump down the street, they are close to sold out every weekend at $400-2000 a night.

[Chicagoguy]

I think it has to do with respect to their clientele base. They dont want all of the distractions of construction to affect people's view on their hotel. I know alot of people who have stayed at Trump and were disappointed because of things like noise or things the didnt work right!

[Mojava]

I think it has to do with respect to their clientele base. They dont want all of the distractions of construction to affect people's view on their hotel. I know alot of people who have stayed at Trump and were disappointed because of things like noise or things the didnt work right!

Agreed. Trump's reputation: good, bad, or indifferent can allow him to do that. Shangri-La has no reputation in the states as they dont have any hotels here. I dont think they'd be willing to take the risk on their first US hotel.

[Chicagoguy]

Agreed. Trump's reputation: good, bad, or indifferent can allow him to do that. Shangri-La has no reputation in the states as they dont have any hotels here. I dont think they'd be willing to take the risk on their first US hotel.

And to be honest I wouldnt risk it either! I mean yes...sure you could open as early as possible and gain a little extra income early on...but in the long run it is only going affect how people view your hotel. If you open once you are completely done it will also give people a much more impressed view of your hotel! They are being very smart in doing so. I think the Donald is hurting his reputation a little already here in Chicago.

[Norsider]

[QUOTE=mcfinley;3559991]^

the amount of revenue brought in is negligible. There is what, 10 floors of parking? If each floor has 100 parking spots, and we'll be generous and say that each spot is bringing an average of $20 a day...10x100x20 = $20,000 a day or $600,000 a month before expenses like insurance and whatnot./QUOTE]

Probably closer to 50 spots per floor.

$20 per day??? Generous?

You clearly have no earthly idea what parking costs in this city.

[Crazy Ivan]

No kidding. I was over on Ontario the other day, stopped in to Bice for lunch, I was there for no more than 2 hours. Parking in the public ramp was $23.

[emathias]

[QUOTE=Mojava;3560023]

$20 per day??? Generous?

You clearly have no earthly idea what parking costs in this city.

Not every space is filled every day, especially on the weekends. Early-bird specials are usually less than $20. $20 is probably not so far off average for a tall garage.