[[SP]Neo]

really nice ryan but waterview seems a little too small

[bnk]

We can keep hoping cant we.....?

Wish I had the skills to make this a little more realistic.....

quick and dirty composite:

Original Image by: Cityofblindinglights

http://img110.imageshack.us/img110/3101/2868740347d4801fb564b1cen6.jpg


Great composite.

Forget about any thing against WV it does not really matter at this point.

The point is is that this is a nice render.

[denizen467]

^ Ryan, as if it were not bad enough that summer ends tomorrow, you now must make us all weep profusely...;)

[Ryan81]

Neo;3812952']really nice ryan but waterview seems a little too small

Looks just about right to me, if anything I have shown it slightly too tall:

http://img228.imageshack.us/img228/8030/comparerf6.jpg

[ChicagoChicago]

I was just in a conference call with two subs on the project, and both confirmed that the hotel will be the only thing built. 28 stories.

I'm pissed.

:hell:

[aaron38]

That's not necessarily bad news. It doesn't mean it'll never be finished. The structure needs to be protected from the elements. If they can't get the money to build the tower, at least getting the hotel portion clad and functioning and earning money is a plus over what we have now.

And when the market improves in a few years, why wouldn't a developer snap up an already built foundation for an 89 story building? They can easily pull a BCBS, even if it's 10 years from now.

I'd rather have the hotel running and build the tower later than leave it as is. Step 1, do what you can.

[ChicagoChicago]

That's not necessarily bad news. It doesn't mean it'll never be finished. The structure needs to be protected from the elements. If they can't get the money to build the tower, at least getting the hotel portion clad and functioning and earning money is a plus over what we have now.

And when the market improves in a few years, why wouldn't a developer snap up an already built foundation for an 89 story building? They can easily pull a BCBS, even if it's 10 years from now.

I'd rather have the hotel running and build the tower later than leave it as is. Step 1, do what you can.Well, I'm more so disappointed because I wanted to live there. I agree that the current site needs to be moved along, but the likelihood of anyone adding to the existing structure drops precipitously once the structure is completed.

[2PRUROCKS!]

I am no expert but it doesn't make since to me to build the hotel portion without building the condos above them. The traditional condos have sold over 65% while the condo hotels have only sold 40%. Why build the hotels that haven't sold as well and scrap or hold off the condos that have sold well and have contracts on them. Unless Shangri-La is going to buy up the rest of the hotel rooms or finance the hotel portion I don't understad how this could work?

[Taft]

I was just in a conference call with two subs on the project, and both confirmed that the hotel will be the only thing built. 28 stories.

I'm pissed.

:hell:

If you had to put odd on whether these sub contractors were right, what would that number look like?

Also, when you quote 28 floors, what does that include? Is that 28 floors of parking + hotel? Or 28 floors of hotel?

Taft

[intrepidDesign]

I was just in a conference call with two subs on the project, and both confirmed that the hotel will be the only thing built. 28 stories.

I'm pissed.

:hell:

Wow! How utterly disappointing. I guess finishing off whats there is better than nothing, but honestly, this is quite a let down. Scratch one super tall.

:(

[ChicagoChicago]

If you had to put odd on whether these sub contractors were right, what would that number look like?

Also, when you quote 28 floors, what does that include? Is that 28 floors of parking + hotel? Or 28 floors of hotel?

TaftI'd put it at 75%. These subs are on calls weekly with Teng because they haven't been paid.

Shangri-La is supposed to occupy floors 12-27. I hate to make assumptions, but I took it to mean that it will top out at 28 stories, including the parking garage.

[Steely Dan]

well, a 28 story high class hotel is a lot better than the vacant concrete hulk that has graced the river for the last 5 months now. and it's still better han the surface parking lot that sat there for decades.

as for whether the condo tower portion could be added later somewhere down the road, i suppose anything's possible with enough money, but i would caution against using BCBS as an example because that project was designed from day one for multi-phase construction and occupancy, whereas i don't believe that's the case with waterview. there may be a way to finish off the hotel portion such that the condo tower could be added later, but i'm no engineer, and at this point it could be prohibitively expensive to do so, i really don't know.

[Chitown]

^Still, it's going to suck hard. I mean, think about it: this wasn't designed to be 28 stories; the design will necessarily be ad-hoc, and I think it'll definitely look it. Especially bad for this one, as I thought the upper portion is where the building was most aesthetically pleasing.

[chicubs111]

How can this be?....people put there money down on this buidling for the condos...all this is going to be refunded now?...i mean the buildings top has to be resdeisnged essentially....also isnt supposed to be by early october the funding supposdly should be recieved?...if the case is that the building will only be built at 28 stories then the whole export bank of china thing must of fell through compelelty.

[simcityaustin]

What a disaster. The only good thing is Spire and W=A sales along with the rest of Trumps units being snapped up.

Damn.

[Untitled]

With the way the market is going, there was bound to be a sacrifice to the gods of commerce. Let's just hope this is enough.

[Mojava]

I was just in a conference call with two subs on the project, and both confirmed that the hotel will be the only thing built. 28 stories.

I'm pissed.

:hell:

Any mention as to how they were going to pay for the rest of the build-out. There is still a lot of money needed to finish off the hotel.

[Dirt Lawyer]

How can this be?....people put there money down on this buidling for the condos...all this is going to be refunded now?...i mean the buildings top has to be resdeisnged essentially....also isnt supposed to be by early october the funding supposdly should be recieved?...if the case is that the building will only be built at 28 stories then the whole export bank of china thing must of fell through compelelty.

Assuming this is true and the subs are getting the real story...

The condo contracts almost certainly provide that the developer can terminate the contract at any time without penalty. That's how Trump ditched his friends and family buyers.

This property is zoned for a planned development. I have not looked at the planned development approvals on this project, nor am I an expert on zoning within the city. Certainly zoning by right will accommodate the 28 story building (DC-16 overlay on the PD?), but might the developer have to go back to the city for approvals if it plans to materially alter the project?

I will leave it to the construction experts here to tell us whether building up from 28 years years later is economically or structurally feasible. Presumably it might be: I know BCBS is a unique beast. But I agree that cladding what you have is vital.

On the hotel: this is a condotel based on the promo materials. Maybe some residential condo buyers could switch into the condotel, but that part ofthe project has a high premium. I also don't know what obligations if any the developer has with Shangri-La, which is presumably just the operator rather than the owner under a condotel scheme.

[bnk]

well, a 28 story high class hotel is a lot better than the vacant concrete hulk that has graced the river for the last 5 months now. and it's still better han the surface parking lot that sat there for decades.

as for whether the condo tower portion could be added later somewhere down the road, i suppose anything's possible with enough money, but i would caution against using BCBS as an example because that project was designed from day one for multi-phase construction and occupancy, whereas i don't believe that's the case with waterview. there may be a way to finish off the hotel portion such that the condo tower could be added later, but i'm no engineer, and at this point it could be prohibitively expensive to do so, i really don't know.


Bolded parts important.


Anything positive out of this mess is a general positive in the grand scheme of things. If they really can do a BCBS addition in a decade or so [that is] is up to debate.

The point is is to place the hotel, cover the face wall and hope for the best into the future.

[Mojava]

How can this be?....people put there money down on this buidling for the condos...all this is going to be refunded now?...

All deposit money would be returned. I'd love for this tower to be completed buy my guess is that a lot of these buyers/investors would love to get their money back and not have to close on the units.

[NYC4Life]

Hopefully, this won't result in a chain reaction with other proposed supertalls being drastically scaled down. What a shame.

[honte]

I cannot think of anything structurally that would be prohibitive about adding on later. As has been said before, however, the logistics are perhaps the biggest obstacle.

If Teng can't put this deal together, I'd honestly love for them to just sell the thing outright to someone with deeper pockets to complete the deal, not unlike Block 37. I think the basic numbers in the project seem sound, although perhaps with escalating construction costs and freakiness in the market this is not the case.

[JMO_0121]

Do we know this is real? I think we should wait till the "official" news are brought up. Like Honte said, selling to another identity so they can finish the building could be an option. But lets just have the little %0.1 hope that something good could come out this. refunding the money could be a hassle, re-zoning also takes time, it has to go through the city, and these expected buyers are going to be very "depressed". I think Teng should make the biggest effort in getting any bank, even if its Antartica, so we could see a finished product.

[woodrow]

Do we know this is real? I think we should wait till the "official" news are brought up. . .

We can wait for it to be official, but really, who is going to buy this building as planned? I mean, world financial markets are turmoil. Banks and other financial institutions are not lending. Finishing the hotel, yes, but not yet another bunch of condo's.

I hope I am wrong.

[honte]

^ I could see someone buying with the "value added" upside in the form of additional zoning, completed plans for a tower, and existing foundations. They don't have to move forward with all of it in the present market - but, when the market returns, they're ready to pounce with a product that can be delivered much more quickly that those of competitors and all approvals in the bag.

It's like buying a hotel and a future development site in one parcel. The retail building that now has the Penisula hotel on top might be a good example of what I'm talking about.

But we're getting ahead of ourselves. Let's see what the real news is before the speculation meter goes off the charts.

[denizen467]

Good point that you can't look to BCBS for too much comfort, because it was planned from the beginning, both from a construction and from an operation (client) standpoint, to be a 2-phase project.

However, it should be of some comfort that WV's "Phase I" would be garage and hotel (and not residential condo) and therefore, from an operational standpoint, if necessary it could be shut down and mothballed, on short notice and for a long period of time, while "Phase II" were built. Of course this would be much easier if there were a single owner; if they go forward with the condo hotel ownership structure, it could be a legal nightmare to get multiple owners to sit patiently immobilized while Phase II construction goes on.

From a construction standpoint, WV would have a Phase II planned from almost the beginning - similar to BCBS. The only hitches would be whether something would physically preclude construction from resuming above - e.g., losing riser spaces to run the pumped concrete up to the top, or removal of curtainwall (and thereby exposing the interiors to the elements) to erect a skip, or something like that. (Obviously, lots of the hotel interiors would have to be sacrificed and then re-done during the mothballing, to allow worker access to elevators, mechanical, etc.)

Can any construction-savvy folks here think of any construction processes that could no longer function once the hotel is finished? Presumably freshly re-erecting a tower crane (might need a helicopter though..) on top would not be a deal-killer? For this little mental exercise, assume that any necessary (and economically simple) re-design to WV could be carried out right now for Phase I, if it could help a Phase II get underway years later (for example, I dunno, maybe add an extra mechanical floor to the top of Phase I so that the hotel mechanicals are definitely segregated form the residential condo mechanicals, so that Phase I's mechanical need not be messed with while Phase II goes on).

[pip]

quick question. If the building is to be topped out at 28 stories, how many stories is the parking garage that is already built?

[denizen467]

^ Answer is definitely somewhere in this thread. (Hint: Same number of stories as if it didn't top out at 28...)

[Taft]

quick question. If the building is to be topped out at 28 stories, how many stories is the parking garage that is already built?

Presuming ChicagoChicago is right, then he answered that question on the last page:

Shangri-La is supposed to occupy floors 12-27

ChicagoChicago: Thanks for the inside info, no matter how depressing it may be.

Taft

[Chase Unperson]

Is that accurate that they had 65% of the condos presold? That would seem sufficient to keep the project funded.

If this thing really tops out 28 stories that would be disappointing from a trivia perspective as the 1000 foot mark would have put it into the "tallest in Chicago" and "tallest in America" "tallest residential" lists.

[chrslyp]

someone mentioned it earlier, do those who have deposits down on condos now cancel their condo buying plans altogether, or do you all believe they will go to a different building? say, the spire, trump, etc.

i'm curious to know whether other developers in the city are excited by this news (if true)? One less competitor, less supply, possibly more demand if those who put down deposits still want a condo in the city..

[trvlr70]

You were planning on living here.....what have you heard?

What a disappointment!

[chi-arch]

69% of the tower is sold and they sold units as late as July. Anyone need a parking space on 11? I'll sell it cheap or maybe turn it into a teeny tiny condo with an outhouse.

My equity went from a very nice return to a 2% annual return on my money for the last 4 years. This is going to get real interesting now if any of this is true and I must say Teng has been very good at keeping everyone in the dark.

See ya.

[chi-arch]

someone mentioned it earlier, do those who have deposits down on condos now cancel their condo buying plans altogether, or do you all believe they will go to a different building? say, the spire, trump, etc.

i'm curious to know whether other developers in the city are excited by this news (if true)? One less competitor, less supply, possibly more demand if those who put down deposits still want a condo in the city..

If you can point me to another project of this caliber that I can buy in at $440/s.f , I'll run right over.

[Mojava]

If you can point me to another project of this caliber that I can buy in at $440/s.f and I'll run right over.

wow, $440/sf. that's a great deal considering most projects of this caliber (including WV) are currently selling at 800-1000/sf. Perhaps this is why Teng cant get a loan. with so many early buyers buying in so cheap the economics of the deal just dont work, especially with the cost of construction dramatically increasing over the past several years.

[Rilestone75]

The China XM bank deal is not dead.

Remember that the XM part stands for Export/Import, not real estate. I think the bank is having a hard time getting their hands around the current US market. That said, the build timeline is at 30 months, so the finished building will be in a completely different market.

Another point is that while the China XM bank loan is for $400M, the value of the finished building in 30 months will be well above that, more like $550M to $600M.

It doesn't look good, but it is not dead.... yet.

[Steely Dan]

Perhaps this is why Teng cant get a loan. with so many early buyers buying in so cheap the economics of the deal just dont work, especially with the cost of construction dramatically increasing over the past several years.

that's interesting. maybe that's a reason to simply bag the whole condo tower portion for now so all those early super cheap contracts can be ripped up, and then try again 3 or 4 years from now if/when the market picks up a bit with all new unit contracts reflecting more accurately the true cost to construct the tower.

[pip]

Presuming ChicagoChicago is right, then he answered that question on the last page:



ChicagoChicago: Thanks for the inside info, no matter how depressing it may be.

Taft

you ever think that this forum is so slow that pages crash after waiting a few minutes.

sorry i missed the point.

thanks for your help.

typical

I was under the impression that the whole structure completed so far was for parking.

whatever.

[Alliance]

If Teng can't put this deal together, I'd honestly love for them to just sell the thing outright to someone with deeper pockets to complete the deal, not unlike Block 37. I think the basic numbers in the project seem sound, although perhaps with escalating construction costs and freakiness in the market this is not the case.

Exactly.

This is such a huge and utter embarrassment for the city. I cant stress that enough.

[cbotnyse]

Exactly.

This is such a huge and utter embarrassment for the city. I cant stress that enough.its not that embarrassing, have you seen the news lately? Bear Sterns, Lehman Brothers, AIG, Fannie Mae, Freddie Mac are all but gone or will never be the same due to huge bets on mortgage backed securities. I would call that embarrassing for those firms.

Teng took a risk and lost, what does that have to do with the city? With the market in the condition its in, I think everybody understands what happened here. Its not like the economy is booming and this building sits idle, that would be embarrassing.

[chicubs111]

I think we should all wait till tomorrows usual real estate report and see what all the details are like...I hate to see this building not rise with such solid sale figures...lets just wait please

[intrepidDesign]

If the news is true, then I'm curious as to what the profit margins were on this. I mean come on, with close to 70% of the units sold and its not financially viable to finish the project off? Even with early buying prices and high construction material cost, I would still think that the building would turn a profit. Guess not. Maybe the sales numbers were false.

[BVictor1]

Okay, I've waited to reply until I could do a little digging and this is what I've come up with thus far:

They are trying to get construction up and running again ASAP. There's a chance that they will work on the hotel portion of the structure fro a while because the hotel is supposed to be open by a certain date. The plan is to still build the building as designed.

There's no plan to do a phased construction like BCBS, but it could be a last resort type option.

I know that they are still selling units.

I won't get concerned until I see the crane removed.

[chi-arch]

Thanks, Vic. Financing of the hotel separate from the tower is also a possibility, but as you say there is no discussion that I am aware of that will postpone the tower indefinately(like years).

[Rocket1]

If you can point me to another project of this caliber that I can buy in at $440/s.f , I'll run right over.

$440/s.f.? That must have been real real early in the project.

I was looking at getting a unit back in May, 2006. And they were running at around $650/s.f. back then.

[chi-arch]

That was MSRP in June of 2004. What can I say?

[Rocket1]

I wonder if a lot of Waterview's buyers got in early like yourself, chi-arch.

Because if that's the case, it could make Teng's job of getting financing a bit harder.

Since I suspect final constuction costs might run Teng $500+/sq ft per condo if the building is completed.

[Dirt Lawyer]

Okay, I've waited to reply until I could do a little digging and this is what I've come up with thus far:

They are trying to get construction up and running again ASAP. There's a chance that they will work on the hotel portion of the structure fro a while because the hotel is supposed to be open by a certain date. The plan is to still build the building as designed.

There's no plan to do a phased construction like BCBS, but it could be a last resort type option.

I know that they are still selling units.

I won't get concerned until I see the crane removed.

Thanks for the intelligence and the update. It makes sense that there was a delivery date for Shangri-La and there are probably steps in place that make a really late opening of the hotel problematic. That's my favorite hotel flag so I am looking forward to having them in town, which may also explain my optimism. :)

[chi-arch]

I wonder if a lot of Waterview's buyers got in early like yourself, chi-arch.

Because if that's the case, it could make Teng's job of getting financing a bit harder.

Since I suspect final constuction costs might run Teng $500+/sq ft per condo if the building is completed.

See Post #2038 on page 102. I tossed that theory out a while ago. Who knows...

[wrab]

Thanks for the intelligence and the update. It makes sense that there was a delivery date for Shangri-La and there are probably steps in place that make a really late opening of the hotel problematic. That's my favorite hotel flag so I am looking forward to having them in town, which may also explain my optimism. :)

Shangri-La offers up some of the best service in the industry. Superb. Very good news that they are following through.

[budman]

You were planning on living here.....what have you heard?

What a disappointment!
Yes, trvlr, I was planning on living there. I still am, even though the projected delivery date of my unit was initially October 2008. Haha. I have been told essentially the same things that have been reported here - Teng is doing everything they can to get construction up and running, including seeking a loan for the hotel portion only. The thinking is that securing a loan on the residential tower portion of the project separately might be easier. If the developer cant get the loan for the tower portion, at least they can finish the hotel portion. I have been told that the building will be built to the 30th floor at a minimum, and that that is the current aim. This would seem to allow for the residential tower portion to be built at a later time.

As you might guess, the developer is also considering every concievable option to get this thing built and/or minimize the loss, including selling the entire project outright, selling portions of the project, taking in a joint venture partner, etc.

My own view is that the developer is free to keep my money for the time being. First, they certainly would not consider giving it back without a construction loan if they are not contractually obligated to do so (and right now, they are not, at least for me). Second, I want to see whats going to happen. If the tower doesnt get built or I learn that there is a 5 year horizon (or more), then maybe I will try and get my money back. If it does get built, and assuming it will be of the quality we all expect, then my desire to live there hasnt decreased merely because it took a hell of a lot longer than expected to move in. And I dont have to sell my current house in order to move in just yet...given this market, I am ok with that (plus I like where I live). And, although I didnt quite get the deal that Chi-Arch did, I am not far off (under $500 sq ft). So I am willing to wait for a while until more information (and more reliable information) becomes available.

[chi-arch]

Good to see you, Budman. I got the rally hat on and still believe :tup:

[budman]

That's right Chi-Arch, it aint over till its over.:notacrook:

[chrslyp]

does anyone know of any developers in the city or outside the city who have the ability and deep enough pockets that perhaps might be interested in buying up this property outright? i have a few in mind that i believe might be able to do it, but given the current credit situation, my assumptions could be wrong.

[Rilestone75]

does anyone know of any developers in the city or outside the city who have the ability and deep enough pockets that perhaps might be interested in buying up this property outright? i have a few in mind that i believe might be able to do it, but given the current credit situation, my assumptions could be wrong.

The only company that would or could do this right now is Berkshire...

[harryc]

From the lobby of 321 N Clark (ABA)
http://lh6.ggpht.com/harry.r.carmichael/SN2yX0A1tbI/AAAAAAAAzTE/2gsV7fT7skw/s800/P1070255.JPG

[chi-arch]

I don't know how you get such great depth of field in your shots Harry, but they are truly amazing. I can only imagine what that view to Waterview Tower will look like someday. Hopefully, that someday is sooner than later. :)

[[SP]Neo]

if they would start tomorrow(i know they won't) how long would it take to complete the tower? a year?

[budman]

I was told that the construction time for the residential tower is 30 months (and they are not done with the hotel portion yet -they are currently on the 26th floor, and the residential tower starts on the 30th floor)

[[SP]Neo]

so more than 2 1/2 years of work left? wow

[Starsky]

I like this building. It just goes 1000 ft straight up from the sidewalk, what a lookup that would see like.

[Apex]

I like this building. It just goes 1000 ft straight up from the sidewalk, what a lookup that would see like.

Haven't you ever visited the Aon Center? :haha:

[simcityaustin]

Haven't you ever visited the Aon Center? :haha:

What does that have to do with anything? His comment didn't say it was unique in this fashion, just that it was his reason for liking this paticular building.

[Cro Burnham]

WTC was the best sheer monolith, in my opinion, but I have always loved the AON Center - much more graceful and less fussy design than Waterview.

[wrab]

What does that have to do with anything? His comment didn't say it was unique in this fashion, just that it was his reason for liking this paticular building.

And in any case AON doesn't rise straight up from the sidewalk as Waterview would - it sits in a setback plaza. Now Sears on the Wells St side, that's another matter....

[Apex]

And in any case AON doesn't rise straight up from the sidewalk as Waterview would - it sits in a setback plaza. Now Sears on the Wells St side, that's another matter....

You're half right ... the Aon Center does have a plaza in front, however on the sides you can literally walk right up to the building and look straight up. In face I'm pretty sure you can do that at any one of the corners too -- for sure on at least the northwest corner.

[TowerGuy37]

any news or word at all from Teng or the sales office?? I'm assuming with the fiasco the fiasco the economy is in this suppos-ed contruction loan is really a dead deal now? so sad!

[jcchii]

we're supposed to get good news in July... oh wait

[honte]

^ This just in from a fortune cookie:

Rejoice. There's another July in your future.

[nomarandlee]

There was a mention of Waterview on Chicago Tonight tonight. They just reported what we already all know however that Teng seems it can't secure the loan.

[jet cm]

There was a mention of Waterview on Chicago Tonight tonight. They just reported what we already all know however that Teng seems it can't secure the loan.

I get a kick out of how they're spinning it. Making it sound like the Chinese bank is the bad guy for not coming through with the loan. Sounds a hell of a lot like a certain South Loop wanna-be developer that I know.

[BVictor1]

In this current market, no one can get a loan.

It's just on hold until the purse strings loosen.

Personially, they should have never gone into the condo-hotel business. I think that's one of the problems. Trying to find financing for that section because of personal ownership. It should have been a conventional 5-star Shangri La Hotel.

[jc5680]

The crane was definitely moving this morning on my way in to work. It wasn't just lateral movement from wind, but the hook(?) was moving up.

Did anyone happen to walk by the site and see if there was a crew.

[cbotnyse]

In this current market, no one can get a loan.

It's just on hold until the purse strings loosen.

Personially, they should have never gone into the condo-hotel business. I think that's one of the problems. Trying to find financing for that section because of personal ownership. It should have been a conventional 5-star Shangri La Hotel.I agree, but then it would not be a supertall, which is OK. The hotel-condo market never made much sense to me. It was just a way for developer to squeeze more profit out of a building. I think the market is now letting them know what a bad idea it was.

[BVictor1]

I agree, but then it would not be a supertall, which is OK. The hotel-condo market never made much sense to me. It was just a way for developer to squeeze more profit out of a building. I think the market is now letting them know what a bad idea it was.

No, it would still be a supertall. It just wouldn't have the condo-hotel aspect. There would be the same number of hotel rooms and the same number of condo units, without an ownership stake in the hotel rooms.

[cbotnyse]

No, it would still be a supertall. It just wouldn't have the condo-hotel aspect. There would be the same number of hotel rooms and the same number of condo units, without an ownership stake in the hotel rooms.yes, thats right, I was thinking hotel only, what looks like is happening now.

[10023]

Is it decided that they're just going to build the base (the part that would have been a Shangri-La hotel)? Do they need to resubmit for planning approval to make that change, and if so, have they done so?

I am assuming that it is highly unlikely for a building not designed specifically to be expanded at a later date to be expanded.

[Tom In Chicago]

^Highly unlikely yes. . . impossible no. . .

[Mehow]

The crane is still inspected by the city at scheduled intervals even though it is not in use.

[andydie]

Here come some of my Waterview Pics from my Cruise on the Chicago River at 10/9:

http://i274.photobucket.com/albums/jj269/andydie/Chicago%20Trip/100_1565.jpg

http://i274.photobucket.com/albums/jj269/andydie/Chicago%20Trip/100_1568.jpg

http://i274.photobucket.com/albums/jj269/andydie/Chicago%20Trip/100_1569.jpg

http://i274.photobucket.com/albums/jj269/andydie/Chicago%20Trip/100_1572.jpg

http://i274.photobucket.com/albums/jj269/andydie/Chicago%20Trip/100_1573.jpg

http://i274.photobucket.com/albums/jj269/andydie/Chicago%20Trip/100_1574.jpg

hopefully it will be finished somehow someday

[Marcu]

Some guy in a flannel shirt and hard hat was walking around the site today.

[photoLith]

I think they should leave it as it is. Its such a beautiful structure, jk. This will get finished someday right?

[Mehow]

Some guy in a flannel shirt and hard hat was walking around the site today.

Sorry Marcu, this was concrete sub removing the remainder of the reshores on the upper floors. They are bringing them to a site that pays their bills.

[surfchicago]

Some guy in a flannel shirt and hard hat was walking around the site today.

He was just changing some lightbulbs

[Jaroslaw]

He was just changing some lightbulbs

I love this site sometimes. Collectively, we're going for some kind of omniscience. :yes: Not a sparrow can sit on the crane at this site without us knowing.

[X-fib2]

I love this site sometimes. Collectively, we're going for some kind of omniscience. :yes: Not a sparrow can sit on the crane at this site without us knowing.

The most watched non-construction on the planet!

[Zerton]

Are there not fines for leaving a tower like this?

[BVictor1]

Are there not fines for leaving a tower like this?

A fine for running out of money?:shrug:

Doesn't seem like that would be the best way to go.

[JMO_0121]

can we close this and the Spire's thread until we get some news?

[Austin55]

The most watched non-construction on the planet!

oh the irony.

On regards to the fine-I would agree something should be done about,someone needs to finish it.

[The Pimp]

I wonder how ong the city will allow this project to stay unfinished. I would suspect that it will be torn down if nothing happens. Mayor Daley won't allow this thing to stay unfinished forever.

[nomarandlee]

Why would it be torn down at taxpayers expense? I would rather have this then some ugly parking lot of parking structure (all though it resembles one right now). As long as it is not detrimental to the structure itself which I don't know why it would be wait until the market rebounds and someone will complete the structure. It will happen eventually, perhaps a long eventually.

[Chase Unperson]

Why can't the city just loan them the money? It would seem to be in the city's best interest to have 1000 more people living downtown.

[Seppuko_Panda]

Assuming the financial situation changes and Chicago secures the Olympics, that very well may happen.

[intrepidDesign]

Cities dont usually get involved in private financing. So them paying for this building is a long shot, Olympics or not. Sure any city would want to have as many people living in it as possible, but just becasue the building is there, doesn't mean that there are people to fill it. There are plenty of other developments that have empty units. Chicago has a surplus of condos right now.

[Jaroslaw]

-Not to mention the screaming that will ensue when the city gives an appearance of subsidizing the rich like this. Although there is hope: turn this into a government building. How about a new branch of the Fed prison? Then they could use the dead sw corner space for solitary confinement cells. (The WT has been joking with me for so long, time to have a joke in return.) :)

[Chicago_Forever]

Cities dont usually get involved in private financing. So them paying for this building is a long shot, Olympics or not. Sure any city would want to have as many people living in it as possible, but just becasue the building is there, doesn't mean that there are people to fill it. There are plenty of other developments that have empty units. Chicago has a surplus of condos right now.


I'm pretty sure if the market was doing well this building wouldn't have any problems getting built. I think the fact that Teng couldn't get a loan for this building says alot about them. Here you have a gorgeous design that speaks for itself, that is almost 70% percent sold, in a faily good location that's only gonna get better in the next few years and they can't capitalize on those factors. Also, buildings that are built sell faster than those that aren't so I'm sure if this thing is built a year or two from now right when the market is starting to recover this building would do very well. In other words, this is the perfect time for this building to be going up, only if Teng was competent enough to have had a loan in place. This building still makes a lot of sense to me and if I were a bank (who wasn't hurting) or a billionaire, I'd throw money at this building in a second.

[Tom In Chicago]

I think the fact that Teng couldn't get a loan for this building says alot about them.

It sure does. . . it says they should stick to doing what they does best. . . engineering. . . not real estate development. . .

. . .

[harryc]

http://lh3.ggpht.com/harry.r.carmichael/SQSjQbgltRI/AAAAAAAA8jk/AULzxarTOW8/s800/P1110260_1_2.jpg

[Mehow]

Last Wednesday, WBBM news radio 780 (Chicago) mentioned on the air that Teng was going to forfiet the property and Waterview Tower may be torn down. Who would come up with millions to do this?