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Originally Posted by chicubs111
While obviously this building is going foward its defienlty understandable for people to be a little wary.. Can anyone think of a building of this size where there wasnt a significant article posted that funding has been secured?... beside that little tidbit quote, we are all used to seeing the crains/tribune article once a large loan has been secured (similiar to the one just release for BMO tower) on all projects of this size
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While this one certainly appears to be moving forward, caution is in fact warranted. This is a large condo project, they are a rarity this cycle in Chicago, difficult to pull off financing for, pre-sales were believed to be (again, not sure what precise figures are) unspectacular, and there is precedent for large condo towers in Chicago to begin construction without complete financing and then be shelved. I'm cautiously optimistic while we await any reporting on financing.
That stated, it's not unusual for media reporting on financing for large projects being closed a few weeks to a few months following the commencement of foundation construction. It's also not unusual for reporting of such a similar amount of time prior to foundation work beginning.