CHICAGO | Chicago Spire | 610 M / 2,000 FT | 150 FLOORS | NEVER BUILT

[Tom Servo]

Originally Posted by BVictor1

Do you have to rain negativity on peoples parade? Be hopeful and keep your fingers crossed.

If it doesn't happen, it doesn't happen.

Not trying to rain on any parade. Honestly, I would love to see big, high profile developments come to Chicago. I would love to see an insanely tall tower built here. And I'd love us to be the focal point of the architectural, or at least skyscraper, world. But I mean come on, ALL that money owed just made my head spin. Not to mention the myriad of lawsuits surrounding the entire project. And I just can't help but assume this is nothing more than a publicity stunt intended to drum up talk about a dead project. I'll be the first to celebrate if I'm wrong, but I just don't see this ever happening.

And on a design note, I was never really sold on this tower anyway. It always seemed so tongue-in-cheek. I love Calatrava. And the base looked stunning in his final design releases. But everytime I saw and see the entire tower in the skyline renderings, I can't help but see...

[Zapatan]

Originally Posted by Pilton

A serious case of "if you build it they will come" today! Arab sheiks and Russian oligarchs flying to Chicago to escape the cold. ROFLMAO!

Flying to Chicago to escape the cold is like flying to the sun to escape the heat...

Anyways I'm thrilled to see this project back on track but obviously realize it may very well be too good to be true.

[supertallchaser]

^im going to place my bet on the revival of the spire itself,once the debt is cleared they have the market for people to buy in .I mean who would pay to live in the tallest building in America?

[Tom Servo]

Originally Posted by supertallchaser

^im going to place my bet on the revival of the spire itself,once the debt is cleared they have the market for people to buy in .I mean who would pay to live in the tallest building in America?

Because the development of multi-billion dollar projects is just that easy.

[hughesnick312]

Originally Posted by BVictor1

Nope and Nope... They used to be, but they prefer quality architecture. They really don't care about height. Remember, they supported the Spire as well as the proposed Walforf (other than the bridge).


LOL... There was just a story on WGN Midday news regarding this Spire.

I wish European NIMBYS were like that, over here their obsession is to stop skyscrapers being built, ( but they always fail). Although paris is plagued by NIMBYS, and it has been very damaging

[Onn]

Originally Posted by Tom Servo

Not trying to rain on any parade. Honestly, I would love to see big, high profile developments come to Chicago. I would love to see an insanely tall tower built here. And I'd love us to be the focal point of the architectural, or at least skyscraper, world. But I mean come on, ALL that money owed just made my head spin. Not to mention the myriad of lawsuits surrounding the entire project. And I just can't help but assume this is nothing more than a publicity stunt intended to drum up talk about a dead project. I'll be the first to celebrate if I'm wrong, but I just don't see this ever happening.

Way to be overly negative. Instead of looking at the project as a glass half empty, look at it as half full. There's nothing that says that it can't be built. As long as Kellher keeps pushing the project its more likely to happen. There's little doubt that if the Chicago Spire were built the units inside would rise so much in value that anybody who bought into it would make some money (buyers, developers, and investors alike). This also seems in line with projects we've been seeing in New York City lately. Ultra high-end luxury supertall residential towers. Yes, the Chicago Spire is more than 500 feet taller than those being built, but its the only residential supertall being proposed for Chicago. It has no competition, this gives the building more leverage. Atlas knows there is potential here and why they are investing.

[Crawford]

Chance of happening- .001%

Chance of happening with current developer- 0%

This can't be financed. It could theoretically be built, but not through conventional financing. You would need some billionaire developer or development syndicate that decides to self-finance.

[LaSalle.St.Station]

A very pragmatic move by Kelleher to regain control of the site. I'm not sure if it's really a renewed push for the original Spire development, or a tactical maneuver to regain control, in order sell it to another developer, thereby avoiding a massive financial loss which would result if Related gets ownership.

[Tom Servo]

Originally Posted by Crawford

Chance of happening- .001%

Chance of happening with current developer- 0%

This can't be financed. It could theoretically be built, but not through conventional financing. You would need some billionaire developer or development syndicate that decides to self-finance.

Finally. Someone who is able to break through the fascination with 2,000 feet. Stop fantasizing guys. Sheesh.

[Onn]

Originally Posted by Tom Servo

Finally. Someone who is able to break through the fascination with 2,000 feet. Stop fantasizing guys. Sheesh.

Garrett Kelleher is fascinated with 2,000 feet.

[Mr Roboto]

Originally Posted by Crawford

Chance of happening- .001%

Chance of happening with current developer- 0%

This can't be financed. It could theoretically be built, but not through conventional financing. You would need some billionaire developer or development syndicate that decides to self-finance.

Id love to see the formula you used to get to your percentage of .001%. Do you have one that factors in the height of the tower as well?

[rgolch]

Originally Posted by Crawford

Chance of happening- .001%

Chance of happening with current developer- 0%

This can't be financed. It could theoretically be built, but not through conventional financing. You would need some billionaire developer or development syndicate that decides to self-finance.

Maybe not at its current height and scale. Personally, I like one of the first iterations of this building where it was thinner and more graceful, with an actual "spire" on top. If something like that got built at about 1200 Ft, that would make my year. But your right, something like this outside of New York, or some other insanely expensive city with 2k a sq Ft is bordering on fantasyland. But this is a forum, and we all have a right to dream.

[Zapatan]

Exactly, I don't think people are really expecting a 2000 foot 150 floor building, but rather something to replace it, probably much shorter but still tall and hopefully a good design.

The best hope for a 500 meter building in the US is the Hudson Spire even if it is just a hopeful proposal

[chris08876]

Originally Posted by Zapatan

Exactly, I don't think people are really expecting a 2000 foot 150 floor building, but rather something to replace it, probably much shorter but still tall and hopefully a good design.

The best hope for a 500 meter building in the US is the Hudson Spire even if it is just a hopeful proposal

Yea, even if its not the original height, anything eclipsing the sears tower is still super impressive. Although, mabye with all the news of whats going on in NYC, it might push for something tall, possibly with the aid of a spire.

[denizen467]

Many of us felt the Spire project would revive when pigs fly. Well it seems if about 100,000 people post questions and encouragement about the project, even pigs can sprout wings. (Apologies to the producers of that Volkswagen Super Bowl commercial.)

Anyway let's direct our cynicism to the old main post office project, and give this project some encouragement over in its new thread, even if only very cautiously. One has to commend these developers for dreaming, persevering, and making no little plans.

[UPChicago]

Originally Posted by LaSalle.St.Station

or a tactical maneuver to regain control, in order sell it to another developer, thereby avoiding a massive financial loss which would result if Related gets ownership.

I thought about this as well but would the site sell for more than $135 million? How would he pay his investors back without developing something if not the Spire at the site?

[F1 Tommy]

All the negative and positive speculation is baseless without knowing how much control and money Atlas and the owners want in the Spire. Stop acting like armchair quarterbacks. I don't think anyone here really knows. Sit back and watch.

From the WSJ:

"Atlas Chief Executive Steven Ivankovich told The Wall Street Journal Friday that his firm hopes to partner with Mr. Kelleher's company to ensure that construction of the Chicago Spire is completed. He said the project's 2.2-acre site on Chicago's Lake Shore Drive is "possibly the best residential development land in all of North America, if not the world."

Atlas also plans to acquire up to 550 units in the building that it can then rent out, Mr. Ivankovich added in an email. The company already owns and manages more than 70,000 multifamily apartments in the U.S."

[LouisVanDerWright]

Originally Posted by UPChicago

I thought about this as well but would the site sell for more than $135 million? How would he pay his investors back without developing something if not the Spire at the site?

No, the site is not worth $135 million, it is worth slightly more than what Related paid for the debt (slightly more since there is obviously a risk inherent in purchasing debt that is not inherent in purchasing clean title to a lot) which is supposedly a good deal less than the $93 million face value of the loan. Related I am sure is not at all upset about the position they are in here since Kellher will likely have to pay off essentially all $93 million and they probably paid something like $60-70 million for the debt. Developers like to build buildings, but they like to make a quick buck for little to no work even more.

Assuming this Atlas thing actually goes through, I think they must be planning to build the Spire or something close to it because the numbers just don't work at $135 million for just the land, you need to make full use of the existing foundations to build as many units as possible and dilute what you just pumped into the property.

[supertallchaser]

you guys are depressing,all you talk about are the chances being 0% when we all know it already has a foundation and had over 40% of its condos sold before the market went bad,the guy has waited out the storm and wants to recommence the construction of the spire,why sit here and say it has no chance,the post office redevelopment has no chance ,this does.So dont look at this as a fantasy because within the year the revival can be reality...

[Via Chicago]

I just think its a poor design. From what I've heard Calatrava basically designed the shell and then directed his staff to figure out a way to make the apartments fit into the shape. Total backwards approach to anyone who believes in form following function.