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  #41  
Old Posted Nov 17, 2010, 3:12 PM
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Craziest part of all this is that a Chinese bank, absolutely flush with cash, was the one the backed out of the financing. Surely they know that the market will return and they'll get there money back. Put in perspective, a tower in Chicago, IL, USA is a fairly modest investment compared to the money they're throwing around over there. and it would also be one thing to pull the plug and back out before it ever started rising out of the ground. This sucker is a third built, and the integral foundation and engineered base already constructed! Doesn't make sense. Maybe we should start a campaign and contact the Chinese bank directly and plead they give Teng another chance and finish this sucker as planned!!!
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  #42  
Old Posted Nov 17, 2010, 3:15 PM
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Originally Posted by Busy Bee View Post
Craziest part of all this is that a Chinese bank, absolutely flush with cash, was the one the backed out of the financing. Surely they know that the market will return and they'll get there money back. Put in perspective, a tower in Chicago, IL, USA is a fairly modest investment compared to the money they're throwing around over there. and it would also be one thing to pull the plug and back out before it ever started rising out of the ground. This sucker is a third built, and the integral foundation and engineered base already constructed! Doesn't make sense.
or maybe it's an indication of just how remarkably unsound the finances of this project were given the fact that it was already 1/3 out of the ground with a major hotel brand signed on and a bank flush with cash still wouldn't touch it.

Last edited by Steely Dan; Nov 17, 2010 at 3:53 PM.
     
     
  #43  
Old Posted Nov 17, 2010, 3:42 PM
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Originally Posted by OhioGuy View Post
I hadn't thought about that. I'd be a little more okay with a less tall building being built there than originally planned, but with the possibility of building taller in the future (a la Blue Cross & Blue Shield building).

Is the Shangri-La hotel no longer interested in having a property in Chicago? There's still time to join up with a potential new developer to be a part of this site!
Shangri-La is not a player in this scheme anymore. The whole hotel condo concept is no longer viable here for the next decade at least. Shangri-La likely will not be placed in this spot in the near or distant future. Having the hotel in somewhere Chicago though would be a huge benefit to the region as a whole.

Shangri-La is very highly respected worldwide.

To have a Chicago Hotel would only increase the presence and importance of Chicago in the world view. Like I said it does not have to be here on this particular site alone and likely it will not but Shangri-La is a world brand and not just a world brand chain.


It is a world player aka like the Red Book [Michelin] on food that was put out yesterday [ http://forum.skyscraperpage.com/showthread.php?t=186587 ] It would only be a positive mark on the city regardless of how much the rooms cost.

Chicago and Shangri-La need [or will benefit from] each other at some point, when I am not sure but I look forward to when they find a place.....


Quite frankly it is top notch and would be the first S-La hotel in the USA if it someday comes to fruition, somewhere DT, or within DT ... I would stay there in Chicago if I could and would utilize the top end spa for what it is worth. Trump's spa [although more modern and new is still below the top level services of the Peninsula for customer service]

I would figure that the Shangri-La could meet or beat expectations in that department in a few years.
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Last edited by Steely Dan; Nov 17, 2010 at 8:19 PM.
     
     
  #44  
Old Posted Nov 17, 2010, 4:47 PM
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Is the developer thinking about using a shorter version of the original design or is he in the process of finding a new architect to design the project? I really hope they try to keep some aspects of the original design...
     
     
  #45  
Old Posted Nov 17, 2010, 5:21 PM
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Chicago doesn't need the Shangri-La, the Shangri-La needs Chicago. I"m sure when the time comes, that hotel will find a place in Chicago to set up shop. If not, it's their loss. Chicago now has a Michelin guide, baby!
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Last edited by Steely Dan; Nov 17, 2010 at 8:20 PM.
     
     
  #46  
Old Posted Nov 29, 2010, 2:53 AM
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The present

the site today - a wealth of textures.









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  #47  
Old Posted Nov 29, 2010, 3:22 AM
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Recent Work

Over the last few weeks Clark has been patched and a new covering installed closer to curb, a new awning has also been put in along Wacker, now on the sidewalk itself.

Nov 8th - nice view




Nov 17th, looking W down Upper Wacker


Nov 22nd, looking S down Clark st.


Nov 24th - one nice lobby - one day

May 3rd - Nov 24th
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  #48  
Old Posted Nov 29, 2010, 5:20 AM
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Never would have expected half started projects like this (and the former Spire) to happen to Chicago. Hope this one finds new life quickly.
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  #49  
Old Posted Nov 29, 2010, 12:10 PM
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yes indeed this is starting to become a scary trend In Chicago

who will dare to start building something big now ?
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  #50  
Old Posted Jan 5, 2011, 3:35 AM
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Not dead yet

still being maintained - somewhat, new drab canopy.





new canopy going in - Dec 8


Dec 22
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  #51  
Old Posted Jan 5, 2011, 5:03 PM
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I've always wondered what it was supposed to look like. Any renderings?
     
     
  #52  
Old Posted Jan 6, 2011, 1:05 AM
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Nope, they just started building it with no plans. That was the problem...
     
     
  #53  
Old Posted Jan 6, 2011, 1:35 AM
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Originally Posted by patriotizzy View Post
I've always wondered what it was supposed to look like. Any renderings?


Here you go. It's the tall one.


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  #54  
Old Posted Jan 29, 2011, 11:50 PM
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http://www.chicagobusiness.com/artic...#axzz1CRZ30Qab

Developer Reschke takes crack at unfinished Waterview Tower
By: Alby Gallun January 31, 2011


Fresh off a 610-room Loop hotel project, Michael Reschke has signed up for a tougher job: reviving the Waterview Tower, a 26-story concrete carcass on Wacker Drive.

The Chicago developer has reached a tentative agreement to buy the unfinished condominium-and-hotel tower, which was supposed to reach 90 stories but stalled when the original builder ran out of money in 2008. Sources say Mr. Reschke wants to complete the hotel but plans to build offices on top of it, similar to a plan pushed last year by local developer Mark Goodman, who tried to buy the project but couldn't (Crain's, Nov. 14, 2010).
     
     
  #55  
Old Posted Jan 30, 2011, 12:35 AM
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So then he's intending on finishing the tower as originally planned? (minus the hotel/office component over hotel/condominium)
     
     
  #56  
Old Posted Jan 30, 2011, 1:58 AM
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Interesting. The floorplates for the tower portion are not ideal for office space. I wonder if the tower will get more bulky as a result?

Also - this is competing with the various other office proposals on the horizon. 222 West Randolph, 301 South Wacker, 401 South Wacker, and 625 West Adams. I'd prefer a completed Waterview to any of those proposals, though. We'd (maybe) get another supertall out of it.
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  #57  
Old Posted Jan 30, 2011, 3:45 AM
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Originally Posted by ardecila View Post
Interesting. The floorplates for the tower portion are not ideal for office space. I wonder if the tower will get more bulky as a result?
...
Maybe. I would think he could also target them toward small, boutique firms looking for unique space.
     
     
  #58  
Old Posted Jan 30, 2011, 4:33 AM
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Maybe. I would think he could also target them toward small, boutique firms looking for unique space.
There's quite a bit of space for that in older buildings, I would think.
     
     
  #59  
Old Posted Jan 31, 2011, 1:51 AM
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Originally Posted by Kippis View Post
So then he's intending on finishing the tower as originally planned? (minus the hotel/office component over hotel/condominium)
You have to notice the fact that the article states that Reschke plans to finish the hotel portion and build the offices on top of the hotel as opposed to conds. What does this mean?

The office portion will most likely retain the same square floor shape as the lower hotel portion to maximize floor area- “bulking up” as ardecila calls it. I think that 77 West Wacker next door has roughly the same foot print i.e. one quarter of a block by one quarter and does fine as far as demand for office space.

I’d guess there will probably be two different lobbies- hotel lobby on the ground floor and a sky lobby on the 30th floor for the offices above. With the sky lobby serving the office portion of the building there will be less need for elevator shafts thus freeing up more of the building’s footprint for office space.

If the office portion for “Waterview” will be around 20-30 stories tall then the available office space should be no less than what is found on lower floors of 77 West Wacker. For this reason I highly doubt that it will be taller than 77 West Wacker due to the fact that elevator shafts would “eat up” too much space in the lower part of the office portion.

If the design of the office portion is done right then the office floor plates should offer decent space and not really compete with rehab of older buildings, but other more modern buildings that offer spacious column free floors.
     
     
  #60  
Old Posted Jan 31, 2011, 2:31 AM
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Originally Posted by i_am_hydrogen View Post
How many of them would have closed, given the economy, is another matter entirely.
Who cares?

It would have been built and once the economy improved, the units would have sold.
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