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-   -   CHICAGO | Chicago Spire | 610 M / 2,000 FT | 150 FLOORS | NEVER BUILT (http://forum.skyscraperpage.com/showthread.php?t=153494)

Mojava Jun 30, 2008 8:15 PM

Quote:

Originally Posted by The Pimp (Post 3644410)
Spire developer adds a new twist
By: Eddie Baeb June 28, 2008
The world's tallest residential tower is turning into rent-a-spire.

To boost condominium sales in the proposed Chicago Spire, Irish developer Garrett Kelleher is catering to investors by offering to rent out the high-priced units at a guaranteed 7.5% return for two years.

This is certainly not a very positive story in my eyes. It shows desperation from a developer. These are the same practices that Invesco has done over the years and all of their buildings lead the city in foreclosures. Look at Invesco's reputation now. It's also telling me that the developer is saying that their condos are severely over priced and they will reimburse you over the next two years. This is a way of reducing price without actually doing so. But yeah, if it can get the spire built, more power to them.

ColumbusTim79 Jun 30, 2008 8:17 PM

is CASE doing this current digging?

ChiPsy Jun 30, 2008 10:20 PM

Quote:

Originally Posted by Mojava (Post 3644857)
This is certainly not a very positive story in my eyes. It shows desperation from a developer. These are the same practices that Invesco has done over the years and all of their buildings lead the city in foreclosures.

Yeah, but the data on which that inference is drawn (that pre-arrangements to lease units are correlated with Invesco-esque outcomes) is unique to the American marketplace. In Europe similar practices are not correlated either with bad outcomes or with desperation.

I wish that theme had been developed with more nuance (and less sensationalism) by Crain's. It seems many journalists here are so wary of appearing to be "homers" that they rush to display snarky skepticism about any ambitious, global-stage projects proposed for Chicago. The Spire is a case-in-point: It's rising despite, and not with the help of, Crains' coverage.

bbeliko Jun 30, 2008 10:33 PM

Quote:

Originally Posted by PIZ (Post 3643988)


(Possibly add a gold tip on it, not clearified)...

Please don't it wouldn't look nice

alsajano Jun 30, 2008 11:33 PM

News about the London exhibition? :shrug:

simcityaustin Jul 1, 2008 12:08 AM

Taken last weekend: (Unedited)


http://img.photobucket.com/albums/v1...e/P6280071.jpg

Beck4ABigChicago Jul 1, 2008 1:18 AM

Quote:

Originally Posted by Mojava (Post 3644857)
This is certainly not a very positive story in my eyes. It shows desperation from a developer. These are the same practices that Invesco has done over the years and all of their buildings lead the city in foreclosures. Look at Invesco's reputation now. It's also telling me that the developer is saying that their condos are severely over priced and they will reimburse you over the next two years. This is a way of reducing price without actually doing so. But yeah, if it can get the spire built, more power to them.

I see your point and I tend to agree, however (and correct me if I am wrong) but I believe that this has been their plan since the inception. I recall reading about this strategy (or at least mention of the guaranteed 7.5% return) way back when he got started. I don't think this was necessarily a act of "sudden" desperation at least.

UberAlles Jul 1, 2008 2:56 AM

Are the 34 large caissons complete?

tua21506 Jul 1, 2008 3:07 AM

3-4k view lol...
 
Someone could rent an apt. if they really wanted to see the view...3-4k observation deck admission price...lol
(This is just a Joke..I am not being serious so don't chew me out with no observation deck stuff because I know that there is no observation deck.)

Apex Jul 1, 2008 4:58 AM

Quote:

Originally Posted by i_am_hydrogen (Post 3642220)
LINK TO LAST PAGE OF LAST THREAD

Height: 2,000 ft
Floor count: 150
Location: East North Water and South Lake Shore Drive
Construction end: 2010
Architect: Santiago Calatrava
Development firm: Shelbourne Development Ltd.


Website
RENDERINGS DELETED

It should be noted that ALL of the renderings after the first one, up to the pic with the gold-hued base, are not accurate of the final version. Notice it lacks the indents added in the latest revision (see the small bevel-like things at all 7 vertexes?). The first and last pictures are, from what I can tell, the only accurate depictions.

Edit: Also, I'm pretty certain that cool-lookin' bridge was nixed a couple versions ago.

ardecila Jul 1, 2008 6:51 AM

Thanks for QUOTING all the renderings.... :hell:

You didn't need to do that - your point could have stood on its own, and you could have just directed people back to the first post on the first page....

Obviously, many of those older renderings are left in there because they show details that cannot be seen in the most recent renderings. The first and last images convey very little information about the plaza, DuSable Park, the lobby, roadway configuration, etc... so slightly older images are pulled up to show those features, even if they're not totally up-to-date.

harryc Jul 1, 2008 10:28 AM

Quote:

Originally Posted by UberAlles (Post 3645724)
Are the 34 large caissons complete?

Best guess is yes - all the rock caissons are completed
1) all rock grinding equipment is gone
2) At best count all 14 outers have been sunk and buried.

Garage caissons are also probably done as there are no more sleeves or rebar cages left, and the Iron Workers (cage makers) and stuff left last week.

There remain 3 long and 1 short "secant beams", and the secanting rig remains on site. It could be they had extras and the mobile drill is not needed elsewhere, or there could be 3 left to go, I don't think more than that.

Otherwise yes the secant and slurry walls appear to be completed.

theWatusi Jul 1, 2008 12:21 PM

Quote:

Originally Posted by Apex (Post 3646028)
[obnoxious re-posting of renderings]

http://www.phillyblog.com/philly/ima...pyslapslap.gif
Dont do that.

aaron38 Jul 1, 2008 1:08 PM

Quote:

Originally Posted by Apex (Post 3646028)
Edit: Also, I'm pretty certain that cool-lookin' bridge was nixed a couple versions ago.

The bridge hasn't been nixed, it just isn't funded yet. It'll be built if someone coughs up the cash, so it remains part of the long term vision of the site.

BVictor1 Jul 1, 2008 1:30 PM

My gift for the new version

Our next edition of 'Spire Watch' put out by Chicago Line Cruises.

http://img240.imageshack.us/img240/1492/sw1af2.jpg

http://img240.imageshack.us/img240/3359/sw2ib8.jpg

http://img395.imageshack.us/img395/4447/sw3ka2.jpg

http://img240.imageshack.us/img240/2491/sw4sf8.jpg

the urban politician Jul 1, 2008 1:49 PM

Does anybody have any thoughts about this new incentive for investors that Shelbourn just announced?

Are we to look at this as a sign that sales have taken a downturn, or is this just an effort by Kelleher to keep an already good sales momentum going? Thoughts?

chrslyp Jul 1, 2008 2:26 PM

^^^ the article made it sound as if this practice was used quite often overseas, and since the majority of shelbourne's marketing efforts are focused outside the u.s., it seems to me as if this is just par for the course.

someone earlier mentioned that this incentive program isn't just a spur of the moment thing, it has been planned for some time now. so if i had to take a guess, i would say shelbourne is just trying to build on success, because let's face it, american real estate is one hell of an investment for anyone international who has any money.

UberAlles Jul 1, 2008 3:17 PM

Quote:

Originally Posted by harryc (Post 3646364)
Best guess is yes - all the rock caissons are completed
1) all rock grinding equipment is gone
2) At best count all 14 outers have been sunk and buried.

Garage caissons are also probably done as there are no more sleeves or rebar cages left, and the Iron Workers (cage makers) and stuff left last week.

There remain 3 long and 1 short "secant beams", and the secanting rig remains on site. It could be they had extras and the mobile drill is not needed elsewhere, or there could be 3 left to go, I don't think more than that.

Otherwise yes the secant and slurry walls appear to be completed.

Excellent!!!! Thanks Harry for coming through with the 411!

PIZ Jul 1, 2008 4:41 PM

Quote:

Originally Posted by chrslyp (Post 3644128)
rental units at the spire? perhaps some of us can live there...

http://www.chicagobusiness.com/cgi-bin/news.pl?id=30002



Not a good sign in the slightest IMO...

This just shows Shelbourne's expectations of sales were cut short, they obviously expected a more progressive sales launch. YES indeed, this does sound to be desperation on Kelleher's part (he did say he expects a sell-out).

The only other thing I could think of, is that Kelleher is trying to rush to that 50% sales mark to get another bank (Other then Anglo Irish) to back him for the financing needed to finish the project. It's quite possible he could be just rushing this process as progress on the site is moving along rather quickly, and the last thing he wants is the continuation of out-of-pocket financing.

One thing we can all agree on, Kelleher in not your average thinking developer, he thinks so out-side the box his brain boarders along the lines of weird, risky, psycho, and genius! Lets just hope the last one prevails in the end...:fingerscrossed:

BVictor1 Jul 1, 2008 5:11 PM

Quote:

Originally Posted by PIZ (Post 3646768)
Not a good sign in the slightest IMO...

This just shows Shelbourne's expectations of sales were cut short, they obviously expected a more progressive sales launch. YES indeed, this does sound to be desperation on Kelleher's part (he did say he expects a sell-out).

The only other thing I could think of, is that Kelleher is trying to rush to that 50% sales mark to get another bank (Other then Anglo Irish) to back him for the financing needed to finish the project. It's quite possible he could be just rushing this process as progress on the site is moving along rather quickly, and the last thing he wants is the continuation of out-of-pocket financing.

One thing we can all agree on, Kelleher in not your average thinking developer, he thinks so out-side the box his brain boarders along the lines of weird, risky, psycho, and genius! Lets just hope the last one prevails in the end...:fingerscrossed:

Oh hush!

Quite always being Mr. Negative

Someone's already that this is a common European practice.


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