^^^ Agree with BVic here. No need to worry.

Delays in the beginning is so much less costly than delays at the end when you need to get a return on all you have invested. I would guess that less than 50 million has been spent and Shelbourne can afford delays right now. Just let them get the utilities work done, I'm sure COM ED knows they need to get it done as fast as possible and I'm sure that COM ED workers all being Chicagoans will put their best efforts in getting it done.

This down time will give Shelbourne some time to get caught up on planning and design. Heck, Calatrava may come up with something cool that can still be put into the plan.

^^^ He's beyond speculation, what he is saying right now is just complete BS. Trying to portray 30% (352 units) sold in the worst real estate market since there was a "real estate market" in what is by far the most expensive Real Estate ever conceived in this city is not a sign of imminent trouble, but is actually a shockingly good sales figure. To say otherwise just demonstrates clear ignorance of how real estate markets and financing works.

On top of that, to say the site is "sitting idle" when there is clear progress (though nowhere near what we saw just two weeks ago) occurring is just a flat out lie... Last time I checked having a small crew with a few backhoes and bulldozers digging out the tops of a secant wall and clearly prepping for a concrete pour, is, by definition, not "sitting idle"...

This is the kind of bullshit "speculation" that should be deleted because it is so far from any facts that it adds nothing to this thread...

Cap Wall
 

The "cap wall" is not a small thing, and it is not for erosion control. The jumbo fence posts ......

From last month at OMPW.

THANK YOU for the perspective.
Certainly to most of us it looks like activity has slowed. (We're coming off simultaneous slurry/secant walls, access ramps, a monster pit, bell caissons and 34 of the largest rock caissons ever drilled. Tough act to follow.)
But since none of us have access to the project schedule we simply do not know what's supposed to be happening on July 17th. We've already been told that things are going to look pretty boring for the rest of '08.

Now, sure it's possible that the general contractor hire is moving slower than expected, or that the utility work will come with unexpected delays... the banks might even be slow on the financing. But there's really no evidence that anything's amiss.

:haha: I don't think I'm thinking of the same ComEd as you are.




Why delete it? Dalton made a valid point. Is it because he's not frolicking around singing the praises of Kelleher's ultra modern European financing model? Let the skeptics have their say for now. They may be proven wrong if and/or when this building tops out.

If we continue to call for the constant OVER POLICING of these threads because they don't conform with everyone else's "fanboyism", we're going to end up with Harry's photographic construction update, followed by 5 posts thanking him and 3 asking when the building will begin to rise, rinse and repeat. Oh yeah, vanhenrik will pop in every couple pages and ask a completely irrelevant question and spell almost every word wrong in doing so.


Disclaimers:

Nowhereman1280, I'm not calling you a fanboy.... just commenting on the general direction these threads take when the discussion is not allowed to follow the direction it wants, but is instead "moderated" toward happy happy, joy joy. :banana:

HarryC, I truly enjoy your photographic construction updates. Please don't stop. :worship:

vanhenrik, I know English is probably not your native language... I'm only kidding. :cheers:

July 18 - AM
 

From above
http://lh4.ggpht.com/harry.r.carmich...JPG?imgmax=800


higer res
2007 series
2008 Q1 series
2008 Q2 series
2008 Q3 series

Materials arriving
http://lh6.ggpht.com/harry.r.carmich...JPG?imgmax=640http://lh6.ggpht.com/harry.r.carmich...JPG?imgmax=640


Cap wall != header beam, not really sure what they are up to here. Soil retention for excavation - using a nice concrete wall instead of pounding/vibrating in sheet pile next to the town homes maybe.
http://lh4.ggpht.com/harry.r.carmich...JPG?imgmax=800

I want this project to succeed as much as any other disinterested spectator. (Obviously Kelleher, Calatrava, the contractors, the mayor, the buyers, and many others want it more.)

I should point out that what little work is being done appears to be to the secant wall adjacent to the townhomes. This work MUST be completed to stabilize the townhome foundations whether or not the project goes forward.

Just some food for thought. (A dry and tasteless Trump sandwich, perhaps?)

Yeah, I know, but I only hope this time will be different. Glad I could provide a laugh though. :)

Unionized utility workers are not known for bending over backwards to help out a developer.

Not trying to start an anti-union conversation. Just stating a fact.

Does anyone remember how much of his own money G.K. said he is going to put in? I thought it was a high number (near a quarter or more of total cost). Assuming that the previous forumer's number of $50mil is near accurate plus land cost I wouldn't think that we are anywhere near the danger zone of failure of financing.

Still a shockingly low level of awareness about this project among non-skyscraper fans. My coworkers in a McHenry Co. office are unaware of it. Family members on the east coast haven't heard of it.

Look a little closer at Harry's photo's, they are clearly digging out the tops of the 14 corner cassions, which is completely unrelated to the townhomes. Also, the large stack of sheet piles would suggest they are going to be starting on something big very soon...

There is no need to stabilizer the foundations, until digging starts in earnest ( which it may have ). The lot was left at or slightly above grade by CASE.

No doubt. My experience as well.

My guess is when it gets built to 50 stories, the non-skyscraper fan awareness level may be a bit different. At least in the CHI-Town region anyway.

I wouldn't expect much attention on the east coast because ... well ... it's the East Coast. I don't think they know there's actually an entire country attached to their own little world . . .

They are moving the fence/wall of the townhouse side walk enclosure 3 feet east.

Even if the costs are as high as 3B he will still be able to complete almost 1/3rd if he just uses his own money. We are nowhere near 1/3 built yet.
As for the east coast people, if they dont know about it now they will sure be suprised when its completed in 3 years.

Best,

TT

.......this assumes that he is willing to throw away every penny he has .....or just cut his losses now.......we shall see !!!

There is no way Kelleher is foolish enough to sink his entire net worth into this project when that will only get him 1/3 of the way toward completion.

Teng failed to get financing on a @ $450 million project (Waterview) with 65% of the condos sold and over $100 million already sunk into it. The real estate lending market is near full collapse. Kelleher didn't figure on that 2 years ago when he bought the land.

July 18 - AM
 

Neighbors across the river
http://lh4.ggpht.com/harry.r.carmich...jpg?imgmax=800

Looking W along the slip
http://lh3.ggpht.com/harry.r.carmich...jpg?imgmax=800

Sunrise to the East.
http://lh4.ggpht.com/harry.r.carmich...JPG?imgmax=800

This may be true, but as I mentioned before, there was a number out there indicating how much GK was willing to finance to assure the project went forward during the lending downtime, he had knowledge of the crunch thats why he was going to self-finance $XYZ. He had sold a bunch of property to free up the cash....just no idea how much.