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

[HomrQT]

Originally Posted by Ryan81

Lawsuit: Chicago Spire not paying

A lawsuit has been filed against the Chicago Spire for allegedly failing to pay for media planning services.

OMD USA says that it entered into a contract with Chicago Spire and its managing member Shelbourne Development Group in June 2007 where it was agreed that OMD would perform media planning services on their behalf, which it did at a rate of $42,083.00 per month.......

http://www.chicagonow.com/blogs/chic...ot-paying.html

Here we go again....

[Cro Burnham]

Originally Posted by Pizzuti

Can you link us to a credible source for that information? A university statistician or economist who proposed the correlation between baseball games and development?

I realize you are being funny, but you don't really need a credible source when nationwide the numbers simply don't add up for condo development, let alone 150 floors of superluxury units.

But you do need a reason to believe that the musings of a politically-oriented union boss carry any credibility. I bet Villanova really wishes he hadn't said anything, because chances are he will ending up having to wipe alot of egg off his face. He's got alot of people hanging on his every word. Where was all his money 18 months ago when Shelbourne really needed it? Presumably because it didn't work then, and it doesn't work even more dramatically now.

The numbers are the numbers. There's a reason no one is building condos now, and $170 million of union equity into a $2 billion+ project can't possibly put a dent in that reality.

[Dr. Taco]

yeah, but to bring up something someone said ealier, 18 months ago, we hadn't been denied the olympics yet. unions were planning on putting their guys to work with olympics projects

how many similarities might there be between empire state building and chicago spire?

[BVictor1]

Originally Posted by HomrQT

Here we go again....

Well, that's one reason for the $170 million from the unions, to help pay off certain bills and liens and to re-start the project.

[HomrQT]

Originally Posted by BVictor1

Well, that's one reason for the $170 million from the unions, to help pay off certain bills and liens and to re-start the project.

I wonder if any of recent history's other major projects like the Spire were as riddled with lawsuits and issues as this one has been.

[sammyg]

Originally Posted by HomrQT

I wonder if any of recent history's other major projects like the Spire were as riddled with lawsuits and issues as this one has been.

World Trade Center.

[HomrQT]

Originally Posted by sammyg

World Trade Center.

The new one or the original set? Lawsuits or just arguing and bickering over it?

[Nowhereman1280]

In the last year in Chicago alone there Block 37, Trump Tower, and Waterview Tower...

[harryc]

From above

higer res 2007 series - 2008 Q1 series - 2008 Q2 series - 2008 Q3 & 4 series - 2009 series

Turned off - for now.


The ice returns.


Panasonic DMZ TZ4 - Picasa - Autostitch - Photomatix HDR

[denizen467]

Originally Posted by HomrQT

I wonder if any of recent history's other major projects like the Spire were as riddled with lawsuits and issues as this one has been.

What planet are you living on? There are a couple liens for unpaid bills, a couple of which have turned into suits. They are just trying to cope with the recession-depression like everyone else. Yes that includes their faraway lender hitting the rocks.

You need to turn around 180 degrees and realize this is one of the most spectacularly smoothly-progressing mega projects in the US's recent history. (Whether they'll find condo buyers is another -- business -- issue, and not a political or legal issue.) This is what Chicago does, and does well. The mayor supports it, the alderman supports it, the local community supports it (exc. a couple of miniscule bumps as always). A semi-highway (LSD) was readily and smoothly modified for it. The public, and critics, are in love with the design. The architect is in love with the city, and refined his design many times so it was perfect and local-history-alluding. He even threw in a bridge design to boot. The developer, a foreigner, is in love with the city. He is friendly with the mayor. The unions love (will love) this project. The engineering and construction trades relish the work and the challenges.

If somehow you are hung up on things being "riddled" with problems, look at anything major in NYC (new WTC, transit hub, Television City 1980s-1990s, etc., etc.) or O'Hare OMP or Fourth Presbyterian or Lincoln Park 2520 in Chicago etc.

[HomrQT]

Originally Posted by denizen467

What planet are you living on? There are a couple liens for unpaid bills, a couple of which have turned into suits. They are just trying to cope with the recession-depression like everyone else. Yes that includes their faraway lender hitting the rocks.

You need to turn around 180 degrees and realize this is one of the most spectacularly smoothly-progressing mega projects in the US's recent history. (Whether they'll find condo buyers is another -- business -- issue, and not a political or legal issue.) This is what Chicago does, and does well. The mayor supports it, the alderman supports it, the local community supports it (exc. a couple of miniscule bumps as always). A semi-highway (LSD) was readily and smoothly modified for it. The public, and critics, are in love with the design. The architect is in love with the city, and refined his design many times so it was perfect and local-history-alluding. He even threw in a bridge design to boot. The developer, a foreigner, is in love with the city. He is friendly with the mayor. The unions love (will love) this project. The engineering and construction trades relish the work and the challenges.

If somehow you are hung up on things being "riddled" with problems, look at anything major in NYC (new WTC, transit hub, Television City 1980s-1990s, etc., etc.) or O'Hare OMP or Fourth Presbyterian or Lincoln Park 2520 in Chicago etc.

That's a lot of hostility for a simple question. You're coming off like I don't want this thing to be built or I expect it to not be built. Has the building been "RIDDLED" with problems? YES. Whether the global economic climate is to blame, or whatever, the project has been "RIDDLED" with problems and that's why it hasn't come off the ground in years. I want the Spire to be built and I'm rooting for it, so take your unwarranted anger somewhere else.

[shakman]

Originally Posted by denizen467

What planet are you living on? There are a couple liens for unpaid bills, a couple of which have turned into suits. They are just trying to cope with the recession-depression like everyone else. Yes that includes their faraway lender hitting the rocks.

You need to turn around 180 degrees and realize this is one of the most spectacularly smoothly-progressing mega projects in the US's recent history. (Whether they'll find condo buyers is another -- business -- issue, and not a political or legal issue.) This is what Chicago does, and does well. The mayor supports it, the alderman supports it, the local community supports it (exc. a couple of miniscule bumps as always). A semi-highway (LSD) was readily and smoothly modified for it. The public, and critics, are in love with the design. The architect is in love with the city, and refined his design many times so it was perfect and local-history-alluding. He even threw in a bridge design to boot. The developer, a foreigner, is in love with the city. He is friendly with the mayor. The unions love (will love) this project. The engineering and construction trades relish the work and the challenges.

If somehow you are hung up on things being "riddled" with problems, look at anything major in NYC (new WTC, transit hub, Television City 1980s-1990s, etc., etc.) or O'Hare OMP or Fourth Presbyterian or Lincoln Park 2520 in Chicago etc.

Take a deep breath. Why the hostile response?

[Tom In Chicago]

Hi. . . just going to remind everyone that abusive posts will not be tolerated and any further disruption will result in disciplinary action. . .

. . .

[spyguy]

http://www.chicagobusiness.com/cgi-b...rticleId=32828

Chicago Spire twists in wind as union funds pass on bailout loan
By: Eddie Baeb December 21, 2009

Officials at four big investment funds affiliated with labor unions say they're not interested in rescuing the stalled Chicago Spire project.

...But two union funds identified by a local labor leader and a Spire spokeswoman as having expressed interest, the AFL-CIO Building Investment Trust and the union-backed life insurer ULLICO Inc., are taking a pass, according to top executives there. Representatives of two others, the AFL-CIO Housing Investment Trust and the Multi-Employer Property Trust, say the Spire isn't a suitable investment for them.

[Dr. Taco]

what's the difference between saying it's not a suitable investment and "taking a pass"?

[Dac150]

Originally Posted by jstush04

what's the difference between saying it's not a suitable investment and "taking a pass"?

Perhaps some took more time analyzing the pros and cons versus others who might’ve not even entertained the notion. Just because it may not be viewed as a suitable investment at this point in time doesn’t mean that it’s going to be removed off the radar screen further down the road. It’s really not an appropriate time for any investor to be nestling themselves in an investment which calls for the demand of a market which has retreated over the past year. Face it, this was proposed during different economic times and during different financial practices. Times have changed dramatically financially over the last year and investors are much more cautious and hesitant to just start throwing money down. If I were an investor I wouldn’t view this as a wise investment, it’s a completely rationalized fact. It makes no sense to pump money into a real estate project geared towards a market of individuals who a reluctant to spend during this point of time. Building with the gamble that they will come down the road is a reckless risk. This is just not practical right now, not matter how it would look in the Chicago skyline.

[J_M_Tungsten]

^^^Couldn't have said it better.

[george]

Originally Posted by harryc

From above

The ice returns.


Panasonic DMZ TZ4 - Picasa - Autostitch - Photomatix HDR

Nice pic, harry. This looks like nasty. Between freeze/ thaw, oxidation & uv rays/ summer heat taking its toll, this pit structure can't last in this exposed condition, IMO.

[andydie]

this is a shame and i guess after they didnt get those loans the Spire is as good as dead like Waterview. Sad times

[Dac150]

Originally Posted by andydie

this is a shame and i guess after they didnt get those loans the Spire is as good as dead like Waterview. Sad times

There are a couple bright sides to that though; one being that the retaining work for this parcel of land has already been done. That’s one less thing a developer of a future project has to worry about, and consequently makes the piece of land itself that much more attractive down the line. A prime piece of real estate off the water with slurry walls sounds pretty good to me if I’m a developer.

Another is that there is nothing there. Unlike Waterview where you have to deal with the inconvenience of incorporating an aging structure into a new design or removing it all together, this is an empty piece of land. Now granted you have a hole, that can still be viewed as a pro; it’s a foundation which an architect can incorporate into a new design.

The piece of land today is in a better situation now then it was five years ago. Work has been done to support something, whether that something is the Spire or not remains to be seen. However, in the event that it isn’t the opportunity will still be present down the line to create something new.