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

[UPChicago]

Originally Posted by Chi-Sky21

That or useless annoying complaints about useless annoying bumps.

I suppose so

[Hypothalamus]

Awesome add ^^^

"[it] looks skinny, but its robust pillar will ensure [it] stands like a strong twisted spire"

"Do the twist"


>+<

[rlw777]

Originally Posted by the urban politician

I hate this thread. I hate coming to this forum and seeing that this thread....

Once, just ONCE, I would like to visit these forums and see that this thread has not been updated with ANY new posts for many, many days. Please, I beg you, stop talking about the Chicago Spire! I implore you! PLEASE!!!! PPPPPLLLLLLLLLLLEEEEEEEEEEAAAAAAAAAAASSSSSSSSSSEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

If people enjoy discussing a project they are free to do so this is a Forum not a News Aggregator. You don't have to check a thread every time it's bumped.

FORUM NOUN
a place, meeting, or medium where ideas and views on a particular issue can be exchanged.

[Onn]

Originally Posted by the urban politician

I hate this thread. I hate coming to this forum and seeing that this thread....

ALWAYS

HAS

NEW

POSTS

AND NONE OF THEM

ARE WORTH

READING

BECAUSE

NOTHING IS HAPPENING

EVER

EVER

Once, just ONCE, I would like to visit these forums and see that this thread has not been updated with ANY new posts for many, many days. Please, I beg you, stop talking about the Chicago Spire! I implore you! PLEASE!!!! PPPPPLLLLLLLLLLLEEEEEEEEEEAAAAAAAAAAASSSSSSSSSSEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

What a stupid thing to say!

[harryc]

Originally Posted by the urban politician

I hate this thread. I hate coming to this forum and seeing that this thread....
...
Once, just ONCE, I would like to visit these forums and see that this thread has not been updated with ANY new posts for many, many days. Please, I beg you, stop talking about the Chicago Spire! I implore you! PLEASE!!!! PPPPPLLLLLLLLLLLEEEEEEEEEEAAAAAAAAAAASSSSSSSSSSEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

You sir have no historical perspective !

http://forum.skyscraperpage.com/showthread.php?t=121378

Tradition man, tradition.

[Onn]

Chicago Spire bankruptcy plan wins creditor support



Chicago Tribune
Mary Ellen Podmolik
October 2nd 2014

The votes are in, and creditors tied to the Chicago Spire, the infamous project that has yet to be, like the proposed reorganization plan.

All creditors authorized to vote on Shelbourne North Water Street LP's reorganization plan cast ballots in favor of the plan, according to a report filed Wednesday night in federal court in Chicago.

The vote is a step forward in a complicated, much-watched saga that has unfolded since Shelbourne, headed by Irish developer Garrett Kelleher, was forced into Chapter 11 bankruptcy in October 2013.

Still, despite the vote, the success of the reorganization plan and Kelleher's desire to stay involved with the site's development hinge on the company's ability to come up with the money necessary to pay off creditors and, in particular, Related Cos., which owns the debt on the site at 400 N. Lake Shore Drive.

This year, Shelbourne inked an agreement with Northbrook-based Atlas Apartment Holdings under which Atlas would provide, through its own funds or funds from others, up to $135 million to pay bankruptcy claims. In return, Atlas would become majority owner of the Spire's site, working with Kelleher to develop the project that has been at a standstill since 2008.

But Shelbourne last month received bankruptcy court permission to pursue other financial backers for that deal, saying it had encountered "certain delays" in advancing its agreement with Atlas.

Related Cos. must receive more than $109 million by Oct. 31. If Shelbourne opts to defer that payment until March 31, Related must receive $22 million by Oct. 31 and more than $92 million by March 31. If either of those payment deadlines is missed, or if Shelbourne chooses not to move forward with the plan, Related would get title to the 2.2-acre site.

U.S. Bankruptcy Judge Janet Baer will conduct a hearing on the plan's confirmation Tuesday.

http://www.chicagotribune.com/busine...002-story.html

[LouisVanDerWright]

Chicago Spire Tries to Rise Again

By C. J. Hughes
October 1, 2014

The Chicago Spire, a hyper-tall condo from Santiago Calatrava that tried to soar into the record books as the world’s second-tallest building, only to get mired in the recession, may be inching back to life.

The developer of the twisting, 2,000-foot tower, Shelbourne North Water Street, is close to paying off $135 million owed to creditors of the bankrupt project, sources close to the project say. Those payments, which could be approved in October, include $109 million to a local division of mega-developer Related Companies, which purchased part of the Spire’s soured loan in 2013. The development team—made up of Shelbourne Development Group plus Atlas Apartment Holdings, a multi-family landlord brought in to provide financing—would then restart construction, the sources add.

Rising on the Chicago River near Lake Michigan, the 150-story Spire is to contain 1,194 condos, from studios to four-bedrooms. Under the terms of the deal with the city that allowed the skyscraper to get so tall, developers would also landscape now-barren next-door DuSable Park. The total development cost is estimated at $1.6 billion...

More here: http://archrecord.construction.com/n...Rise-Again.asp

Not an earth shattering comment, but Architectural Record is a legitimate enough publication to not bandy about rumors unless they have a good source. Still rumors, but I'll take good rumors in a reputable publication over no rumors or negative rumors.

This building at one point sold 369 of 1200 condos. If they can match that and Atlas can take 500 units as apartments, then this could actually work. We'll just have to see of course.

[the urban politician]

See, now this is news. That's all I ask for

[Ryan81]

Originally Posted by the urban politician

See, now this is news. That's all I ask for

So this pointless thread bumping post is OK?

If all you want is news, you may use Google (or a search engine of your choosing) to search for "Chicago Spire", then click on the "News" tab.

Off my soapbox.

[ahealy]

[Onn]

Originally Posted by the urban politician

See, now this is news. That's all I ask for

That's why I posted it. Real news wasn't as far away as you thought.

[kemachs]

Originally Posted by the urban politician

See, now this is news. That's all I ask for

Are you saying that all posts in all forums should be updates, no discussion? Where's the fun in that? Half of the reason (probably more than half) I've come to this forum as a lurker since 2006 is because of the fun, sometimes intellectual or sometimes just fun banter.

Don't limit our freedoms, Putin

Edit: Those are rhetorical questions, by the way. I know you participate in plenty of discussion and I actually appreciate your opinion. That's why I find your comment so odd.

[Pilton]

The plan was going to be approved because the reorganization plan pays the major creditor, Related. The reorganization plan further provides for $22M to be paid by Shelbourne to Related by October 31. Otherwise, Related gets the Spire site.

The Tribune article correctly states: "Related Cos. must receive more than $109 million by Oct. 31. If Shelbourne opts to defer that payment until March 31, Related must receive $22 million by Oct. 31 and more than $92 million by March 31. If either of those payment deadlines is missed, or if Shelbourne chooses not to move forward with the plan, Related would get title to the 2.2-acre site."

"Sources close to the development say" that Shelbourne is close to paying off Related. Sources close to the development = Kelleher. What else would he say? He's fighting to preserve his dream project.

If the money materializes, great! I'd love to see the Spire built in Chicago.

If the money doesn't materialize, Kelleher loses title to the property. Hyping the Spire on this thread is great fun since nobody here has to produce the money, take the risk of non-repayment of the loan and face the spectre of further bankruptcy proceedings. But, 1. would you loan Kelleher $109 million dollars right now (or $114 million dollars by the end of next March); and 2. if you did make the loan, would you let Kelleher remain in control of the project? (Your loan would merely save title to the property for Kelleher. Hundreds of millions of dollars would have to be secured to restart construction. Plus, the total payout approved by the creditors is $135M - with Related getting the lion's share.)

Food for thought while riding into work next week. The plan was approved. IMO, the bluff has been called. So, now Kelleher has to come up with the money or punt. We'll know more by October 31.

[Onn]

Originally Posted by Pilton

The plan was going to be approved because the reorganization plan pays the major creditor, Related. The reorganization plan further provides for $22M to be paid by Shelbourne to Related by October 31. Otherwise, Related gets the Spire site.

"Sources close to the development say" that Shelbourne is close to paying off Related. Sources close to the development = Kelleher. What else would he say? He's fighting to preserve his dream project.

If the money materializes, great! I'd love to see the Spire built in Chicago.

If the money doesn't materialize, Kelleher loses title to the property. Hyping the Spire on this thread is great fun since nobody here has to produce the money, take the risk of non-repayment of the loan and face the spectre of further bankruptcy proceedings. But, 1. would you loan Kelleher $109 million dollars right now (or $114 million dollars by the end of next March); and 2. if you did make the loan, would you let Kelleher remain in control of the project? (Your loan would merely save title to the property for Kelleher. Hundreds of millions of dollars would have to be secured to restart construction. Plus, the total payout approved by the creditors is $135M - with Related getting the lion's share.)

Food for thought while riding into work next week. The plan was approved. IMO, the bluff has been called. So, now Kelleher has to come up with the money or punt. We'll know more by October 31.

You didn't mention Atlas in your explanation at all. There's a rumor they have a financer lined up already, and it sounds like it may be a private one-off investor. I think Atlas has every intention to take control of the project away from Kelleher. I mean I think Atlas is already going to take control of the site, what happens next is not entirely determined yet. It depends what Kelleher does seeking out another reorganization plan.

I have little doubt the money to pay off Related exists though, likely through Atlas. But things could change. Now that the reorganization plan is approved this project's bankruptcy case is rapidly heading towards its conclusion.

[Pilton]

Originally Posted by Onn

... Now that the reorganization plan is approved this project's bankruptcy case is rapidly heading towards its conclusion.

Quite true. The end is much nearer. But, the outcome is not any clearer.

Judge Baer will undoubtedly give final approval to the reorganization plan because the creditors entitled to vote on it have unanimously approved it. The first step of any reorganization plan is paying the creditors what has been promised in the approved plan.

It is very up in the air who will end up with the Spire site and what will be done with it in the end. Some things are clear: No $22M paid to Related by Shelbourne on or before Oct. 31 and Kelleher's bankrupt company loses title to the Spire site. And, if Related ever gets title to the site, Atlas is definitely out of the picture, too.

[Onn]

Originally Posted by Pilton

Quite true. The end is much nearer. But, the outcome is not any clearer.

Judge Baer will undoubtedly give final approval to the reorganization plan because the creditors entitled to vote on it have unanimously approved it. The first step of any reorganization plan is paying the creditors what has been promised in the approved plan.

It is very up in the air who will end up with the Spire site and what will be done with it in the end. Some things are clear: No $22M paid to Related by Shelbourne on or before Oct. 31 and Kelleher's bankrupt company loses title to the Spire site. And, if Related ever gets title to the site, Atlas is definitely out of the picture, too.

It's Atlas that is paying, not Kelleher. Atlas is definitely not out of the picture, they're the ones taking control of the site. The money is only passing through Kelleher as the title holder of the site. The outcome is becoming a lot clearer because the approval of the reorganization plan puts the creditors stamp of approval on the plan, the plan's not baloney as you seem to think it is.

[Ryanrule]

it related gets a hold of the site, any chance of something quality being built there is done.

[Onn]

Originally Posted by Ryanrule

it related gets a hold of the site, any chance of something quality being built there is done.

We don't think so...And that could be why neither Keheller nor Atlas wants the site to fall into Related's hands.

[Pilton]

Originally Posted by Onn

We don't think so...And that could be why neither Keheller nor Atlas wants the site to fall into Related's hands.

Imperial we or part of the Kelleher team?

[ChiTownWonder]

too bad related wouldn't just build this building as designed. be we all know related history with value engineering so i wouldent trust related with a 2000 ft building