I think this project is financially unstable, but at the same time, its not as bad as some people are making it out to be.
Roeder is a shitty reporter. No matter how real your story is, if you don't have facts, you don't publish. This sort of standard is present in all of academia, except for editorial boards, which is exactly waht Roeder is writing.
The real issue is the financial stability of this project. I think it is irrational to say "it will be built." By the same token, it is irrational to say it won't be. This is called a GREY area, there is reason for concern and optimism. So, lets just settle down and be lukewarm for a bit.
roeder is a horrible journalist. whatever happened to reporting the facts? what's with his petty little personal vendettas that infiltrate his "articles"?
Exactly. His writing is editorial, he might as well be a poster on SSP and not a gainfully employed journalist. Maybe people would return his calls if he treated them with more respect.
Just a few questions here... Im as optomistic as the next person here and what I'm gonna say here is by no means any kind of speculation just pure observation. If Teng has proceeded thus far and spent and financed most of the cost himself, why wouldn't he continue to work at a more rigorous pace knowing he has his financing? It seems in the long run that costs keep skyrocketing why not try and finish closer to budget. Im sure this is easier than done. Im assuming Teng has bit off so much with this project that he cannot no longer afford to keep it going on him own till June. Its kind of a bummer they can't use these next two months to get that transfer floor finished so they can go full force come closing time!!!!!! SO close to the actual tower now ! any thoughts??
TowerGuy37 - Just a few questions here... If Teng has proceeded thus far and spent and financed most of the cost himself, why wouldn't he continue to work at a more rigorous pace knowing he has his financing?
He (the firm) doesn't have financing yet. . .
TowerGuy37 - It seems in the long run that costs keep skyrocketing why not try and finish closer to budget. . . SO close to the actual tower now ! any thoughts??
It's important to note that Teng owns the property. . . what they've done is attempted to build the structure pre-sales anticipating that the forward progress would help 1) sell units and 2) indicate to a prospective guarantuer that they were serious about their commitment to the project. . . what has happened is simply that it is taking longer to obtain a construction loan and the construction costs have caught up with them. . .
I'm confident that the loan will go through with this Chinese bank and construction should resume in a few months, but if it doesn't someone will likely step in to become an equity partner to complete the project. . . if that happens the timeframe for completion is unknown. . .
. . .
__________________ Tom in Chicago
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Teng is not a guy... but does anyone know where the name comes from? On their website, there is a photo from the 1950s of what looks like an Asian/Chinese fellow... was Teng the name of the founder?
Founded in Chicago as a minority-owned business in 1959, Teng has evolved substantially during the last 42 years. Dr. Wayne Teng and his wife Eleanor started the company as a structural engineering firm with expertise in foundations based on his book Foundation Design. The period from 1959 through the mid-1960s produced mainly structural specialty work and included projects such as high-power transmission antennas. As the commissions became more numerous, the firm's work expanded to include communications facilities for Illinois Bell (now SBC/Ameritech). These facilities consisted largely of buildings that housed sensitive and expensive communications equipment.<-Not my editorial!
Dr. Teng was born in China and attended UIUC. He died in 1999.
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Never argue with idiots - first they drag you down to their level, then they beat you with experience.
I was told by an executive from Teng that there will be no advancement on the building unitl June....period. Inspite of this minor setback.... a very large unit was sold over the weekend.
I was told by an executive from Teng that there will be no advancement on the building unitl June....period. Inspite of this minor setback.... a very large unit was sold over the weekend.
Thanks.
I guess that would go along with the statement that they put out saind that the financing deal should close in 30-60 days.
Get the money, pay of who you owe and start the next phase.
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