CHICAGO | Chicago Spire | 610 M / 2,000 FT | 150 FLOORS | NEVER BUILT - Page 102

Mr Roboto · #**2021** Posted **Feb 7, 2014, 4:43 PM**

I totally love Kelleher's tenacity. Whether its derived from sheer willpower and know-how or complete insanity, I dont care. Im definitely cheering for him. It takes one or the other to get a project like this done.

And yes even if he builds the thing half as tall, the entire saga will certainly propel his status to some pretty relative significance in this city.

r18tdi · #**2022** Posted **Feb 7, 2014, 4:55 PM**

Quote:

Originally Posted by Buckman821

Kelleher is dead on about the timing. If you look at what's been happening in NYC, there have been a lot of extremely successful projects in a mold very similar to that of the Chicago Spire (ultra tall, thin, extreme prices, targeting foreign buyers or otherwise people who have more money than god).

Yes, but no. A sleepy Streeterville location with Lake Michigan views can't compete with a vibrant Midtown Manhattan location with Central Park views (in fact very few places can).

Yes Streeterville is slowly improving, but the two aren't even close to comparable in my book.

Jibba · #**2023** Posted **Feb 7, 2014, 5:07 PM**

The area that is four-blocks proximal to the Spire doesn't matter much as far as the desirability of the building goes. It is an aspirational property that is very much in the center of Chicago geographically, symbolically and emotionally; just because it's not "steps" from Oak or Michigan hardly matters (and no one in this building won't have a private driver to get them anywhere they need to go, anyway).

intrepidDesign · #**2024** Posted **Feb 7, 2014, 5:14 PM**

Quote:

Originally Posted by Jibba

The area that is four-blocks proximal to the Spire doesn't matter much as far as the desirability of the building goes. It is an aspirational property that is very much in the center of Chicago geographically, symbolically and emotionally; just because it's not "steps" from Oak or Michigan hardly matters (and no one in this building won't have a private driver to get them anywhere they need to go, anyway).

Speaking of occupants, I wonder where Ty Warner's deal for the penthouse stands. I would assume that money hasn't been sitting in escrow all these years. I wonder, if a restart seems eminent (fingers crossed) if he would get back on board, and under what terms. I always saw him as the "anchor tenant".

jcchii · #**2025** Posted **Feb 7, 2014, 5:30 PM**

it must be tempting with so much foundation work complete

I don't recall the estimated total percentage of the cost of construction "the hole" represents

UPChicago · #**2026** Posted **Feb 7, 2014, 5:43 PM**

If an investor who is oriented in real estate is willing to sink $135 million on what is essentially a hole in the ground then I have say that there might be a good possibility this gets done. Still I'm going to hold my breath.......

Skyguy_7 · #**2027** Posted **Feb 7, 2014, 5:45 PM**

Quote:

Originally Posted by jcchii

it must be tempting with so much foundation work complete

I don't recall the estimated total percentage of the cost of construction "the hole" represents

IIRC there was a $10 million dollar lien on the project for "the hole" plus caisson work, which was completed. Perhaps design/engineering was figured in that amount too.

Bambi · #**2028** Posted **Feb 7, 2014, 5:47 PM**

Quote:

Originally Posted by LouisVanDerWright

Despite the cranky naysayers in this thread, the above Kelleher quote is spot on. Credit markets are actually easier now for this kind of project than they were in 2007. The amount of cash being printed by central banks around the world has created giant pools of cash looking to flow into large projects with reasonable yields. If he is able to land a construction loan I won't be surprised. If he is able to get shovels in the ground again I think we will see the Spire standing tall by 2018. This will make 432 Park in NYC look like a piddly little joke of an ultra luxury tower.

I have to commend Kelleher on his tenacity. He clearly refuses to give up on this. If he gets it done he will instantly become a minor Chicago legend because that's the attitude that permeates the culture of this town. Pure willpower and brute strength.

Very well put, especially the last bit

Steely Dan · #**2029** Posted **Feb 7, 2014, 5:50 PM**

Quote:

Originally Posted by UPChicago

If an investor who is oriented in real estate is willing to sink $135 million on what is essentially a hole in the ground then I have say that there might be a good possibility this gets done. Still I'm going to hold my breath.......

that's my take. 135 million dollars is real money. it's still just a drop in the bucket compared to the Billions it would take to actually build the tower, but i know of no individual or organization that pisses away 135 million bucks on someone else's pipe-dream. but as you said, we're still a LONG way away from the breath-holding stage.

perhaps it's just a ploy to get the legal stuff surrounding the land out of the way and then try to wrest control of it away from kelleher?

or maybe it's all on the level and these new investors think they can get the project built with kelleher?

it's all very strange to me, but 135 million dollars demands notice.

killaviews · #**2030** Posted **Feb 7, 2014, 5:58 PM**

I doubt anyone lender or investor would fund a 2000 unit condo building in the market.

If this project is hotel, rental, and condo, then maybe it could get done. Developers are scared to building condos with 100s of units. There is no way we can get one with 2000 units.

Hotel and rental needs to be part of any new plan. Maybe even an observation deck.

marothisu · #**2031** Posted **Feb 7, 2014, 6:03 PM**

Quote:

Originally Posted by killaviews

I doubt anyone lender or investor would fund a 2000 unit condo building in the market.

If this project is hotel, rental, and condo, then maybe it could get done. Developers are scared to building condos with 100s of units. There is no way we can get one with 2000 units.

Hotel and rental needs to be part of any new plan. Maybe even an observation deck.

Agreed. Well, I think that they can make a bunch of them rental and see how it goes before turning some over to condo. I think there should definitely be a hotel there, and probably some retail wouldn't hurt either. The observation deck would be a must for a 2000 foot tower.

r18tdi · #**2032** Posted **Feb 7, 2014, 6:12 PM**

In an ideal world the resurrected Spire would also house an observation deck for the public. Could be quite the cash cow...

Via Chicago · #**2033** Posted **Feb 7, 2014, 6:16 PM**

yea i mean lets not forget that the Trump penthouse still hasnt even been able to sell, years after construction wrapped up

and this would basically be an entire building of those (maybe not quite as extreme, but no doubt the same limited pool of potential buyers)

Manhattan might be able to get away with these stratospheric properties but im just not seeing it here. but what i think matters very little..should be interesting to watch either way. if they can pull it off more power to them, but ill believe it when it starts to rise.

BVictor1 · #**2034** Posted **Feb 7, 2014, 6:16 PM**

Regarding the Spire, I know that there are several SOAR members who'd be very excited to see this go through.

Quote:

Originally Posted by r18tdi

In an ideal world the resurrected Spire would also house an observation deck for the public. Could be quite the cash cow...

Yeah... I can already see the bitching from the people in Riverview and ENWP regarding an observation deck. I agree, it could help to make this project more successful, having the highest observation deck in North America.

r18tdi · #**2035** Posted **Feb 7, 2014, 6:19 PM**

Quote:

Originally Posted by BVictor1

Regarding the Spire, I know that there are several SOAR members who'd be very excited to see this go through.

Sarcasm? Aren't those folks notorious NIMBYs?

BVictor1 · #**2036** Posted **Feb 7, 2014, 6:21 PM**

Quote:

Originally Posted by r18tdi

Sarcasm? Aren't those folks notorious NIMBYs?

Nope and Nope... They used to be, but they prefer quality architecture. They really don't care about height. Remember, they supported the Spire as well as the proposed Walforf (other than the bridge).

LOL... There was just a story on WGN Midday news regarding this Spire.

r18tdi · #**2037** Posted **Feb 7, 2014, 6:34 PM**

Quote:

Originally Posted by BVictor1

Nope and Nope... They used to be, but they prefer quality architecture. They really don't care about height. Remember, they supported the Spire as well as the proposed Walforf (other than the bridge).

I seem to remember them vocally speaking out against the architecturally-interesting Marriott ballroom proposal...

Yup, found it:
http://chicago.curbed.com/archives/2...t-ballroom.php

jcchii · #**2038** Posted **Feb 7, 2014, 6:50 PM**

it would also be nice to see the Giant Cow get built, speaking of cash cows, but I can't find that old rendering just now...

BVictor1 · #**2039** Posted **Feb 7, 2014, 6:53 PM**

Quote:

Originally Posted by r18tdi

I seem to remember them vocally speaking out against the architecturally-interesting Marriott ballroom proposal...

Yup, found it:
http://chicago.curbed.com/archives/2...t-ballroom.php

And... They're certainly no Lincoln Park/Lakeview NIMBY's. They're pretty open to development. As I said, they supported the Spire.

bnk · #**2040** Posted **Feb 7, 2014, 6:56 PM**

Quote:

Originally Posted by Via Chicago

yea i mean lets not forget that the Trump penthouse still hasnt even been able to sell, years after construction wrapped up

and this would basically be an entire building of those (maybe not quite as extreme, but no doubt the same limited pool of potential buyers)

Manhattan might be able to get away with these stratospheric properties but im just not seeing it here. but what i think matters very little..should be interesting to watch either way. if they can pull it off more power to them, but ill believe it when it starts to rise.

The spires penthouse was already held to be sold to the beanie babie billionare. I suspect he may jump back in.

Quote:

Beanie Babies creator and billionaire Ty Warner, ..., became the highest profile buyer in the project, signing a contract in 2008 for a penthouse unit that was listed for $40 million.
http://www.chicagotribune.com/busine...,6626095.story

I'm starting to become more confident that this is the real deal. It may take a while but this is a good first step.

court docs http://www.scribd.com/doc/205377105/Spire-Document

Looks like Atlas is serious

Quote:

http://online.wsj.com/news/articles/...013961372.html

...

Atlas Chief Executive Steven Ivankovich told The Wall Street Journal Friday that his firm hopes to partner with Mr. Kelleher's company to ensure that construction of the Chicago Spire is completed. He said the project's 2.2-acre site on Chicago's Lake Shore Drive is "possibly the best residential development land in all of North America, if not the world."

Atlas also plans to acquire up to 550 units in the building that it can then rent out, Mr. Ivankovich added in an email. The company already owns and manages more than 70,000 multifamily apartments in the U.S.