CHICAGO | Chicago Spire | 610 M / 2,000 FT | 150 FLOORS | NEVER BUILT - Page 46

Mojava · #**901** Posted **Sep 30, 2008, 3:45 PM**

Good news about the penthouse. I almost wish they waited on announcing until the markets cooled off. Consumer confidence is so low right now that I dont think they will reap too many benifits from the announcement at this time.

theWatusi · #**902** Posted **Sep 30, 2008, 4:20 PM**

Now is as good a time as any for good news. The economy will not be getting better for a long time.

i_am_hydrogen · #**903** Posted **Sep 30, 2008, 5:28 PM**

Beanie Baby magnate signs contract for Spire penthouse

By Mary Ellen Podmolik | Tribune reporter
10:29 AM CDT, September 30, 2008

The Chicago Spire is nothing more than a concrete hole in the ground but reclusive Beanie Baby magnate Ty Warner has decided he wants the best views from the proposed building.

Warner has signed a contract to buy the 10,000-plus square-foot, two-story penthouse at the Spire, which originally carried a $40 million asking price. The sales price was not disclosed...

http://www.chicagotribune.com/busine...,6195117.story

Rocket1 · #**904** Posted **Sep 30, 2008, 5:33 PM**

Quote:

Originally Posted by i_am_hydrogen

.....

Spokeswoman Kim Metcalfe said more than 30 percent of the 2,000-foot condo tower under construction just north of the Chicago River at Lake Shore Drive has been sold and that units are still selling despite the dire nature of the economy. When finished, it will have 1,194 units.

The foundation is 100 percent completed, she said, adding that the Spire will begin rising as the economy gets better. The completion date for the tower is 2012, she said

--Pat Curry, WGN-Ch.9

http://www.chicagobreakingnews.com/2...all-price.html

Interesting to see they've moved the completion date to 2012.

Just the other day a Spire spokesman had told a reporter the completion date was still 2011.

America 117 · #**905** Posted **Sep 30, 2008, 5:43 PM**

Quote:

Originally Posted by i_am_hydrogen

Did anyone catch "Chicago Tonight"? I believe I overheard a female guest reporting that the $40M penthouse has just been sold. Either it was the penthouse or some other prominent floor(s). Time Warner was mentioned.

IN YOUR FACE TRUMP!!!!

chrslyp · #**906** Posted **Sep 30, 2008, 6:27 PM**

won't the actual price paid for the penthouse be public record once warner closes on the property? i wonder how close to $40 million shelbourne actually got..

theWatusi · #**907** Posted **Sep 30, 2008, 6:53 PM**

That's a good thought. They might have "given" it away

America 117 · #**908** Posted **Sep 30, 2008, 7:50 PM**

Quote:

Originally Posted by Rocket1

Interesting to see they've moved the completion date to 2012.

Just the other day a Spire spokesman had told a reporter the completion date was still 2011.

Thats weird.
why did the spokeman say that. it has always been 2012 they never changed it.

Dr. Taco · #**909** Posted **Sep 30, 2008, 8:46 PM**

Quote:

Originally Posted by Rocket1

Interesting to see they've moved the completion date to 2012.

Just the other day a Spire spokesman had told a reporter the completion date was still 2011.

it's been quoted as "by 2012" in "in 2012" and "in 2011". I don't care if it stretches to 2013, honestly, as long as it get's built

honte · #**910** Posted **Sep 30, 2008, 9:28 PM**

Crain's coverage is a touch different... seems like mixed signals. Is it slowing, or on hold?

In any case, it seems Kelleher is not going to be moving further out of pocket on the project, at least in the present situation, which makes long-term sense (and might give HarryC a little vacation.

)

http://www.chicagorealestatedaily.co...ws.pl?id=31214
_____

Chicago Spire penthouse sold to Beanie Babies’ Warner

(Crain’s) — The penthouse unit of the Chicago Spire, which was listed at a staggering $40 million, has been sold to Beanie Babies magnate Ty Warner.

...

The spokeswoman for Dublin, Ireland-based Shelbourne says that due to the roiled financial markets, the developer is slowing underground utility work that was to be completed by year-end. She says that while the foundation is completed, work on the building’s structure won’t get under way until markets improve and the developer has a construction loan in place.

... contracts with buyers for more than one-third of the tower’s 1,194 condominiums. ...

The spokeswoman says the primary reason for the delay is the credit crisis that has lenders pulling back, though she says Shelbourne is “well on our way” toward landing its financing.

“We are still getting sales,” she says. “The challenge is Wall Street. That’s the primary reason this is on hold.”

jjk1103 · #**911** Posted **Sep 30, 2008, 10:55 PM**

Quote:

Originally Posted by America 117

IN YOUR FACE TRUMP!!!!

.......Trump has a building ...Kelleher has a hole in the ground.......

America 117 · #**912** Posted **Sep 30, 2008, 10:58 PM**

On hold???? what????? its not on hold????? I thought they were just slowing down, its not on hold, Is it?????
Even if it does go on hold its no big deal, I mean come on they already sold there 40 million doller penthouse!!!! I think once this wall street thing is over it will start again.
That is if it even goes on hold at all.

America 117 · #**913** Posted **Sep 30, 2008, 11:00 PM**

Quote:

Originally Posted by jjk1103

.......Trump has a building ...Kelleher has a hole in the ground.......

I know. But the reson I said that was because trump keeps saying it wont get built, BUT HE'S WRONG!
And I dont think trump even sold his penthouse.

theWatusi · #**914** Posted **Sep 30, 2008, 11:06 PM**

Quote:

Originally Posted by America 117

On hold???? what????? its not on hold????? I thout they were just slowing down, its not on hold, Is it?????
Even if it does go on hold its no big deal, I mean come on they already sold there 40 million doller penthouse!!!! I think once this wall street thing is over it will start again.

Well according to the Shelbourne spokeswomen in the above posted article, the Spire is on hold until financing can be obtained. Not an easy feat in today's market.

BTW, it's very possible that this "wall street thing" could take months if not years to correct.

America 117 · #**915** Posted **Sep 30, 2008, 11:16 PM**

Quote:

Originally Posted by theWatusi

Well according to the Shelbourne spokeswomen in the above posted article, the Spire is on hold until financing can be obtained. Not an easy feat in today's market.

BTW, it's very possible that this "wall street thing" could take months if not years to correct.

I agree.
but thats the reson why buildings go on hold. most of the time its for a year or a few months.

Chicago_Forever · #**916** Posted **Sep 30, 2008, 11:51 PM**

Well, that crains article sounded pretty decent to me. I don't think anything in the article was a negative, except this financial crisis we're in, of course. The article stats that Kelleher has sold "over one-third" of the units (obove 348) which is where he wanted to be by this time. The building being put on hold is not that big of a deal considering all that's going on right now. So, as long as units are still selling, I think Kelleher can hang in there and this thing can be built. The spokeswoman also said " Shelbourne is "well on our way" toward landing its financing. I have no reason not to beleive anything she said or anything in that article for that matter. Although I tend to take these things with a grain of salt, I do belive things are going to be alright so sit tight. Besides, this isn't a race.

Chicago_Forever · #**917** Posted **Sep 30, 2008, 11:55 PM**

Quote:

Originally Posted by jjk1103

.......Trump has a building ...Kelleher has a hole in the ground.......

I agree, hold that "in your face" a little longer. I do have a feeling Trump is fuming though, $40mil could have bought 40 units in his building. Oh well, back to the Spire.

10023 · #**918** Posted **Oct 1, 2008, 1:33 AM**

I don't understand the logic of going "on hold", unless they're struggling to get financing.

It won't be complete until 2012 anyway, even if they hold to the schedule. And you've got financing costs and holding costs (real estate taxes, for instance), that basically mean you're always financially better off going as fast as you can, as long as you've got the cash on hand.

Nowhereman1280 · #**919** Posted **Oct 1, 2008, 1:40 AM**

Guys, settle down, re-read the article, the context of the words "on hold" is not the same as we use the phrase in our emporis-based world. They have 3 sentences talking about how work will continue, and one sentence that uses the phrase "on hold", which probably means its someone who isn't aware the phrase "on hold" panics some small group of skyscraper nuts somewhere on the internet. In most people's vernacular that phrase doesn't mean "all work stopping until further notice", but when used with sentences about how work will continue, albeit slowly, means exactly that, work is continuing, just not at a significant rate. In other words, its essentially on hold, not literally...

I hate having to constantly calm you guys down every time you hear a sound bite that rubs you the wrong way, settle and read things a little more thoroughly and less literally...

bnk · #**920** Posted **Oct 1, 2008, 1:59 AM**

Quote:

Originally Posted by ChiSox13

This may help things move along:

http://www.chicagobreakingnews.com/2...all-price.html

I cannot believe a simple doll created a 4 Billion dollar empire. Good for the spire but it is kind of unbelievable for this new money guy.

One should check out his Lake Geneva mansion, almost puts the Wrigley’s to shame. I saw a set up to a low key party that was pegged at 100K. Small potatoes for a Billionaire and his entourage.

http://www.wealth-bulletin.com/rich-...nt/2451979526/

The World’s Ten Most Expensive Hotel Rooms

1. Ty Warner Penthouse, Four Seasons, New York. $34,000 per night
The Ty Warner Penthouse at the Four Seasons in New York, at $34,000 per night, tops Wealth-Bulletin’s most expensive hotel rooms list in the world.

Perhaps he will rent the spire penthouse out for Chicago fourmer meet ups at a greatly reduced price.