CHICAGO | Waterview Tower | 1,047' Official / 1,035' Roof | 89 FLOORS |NEVER BUILT

[BVictor1]

I got a few shots of the site this afternoon also. I only scoped the site from the parking garage though. I didn't even notice the piles, which have been driven over the past week and a half.

[Rocket1]

Does bitterly cold weather affect construction much?

Or do the workers just bundle up more and carry on?

[BVictor1]

Originally Posted by Rocket1

Does bitterly cold weather affect construction much?

Or do the workers just bundle up more and carry on?

Depends on what they are working on. As cold as it had been here for the past week or so, they couldn't pour concrete, but if the building is far enough along, they will work on the unterior spaces. For Waterview, they haven't been pouring concrete, but excavating. It appears that's they've done a little as there is not a lot of snow on the site, except for the core.

[Mr Roboto]

This may have been discussed before, so i apologize if it has, but I was wondering if all financing was in place for this project. I remember at one point Teng was doing construction out of their own pocket on the premise that a deal would be finalized. Is this still true?

[neverdone]

Originally Posted by SolarWind

February 15, 2007

Will those horizontal steel pipes stay, or are they solely to hold back the soil. Also what are those I-beams doing and what are they seated into?

[SamInTheLoop]

Originally Posted by Mr Roboto

This may have been discussed before, so i apologize if it has, but I was wondering if all financing was in place for this project. I remember at one point Teng was doing construction out of their own pocket on the premise that a deal would be finalized. Is this still true?

If they have landed a construction loan, it hasn't been published in the media, and for a loan as large as Teng will need for this project, it will make the news...

[kalmia]

Originally Posted by SamInTheLoop

If they have landed a construction loan, it hasn't been published in the media, and for a loan as large as Teng will need for this project, it will make the news...

couldn't they be working on money from sales?

Also, what will this look like on the lower floors of the alley (south) side?

[Jaroslaw]

-Isn't that money in escrow, by law? It's scary that this project is not a *done deal*, with all the potential economic turbulence up ahead... and now the flame-out in Sacramento... these Teng guys have strong nerves.

[chi-arch]

Originally Posted by Jaroslaw

-Isn't that money in escrow, by law? It's scary that this project is not a *done deal*, with all the potential economic turbulence up ahead... and now the flame-out in Sacramento... these Teng guys have strong nerves.

The deposit money is in an interest-bearing escrow account. They cannot use it for construction. I just received my 1099 from Teng on the escrow money and I don't know where they are with the overall construction loan for the project, but that would be a lot of concrete and steel to tear out

[otis1]

neverdone - the horizontal pipes are temporary, solely for earth retention as you suspected. Similarly, the veritical I-beams (H piles) served the same purpose, to facilitate elevator core foundation construction. There used to be wood lagging in between the piles (you can see them in the photo), which closed off the hole. The piles are just rammed into the ground to a engineer specified depth.

[budman]

My understanding was that Teng was putting in a good deal of equity, but obviously they would still need a construction loan, and a sizeable one at that. But why would they move forward for the past year unless they were confident in their ability to secure such a loan? Perhaps they are waiting to sell more units to secure more favorable terms (together with the sizeable equity I mentioned). In any event, it seems to me to be a near impossibility that this building doesnt get built...and they probably have many of their construction costs (materials, etc.) locked in, so escalating construction costs may not be as big as a concern as in other projects...eg, a certain other tower that is also anchored my a far-east Asian five star hotel chain

[budman]

My understanding was that Teng was putting in a good deal of equity, but obviously they would still need a construction loan, and a sizeable one at that. But why would they move forward for the past year unless they were confident in their ability to secure such a loan? Perhaps they are waiting to sell more units to secure more favorable terms (together with the sizeable equity I mentioned). In any event, it seems to me to be a near impossibility that this building doesnt get built...and they probably have many of their construction costs (materials, etc.) locked in, so escalating construction costs may not be as big as a concern as in other projects...eg, a certain other tower that is also anchored my a far-east Asian five star hotel chain

[budman]

Originally Posted by chi-arch

The deposit money is in an interest-bearing escrow account. They cannot use it for construction. I just received my 1099 from Teng on the escrow money and I don't know where they are with the overall construction loan for the project, but that would be a lot of concrete and steel to tear out

^Chi-arch, I left you a PM.

[chicubs111]

Well ..I was always wondering about the construction loan thing...I found an article from crains dated back a couple years...
Source


Oct. 04, 2005
By Jeremy Mullman

Wacker Drive gets Shangri-La
Shangri-La Hotels and Resorts, a Hong Kong-based luxury hotel chain, will open its first U.S. property in a planned 90-story Chicago skyscraper in 2009, the company announced Tuesday.

The 200-room hotel will occupy floors 12 through 27 of Waterview Tower, at 111 W. Wacker Drive, which, if built, would be the city’s fifth-tallest building. Hotel plans call for three restaurants, a full-service spa, a health club, and room amenities such as plasma televisions, butler service and lake, river and skyline views.

“We took great care to find the very best location for our American debut, and we believe Waterview Tower is the perfect launching pad for our brand within the U.S.,” Shangri-La CEO Giovanni Angelini said in a statement. “We are excited that our signature style of Asian hospitality will be introduced to America in Chicago.”

The company currently manages 48 hotels, and it has more than 30 projects under development in Canada, China, India, Malaysia, Oman, the Philippines, Qatar, Thailand, the United Arab Emirates and the United Kingdom. It says it is in “advanced negotiations” to open hotels in other major North American cities.

The tower’s developer, a company affiliated with Chicago-based Teng & Associates Inc., plans to sell off the individual hotel rooms as condominiums. Sales will start this week, said Ivan Dvorak, chief executive officer of Waterview LLC, the developer.

Buyers have already signed contracts for 55% of the 233 residential condos on the building's upper floors, he said. The developer also is talking with lenders about a construction loan for the project.

"We are very close" to securing financing, Mr. Dvorak said.



This was from 2005, so I would think they would of have something lined up by now?

[Reminiscence]

I usually only take pictures of San Francisco Construction projects, but I'm in Chicago for school, and I was downtown with my camera ... so I took a few shots. These are my first pictures of Chicago construction

[SolarWind]

Originally Posted by otis1

neverdone - the horizontal pipes are temporary, solely for earth retention as you suspected. Similarly, the veritical I-beams (H piles) served the same purpose, to facilitate elevator core foundation construction. There used to be wood lagging in between the piles (you can see them in the photo), which closed off the hole. The piles are just rammed into the ground to a engineer specified depth.

Thanks for the explanation otis1. Your posts are very informative.

[honte]

Originally Posted by budman

My understanding was that Teng was putting in a good deal of equity, but obviously they would still need a construction loan, and a sizeable one at that. But why would they move forward for the past year unless they were confident in their ability to secure such a loan? Perhaps they are waiting to sell more units to secure more favorable terms (together with the sizeable equity I mentioned). In any event, it seems to me to be a near impossibility that this building doesnt get built...and they probably have many of their construction costs (materials, etc.) locked in, so escalating construction costs may not be as big as a concern as in other projects...eg, a certain other tower that is also anchored my a far-east Asian five star hotel chain

My only guess is that they have the cash, and why incur all of the construction interest unless you have to? This seems to break the cardinal rule of "spend someone else's money," but if they are entirely confident in their project, it might make a lot of sense.

I highly doubt a smart firm like Teng would go to all this trouble without a firm commitment from a lender.

[SportsWorld]

I haven't looked into this building much, but what's with the Asian ads on the side of the walls and on the official website? Does the creator have ties to building there?

[Reminiscence]

Originally Posted by SportsWorld

I haven't looked into this building much, but what's with the Asian ads on the side of the walls and on the official website? Does the creator have ties to building there?

Asian ads? My only guess to your question is the fact that the Waterview Tower is also home to Chicago's Shangri-La Hotel (Shangri-La being based in Hong Kong). Outside of that, I'm not really sure.

[nomarandlee]

Originally Posted by SportsWorld

I haven't looked into this building much, but what's with the Asian ads on the side of the walls and on the official website? Does the creator have ties to building there?

Yes, Shangri-La is a Hong Kong based hotel chain mostley found in east Asia.