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

[harryc]

Dozen or so workers on site all day Friday


The view remains the same

[Rocket1]

^^^^ Love that 2nd photo, harry.

That may be the best one yet of Waterview.

[photoLith]

June has has come and is almost gone, too bad about restarting work this month, I have faith though.

[harryc]

A waterfall in waterview - putting in conduit and pulling wire.

[Himechme]

A little more info:

Today is the day we are supposed to get a final decisiion from XM bank. No word yet...but none of the contractors have signed the documents and rumor has it that XM has pulled out. I guess we will have to wait until the end of the day.

Things do not look good for Waterview.

Does anyone know anybody with $350 Million to burn?

[TheBigHurt]

Originally Posted by Himechme

A little more info:

Today is the day we are supposed to get a final decisiion from XM bank. No word yet...but none of the contractors have signed the documents and rumor has it that XM has pulled out. I guess we will have to wait until the end of the day.

Things do not look good for Waterview.

Does anyone know anybody with $350 Million to burn?

Bad news. Crap.

Would that spell the end of this project?

[[SP]Neo]

nad if this is the end what will happen with this concrete skeleton?

[WonderlandPark]

Originally Posted by [SP]Neo

nad if this is the end what will happen with this concrete skeleton?

If this goes into a lawsuit limbo, than not much will happen to the concrete tower. Too bad about the *apparent* news. Something will be done with it some day. Hope someone higher up can light a fire under Teng to skin it, finish it, whatever, nobody wants this sitting around for years as an eyesore right along the river.

IF the news is true, than too bad. Bleh, I loved this tower.

[The Pimp]

Stop posting BS! What I know to be true is that the Chinese were here 3 weeks ago and were very impressed with the building, location and the sales center. The building is 68% sold and many folks have already spent much of their own money with interior designer's and interior architects. I specifically know that no major construction will begin until the end of summer. Please don't post gossip unless it's verifiable information. This project will be completed! It just won't be in a conventional fashion. Stay positive and be patient....

[Steely Dan]

^ well, regardless of who knows what and what's truth and what's conjecture, there are some facts here that we have to deal with.

facts: the developer said in their own press release back in may that construction on the tower would resume sometime in june. we are now at the end of june, and construction has not resumed, so it is now undeniable that this project is "on hold", even going by the developers own timetable. therefor, it is with regret that i must move this thread out of the construction forum and into it's new (hopefully temporary) home.

also, "news" of a financing deal being worked out will not immediately resurrect the thread to under construction status. this thread will only be moved back if and when concrete starts flowing again.

[cbotnyse]

sad day. I am worried about this one. The credit markets continue to deteriorate and the cost of energy is still skyrocketing, not a good combination.

[Mr Roboto]

I thought the last word out was that work was supposed to resume in july. Least, that was the impression I had from reading the various threads out there on this building. And is XM the only bank involved at this point? I thought it was BCEG or something like that.

Regardless, I was hoping to at least see a press release or something by now, but I guess we'll just have to continue to wait and see.

[10023]

The real question is whether or not they are really 65% sold. With a delay like this, buyers are probably considering pulling their deposits, or those deposits could be returned in accordance with some contractual provision.

As long as it really is 2/3 sold, I can't imagine they couldn't structure something even if Teng only broke even or limited its losses as lead developer. But if the sales of apartments are voided, who knows.

Anyone here who's bought a unit care to inform us what communications you've received from Teng with regard to financing and construction progress, assuming you're not under any obligation to keep this information confidential?

[Chicago Shawn]

Folks, the crane was in opperation today! Hopefully this is the first sign of work resuming full swing soon (pun intended).

[Mehow]

The crane was being repaired today so the concrete contractor can use it to remove equipment for another project. As for financing-no word.

[budman]

My sources tell me that the financing is taking a bit longer than expected but that the closing will take place in the not too distant future. I was also told that there has been a construction crew on site recently. I am not considering asking for my deposit back, and I dont know anyone who is. There really isnt a reason to ask for your deposit back until we know for sure whats going to happen (unless you want to buy another place or are concerned about getting your money back if the tower doesnt get built, which I think is very unlikely).

[BVictor1]

Originally Posted by budman

My sources tell me that the financing is taking a bit longer than expected but that the closing will take place in the not too distant future. I was also told that there has been a construction crew on site recently. I am not considering asking for my deposit back, and I dont know anyone who is. There really isnt a reason to ask for your deposit back until we know for sure whats going to happen (unless you want to buy another place or are concerned about getting your money back if the tower doesnt get built, which I think is very unlikely).

Ditto about the info on financing.

[simcityaustin]

[LaSalle.St.Station]

i dig teng, takes balls to build with no financiasl backing and yet look.

[harryc]

Street wall




Alley wall


Waiting


Close neighbor.


Far neighbor