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  #881  
Old Posted Sep 30, 2008, 2:16 AM
sfcity1 sfcity1 is offline
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ahhhhhh.

Keep the construction of this baby moving ahead. Construction will likely slow down all over due to the economy, but I want to see this baby rise for sure.
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  #882  
Old Posted Sep 30, 2008, 3:32 AM
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Originally Posted by jjk1103 View Post
..yes, the penthouse has sold to Ty "Beanie Baby" Warner for an undisclosed sum....she also said that the building was going forward but at a slower pace...they still expect 2011 occupancy
Who needs a tuned mass damper when you have a penthouse full of cuddly, squishy bean bags?

(But if this is true, go Ty!)
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  #883  
Old Posted Sep 30, 2008, 5:21 AM
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i thnk this cunstruktion will not start until we can se who the next president will be end the economy, will get stebelized !
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  #884  
Old Posted Sep 30, 2008, 1:11 PM
ChiSox13 ChiSox13 is offline
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Penthouse Sells For $40 Mil

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  #885  
Old Posted Sep 30, 2008, 1:15 PM
trvlr70 trvlr70 is offline
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I can't deny that the penthouse sale is sign of confidance in the Spire construction. Great news!
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  #886  
Old Posted Sep 30, 2008, 1:28 PM
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ethereal_reality ethereal_reality is offline
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First good news I've heard since this fiasco on Wall Street.
I'm going to run out and buy a 'beanie baby' (what's a beanie baby?)

kidding
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  #887  
Old Posted Sep 30, 2008, 1:36 PM
lazar22b lazar22b is offline
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Great news!

Selling that unit in this economy is a very reassuring sign for this beautiful tower.
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  #888  
Old Posted Sep 30, 2008, 1:40 PM
the urban politician the urban politician is offline
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The penthouse just sold for $40 million?

That to me is a significant sign of confidence. That's essentially the equivalent of 40-50 regular size smaller units selling all at once. I realize that banks are bone dry right now and this thing won't receive financing any time soon, but news like this is exactly what this project needs to keep momentum going.
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  #889  
Old Posted Sep 30, 2008, 1:40 PM
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The penthouse selling certainly is a great sign for this project... It is also nice to know that the property is going to a local buyer.

How significantly does this affect the "percent sold" figure. Is that number attributed to units sold, value of units sold, or sq ft of units sold?
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  #890  
Old Posted Sep 30, 2008, 1:43 PM
the urban politician the urban politician is offline
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I realize that following Teng's model at Waterview isn't necessarily the best thing, but I think for the sake of the project's momentum perhaps it wouldn't hurt for Kelleher to obtain mezzanine financing just to keep construction going for another 6 months or so?
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  #891  
Old Posted Sep 30, 2008, 1:46 PM
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Smile

greatest news since the financial disaster all over wallstreet! Didn´t know you could make so much selling Beanie Babies
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  #892  
Old Posted Sep 30, 2008, 1:48 PM
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Beck4ABigChicago Beck4ABigChicago is offline
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Quote:
Originally Posted by vanhenrik View Post
i thnk this cunstruktion will not start until we can se who the next president will be end the economy, will get stebelized !

I think this goes without saying.
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  #893  
Old Posted Sep 30, 2008, 1:50 PM
cbotnyse cbotnyse is offline
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How ridiculous is Ty Warner's life?

He makes a few billion selling stuffed animals, then takes that money and invests it in high end hotels around the world and snaches up some of the best real estate in the country including a 10,000 sq ft duplex 1800 feet in the air in our of the most spectacular projects in the world.

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  #894  
Old Posted Sep 30, 2008, 2:26 PM
chrslyp chrslyp is offline
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i'm glad to see some good news come out of this project. the discussion on all threads has been real slow, so it's nice to have something positive to talk about. i remember the good old days where there were at least two pages of posts per night..
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  #895  
Old Posted Sep 30, 2008, 2:49 PM
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  #896  
Old Posted Sep 30, 2008, 3:01 PM
Vexxed8282 Vexxed8282 is offline
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Spire Tour

So, I was going to copy and pate the e-mails I received, but couldn't help but wonder what if the Spire's people are watching this forum...Anyway, one of my girlfriend's sales reps met with someone from the Spire, her rep told him how obsessed we both are with the construction. A few days later, he personally e-mailed my gf and offered to give us a "backstage tour of the site and sales center, hardhats and all" in early October. I think he wants to get some access to the company my girlfriend works for in exchange for the tour, and she is all for it. I will keep you guys posted...hopefully I can get some good insight.
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  #897  
Old Posted Sep 30, 2008, 3:08 PM
Chitown Chitown is offline
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Originally Posted by the urban politician View Post
The penthouse just sold for $40 million?

That to me is a significant sign of confidence. That's essentially the equivalent of 40-50 regular size smaller units selling all at once. I realize that banks are bone dry right now and this thing won't receive financing any time soon, but news like this is exactly what this project needs to keep momentum going.
Yeah. The key, in my mind, is to try not to need much financing. With the downturn, I'm thinking that construction prices will probably be going down, so if they can sell a bunch of units, hopefully they won't need much financing.
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  #898  
Old Posted Sep 30, 2008, 3:22 PM
i_am_hydrogen i_am_hydrogen is offline
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Beanie Babies Magnate Buys Chicago Spire Penthouse

WGN | September 30, 2008 09:47 AM

Beanie Babies magnate Ty Warner has bought the duplex penthouse in the not-yet-built Chicago Spire, WGN-TV reports.

The 10,000 square-foot, duplex is expected to be the 141st and 142nd floors of Santiago Calatrava's 2,000 foot-tall lake shore skyscraper.

The penthouse was listed at $40 million, but it's unclear how much the reclusive local billionaire actually paid.

A spokeswoman for the developer told WGN that the Spire's foundation is finished and the building will begin rising when the economy improves. They still expect to complete the building by 2012.

http://www.huffingtonpost.com/2008/0..._n_130508.html

* * * *

Spire's penthouse sells for tall price

September 30, 2008 at 6:50 AM

The penthouse of the not-yet-rising Chicago Spire has been sold, but the developer won't say precisely for how much.

The 10,000-square-foot, two-floor duplex slated for the 141st and 142nd floors had an asking price of $40 million, according to a spokeswoman for developer Shelbourne Development Group.

The buyer was Beanie Babies magnate Ty Warner, chief executive of Oak Brook-based Ty Inc., whose personal fortune has been estimated by Forbes magazine in excess of $4 billion.

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
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  #899  
Old Posted Sep 30, 2008, 3:30 PM
Via Chicago Via Chicago is offline
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Originally Posted by the urban politician View Post
The penthouse just sold for $40 million?
Yes, it sold. I highly doubt it fetched the full asking price.
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  #900  
Old Posted Sep 30, 2008, 3:31 PM
the urban politician the urban politician is offline
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^ Good press releases. Very direct, frankly addressing the economic crisis we are in. I prefer this over recluse and wily subterfuge.

I have confidence in Kelleher, that's for sure. That doesn't mean that he will absolutely succeed, but it does mean that he certainly can pull it off
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