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-   -   CHICAGO | 1000M (1000 S Michigan) | 805 FT | 73 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=218947)

Northwest Jul 8, 2020 11:13 PM

Moving on, this property is likely to sit idle for years.
The state of the site looks unsuitable to walk away from just now. They were just preparing to weave the rebar for a huge mat pour. The caisson tops are exposed in a pit that is continually flooded, with exposed rebar more than ten feet tall.
How are they going to "safe" this site so it can at least retain the value of the foundation that is done? Just bury it all and hope its okay?

Mr Downtown Jul 9, 2020 1:54 AM

Quote:

Originally Posted by SamInTheLoop (Post 8975074)
who here actually buys the developer's media claim that they had halted construction due to physical distancing concerns at this particular job?

I was pretty dubious . . . but I did hear from someone (whom I thought was probably in a position to know) that one of the developer principals had lost two close family members to COVID-19.

Steely Dan Jul 9, 2020 2:25 AM

Quote:

Originally Posted by the urban politician (Post 8975121)
But questioning the developer's motives, insinuating that they had more than acceptable levels of greed, or shooting for "higher than typical" profit margins, as Pianowizard did, was not necessary.

It wasn't necessary or unnecessary.

He was simply offering HIS opinion.

As people often do on internet discussion forums.

The fact that it so clearly triggered you actually says volumes more.

The Pimp Jul 9, 2020 11:54 AM

The financing on this project must have been very soft. Banks do not pull financing once the deal has closed unless certain milestones were not achieved.

the urban politician Jul 9, 2020 1:05 PM

Quote:

Originally Posted by Steely Dan (Post 8975333)
It wasn't necessary or unnecessary.

He was simply offering HIS opinion.
.

I’m waiting on the math from you, PianoWizard, or anybody else that the developers expected “unrealistically huge profit margins”, in PianoWizard’s exact words. He expressed an opinion, so let’s see him back it up.

If he does, nothing further to discuss, I will agree with his kindly worded “opinion” about this developer.

Steely Dan Jul 9, 2020 4:19 PM

Quote:

Originally Posted by the urban politician (Post 8975574)
I’m waiting on the math from you, PianoWizard, or anybody else that the developers expected “unrealistically huge profit margins”, in PianoWizard’s exact words. He expressed an opinion, so let’s see him back it up.

Enjoy your wait.

Probably gonna be awhile :haha:

LouisVanDerWright Jul 9, 2020 8:09 PM

Quote:

Originally Posted by The Pimp (Post 8975552)
The financing on this project must have been very soft. Banks do not pull financing once the deal has closed unless certain milestones were not achieved.

If Goldman was involved it was probably some kind of mezzanine loan, which is a fancy word for "huge hard money loan".

Willing to bet Goldman ends up owning this and then selling it for a tidy return on their short loan in the next 5 years. Probably Related or someone like that will pick it up for a reasonable long run price and develop it with something ho hum and hugely profitable.

Goose Island Guru Jul 10, 2020 4:02 AM

Quote:

Originally Posted by LouisVanDerWright (Post 8976132)
If Goldman was involved it was probably some kind of mezzanine loan, which is a fancy word for "huge hard money loan".

Willing to bet Goldman ends up owning this and then selling it for a tidy return on their short loan in the next 5 years. Probably Related or someone like that will pick it up for a reasonable long run price and develop it with something ho hum and hugely profitable.

I’d be willing to bet Goldman hasn’t laid out a single dollar and were not willing to do so without more sales which didn’t improve once construction actually started. Then as we all know, covid hit and the rest is history.

SamInTheLoop Jul 10, 2020 7:19 PM

Quote:

Originally Posted by Mr Downtown (Post 8975306)
I was pretty dubious . . . but I did hear from someone (whom I thought was probably in a position to know) that one of the developer principals had lost two close family members to COVID-19.


Regardless of whether that was the real impetus for the shutdown, that is terrible, sad, and devastating.

SamInTheLoop Jul 10, 2020 7:21 PM

Quote:

Originally Posted by Steely Dan (Post 8975333)
It wasn't necessary or unnecessary.

He was simply offering HIS opinion.

As people often do on internet discussion forums.

The fact that it so clearly triggered you actually says volumes more.


Last sentence was my read on his reaction as well - seemed to be somehow weirdly politically triggered.

Ineffable Aug 3, 2020 8:21 PM

Some activity on site today. Gravel path to the excavation and some diggers moving about.

Bombardier Aug 4, 2020 1:53 AM

Are they filling the mat slab with sand?

bgbarker Aug 4, 2020 5:49 PM

https://www.chicagoarchitecture.org/...d-19-shutdown/

Steely Dan Aug 4, 2020 5:54 PM

^ very strange.

What IS going on here?

CrazyCres Aug 4, 2020 6:18 PM

Im hoping this is a good thing that maybe they're preparing to restart construction soon

But it could also be that they're preparing the site to be dormant for a little while longer.

Skyguy_7 Aug 4, 2020 6:47 PM

^ Another outdoor space, for 'virus dining, perhaps? :shrug:

Fvn Aug 4, 2020 7:02 PM

Hmmm... I was wrong about a long stall when they covered the exposed rebar at Hudsons Site in Detroit, but that's just plastic covering the rebar... this is corrugated liners and crushed rock... Why would they fill in a (rather deep) excavated pile cap just to come back and dig it all out in a month to restart construction? Plastic bags over rebar columns cost little to nothing (pretty much just the labour) and can just be ripped off... crushed rock on the other hand... doesn't bode well.

Chi-Sky21 Aug 4, 2020 7:06 PM

a very well supported parking lot.....

bhawk66 Aug 4, 2020 7:48 PM

If the crushed rock is not an indication of a restart, then how would one explain the following comments from the article linked above?

"...compared to the shut down picture we showed you in July, some dirt has been dug, some equipment has been moved, and there’s some new heavy equipment on site that wasn’t there before, including an excavator.

In the new picture, we count 26 rebar cages for the caissons. In the old picture, the number was closer to 20."

harryc Aug 4, 2020 7:49 PM

Quote:

Originally Posted by Skyguy_7 (Post 9000915)
^ Another outdoor space, for 'virus dining, perhaps? :shrug:

Definitely - cages fro the small kids and teenagers that tend to spread disease even in the best of times.

Aug 8



or possibly trying to keep the tops from getting bent when they are buried for a few years.


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