CHICAGO | Waterview Tower | 1,047' Official / 1,035' Roof | 89 FLOORS |NEVER BUILT - Page 27

Untitled · #**521** Posted **Jun 30, 2007, 12:11 AM**

^ agreed. Work is proceeding, no matter how slowly.

SamInTheLoop · #**522** Posted **Jun 30, 2007, 3:09 AM**

The really bad news for Teng is that it is more difficult today (and this is likely to remain the case for some time now) to obtain financing - ie lenders have tightened - more equity required, other stricter terms etc - than it was just a couple months ago. It's going to prove costly to Teng that they did not land a loan for this project when they should have - actually probably 1 1/2 years ago - but 3 months ago would have done the trick as well........
Teng's lack of development experience is showing, especially I am assuming when it comes to a relative lack of extensive relationships with various financial partners - which is obviously needed for a project of this magnitude. The design, engineering, construction management, etc they have covered, the $ stuff, apparently not so much....

honte · #**523** Posted **Jun 30, 2007, 3:42 AM**

^ I think the sales figure of the hotel condos would be the obvious sticking point. 65% sold on the condo side sounds like a good place to be for me.

So, supposing the loan thing becomes a real issue, they are still on solid ground. Either get Shangri-La to invest more equity into the hotel and own some percent of the units themselves, or find some kind of hotel investor to do the same.

Maybe it would be possible?

chi-arch · #**524** Posted **Jun 30, 2007, 2:42 PM**

When Trump Junior spoke to Crains last week he said they have sold 600 out of 850 condo units. Some people seem to think Trump is sold out and it's not. I think Waterview needs to get out of that hole to spur further sales, but obviously Trump's sales have slowed even though it's moving up. More projects coming on line doesn't help, but I cannot see this project coming to a halt and they are still following the schedule of a 2009 completion as far as I can see.

SamInTheLoop · #**525** Posted **Jul 1, 2007, 6:56 PM**

Quote:

Originally Posted by honte

^ I think the sales figure of the hotel condos would be the obvious sticking point. 65% sold on the condo side sounds like a good place to be for me.

So, supposing the loan thing becomes a real issue, they are still on solid ground. Either get Shangri-La to invest more equity into the hotel and own some percent of the units themselves, or find some kind of hotel investor to do the same.

Maybe it would be possible?

Absolutely possible. They will somehow get financing, but their return will take a hit.... I think sales are doing fine at this project - the project's fundamentals don't give me any reason for pause....it's just that Teng should have really forged a strong partnership or 2 on this one long before construction started - it would have greatly helped.....

SamInTheLoop · #**526** Posted **Jul 1, 2007, 6:59 PM**

Quote:

Originally Posted by jrickw

A friend of mine who also is a realtor in Chicago mentioned to me the other night that people don't want to live in the financial district, which is really one of the main problems that is holding sales volume down. The 63/35 statistic doesn't sound so bad, though. It seems odd that the hotel condos are only at 35, because one would think that the business district would actually appeal to corporate buyers and investors who might actually prefer to have a place in that area.

I don't buy the stuff about people not wanting to live in the financial district. I think that's a very yesteryear mentality. Things have since markedly changed as far as where people want to live downtown (for a another example, 235 Van Buren - which is as much of or more of a financial district location, has sold phenomenally well admittedly at much different price points. And as you mention, the sales performance at Waterview is actually quite good (particularly at these price points).

jrickw · #**527** Posted **Jul 3, 2007, 9:58 PM**

Went by the site today. They are one floor below Wacker, and on the west side they are installing the forms for the concrete pour that will form the ground (Wacker Drive) level. I took a bunch of pictures with my phone (actually pretty good quality) but I don't currently have an image hosting service and don't have time to set one up right now. If somebody can volunteer to post them I can email them to you.

SolarWind · #**528** Posted **Jul 3, 2007, 11:04 PM**

July 3, 2007

Alliance · #**529** Posted **Jul 4, 2007, 3:22 AM**

Quote:

Originally Posted by chi-arch

When Trump Junior spoke to Crains last week he said they have sold 600 out of 850 condo units. Some people seem to think Trump is sold out and it's not. I think Waterview needs to get out of that hole to spur further sales, but obviously Trump's sales have slowed even though it's moving up. More projects coming on line doesn't help, but I cannot see this project coming to a halt and they are still following the schedule of a 2009 completion as far as I can see.

Also, a lot of people have said that Trumps units' furnishings were not that impressive and that the Sales center was not that nice...that Waterview's was better. Still, I agree. In a tight market, you got to build to get noticed.

jrickw · #**530** Posted **Jul 5, 2007, 1:08 PM**

Quote:

Originally Posted by jrickw

Went by the site today. They are one floor below Wacker, and on the west side they are installing the forms for the concrete pour that will form the ground (Wacker Drive) level. I took a bunch of pictures with my phone (actually pretty good quality) but I don't currently have an image hosting service and don't have time to set one up right now. If somebody can volunteer to post them I can email them to you.

Quote:

Originally Posted by SolarWind

July 3, 2007

OK - SolarWind beat me to it and posted his own pics (better than mine). I just wanted to add that this picture shows them assembling the forms for what will be the ground floor. Once this is done -- no more hole!!! The next level after this will be above ground! (Raker beams are all gone now by the way.)

Tom Servo · #**531** Posted **Jul 5, 2007, 8:53 PM**

文

Dr. Taco · #**532** Posted **Jul 6, 2007, 2:05 AM**

I haven't been keeping track of the building for years or anything, but since I joined this forum about 3 months or so ago (actually, i have no idea how long its been right now) it seems to have made a decent amount of progress considering the complexity of the ramps and such

Alliance · #**533** Posted **Jul 6, 2007, 3:45 AM**

They have, but prior to that...this project has did practically nothing for a LONG time.

Untitled · #**534** Posted **Jul 6, 2007, 4:32 AM**

Could they perhaps have had some sort of vexing technical problem that was holding up construction?

Dr. Taco · #**535** Posted **Jul 6, 2007, 4:57 AM**

^thats what engineers dream about. vexing problems. A vexing problem to an engineer is a challenge to be solved before anyone else can. However, a vexing problem to a financier or a sales rep or an attorney or a politician....yeah, whats the hurry? THAT causes a retardation like none other. So, I'm almost 100% sure that a vexing physical problem was not the reason for the 1.5 year (?) delay.

Also, after a total of about 2 minutes using the word "vexing", I'm sick of it enough to never use it again

Steely Dan · #**536** Posted **Jul 6, 2007, 2:52 PM**

Quote:

Originally Posted by jstush04

So, I'm almost 100% sure that a vexing physical problem was not the reason for the 1.5 year (?) delay.

1.5 year delay? honestly, where are you guys getting this stuff? i guess when you get impatient it's best to just make shit up, huh?

way back in november of last year, victor asked someone on the constrcution team when they expected to get above ground. the answer was june. well, here it is early july and they're poking above the ground. the project is maybe a few weeks behind schedule max.

it was an extremely complicated underground construction on an extremely tiny piece of land with almost no space for staging. rome wasn't built in a day.

Dr. Taco · #**537** Posted **Jul 6, 2007, 3:03 PM**

^ well, the 1.5 number was definitely out of my but, cuz i honestly don't know how long things have been delayed, but from what I hear around here, it seems like it has been delayed for a really really long time. Honestly, I don't really mind, as long as it gets built. but I am very impatient, so any rate is too slow for me. These snapshots of construction progress just make things seem so slow, even if things are proceeding on par

Steely Dan · #**538** Posted **Jul 6, 2007, 3:13 PM**

Quote:

Originally Posted by jstush04

but from what I hear around here, it seems like it has been delayed for a really really long time.

that's because a few people around here don't seem to have a single clue as to what they speak of. don't listen to the impatient masses, listen to people who actually know what they're talking about, people like victor.

Tom In Chicago · #**539** Posted **Jul 6, 2007, 11:06 PM**

^Yeah. . . it seems like in the last year there's been a lot of new people on the boards. . . which in one respect is encouraging to see so many enthusiastic skyscraper people. . . but on the other hand, it can be discouraging when you've got to read pages of gibberish to find one relevent post. . .

[gibberish]One thing I noticed as I was driving past Waterview today was that as the core begins to rise out above Wacker Drive it seems really close to the property line along the sidewalk. Anyone notice that as well? Oh yeah. . . and I saw Sidewalk Joe hanging out at Silver Tower this afternoon. . . wonder how long it will be before he'll be camped out at the Spire.[/gibberish]

ChiSoxRox · #**540** Posted **Jul 7, 2007, 1:41 AM**

Come on everybody, take a deep breath, close your eyes, and imagine the steady clang of construction hammers. Like Steely pointed out, we're almost on schedule and Waterview is almost to street level. Soon this thing will be going vertical, and along with the start of construction at the Spire and Trump, will be one of three 1000+ footers going up in this city. It's easy to get impatient with this tower, but it's on the way.

Also, great news on no more raker beams.

Has the structure advanced any since Solarwind's pics? (Yes, I am impatient too.

)