Posted Apr 12, 2008, 11:12 PM
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Registered User
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Join Date: Feb 2006
Location: Chicago
Posts: 266
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Quote:
Originally Posted by TWRWatcher
All,
It is very obvious in looking at this last picture that this job is shutting down, whether its forever or temporary, it is shutting down. That is in fact the pool for the Hotel you are seeing in case thier was any doubt. All materials (forms, lumber, tool boxes, outhouses etc) have been taken off the deck for safety reasons. During the shutdown, you don't want anything "temporary" on the roof unsecured for fear that it could come loose. You can also tell looking at the tower crane that they can not building anymore floors or core structure until that crane "jumps" again, and I don't think we are going to see that anytime soon. They are still a few floors short of the transfer floor, and I bet there is concern about whether or not they can afford to make it that far. As for the glass that everyone has discussed, it is in fact in a wharehouse in Bolingbrook that was supplied by Teng. However, what hasn't been said yet is that there are only 18 floors of glass in storage and the manufacturer has stopped production and won't make anymore unless payments are made. So regardless of whether they make the transfer floor, they can't enclose the building completely. Also, you will notice that only a small amount of the "clips" for the glass installation have been installed, this is because the installer has left the job, again, due to lack of payment according to my source. So, I think it is safe to say that in the short term, this job is going to go extremely slow, if not stop completely until some sort of cash infusion happens. If this job continues to be built and continues to drain cash and capital from Teng, that will be the end of not only the WaterView development, but also of Teng. It will for sure be interesting to watch this unfold. In the meantime, don't hold your breath waiting for activity.
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The end of Teng. That is pretty brazen right there.
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