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

[Spiral Architect]

Well if it isn't Roeder, then it must be a disgruntled Teng accountant...

[Juan_M2118]

DONT WORRY PEOPLE. the construction of this building will only SLOW down, it cannot be canceled, this building is too high, and the economyt isnt THAT bad, im sure this building will be completed, maybe a couple months later than expected, but IT WILL.

[Alliance]

Myopic optimists are just as bad a myopic pessimists.

They're both ignorant and frankly, can't grasp this situation.

[Rocket1]

Originally Posted by Alliance

Myopic optimists are just as bad a myopic pessimists.

They're both ignorant and frankly, can't grasp this situation.

So where does reality lie in this situation?

[TWRWatcher]

Well, I figured I would help clear up some of the speculation everyone had by throwing out a few facts. My bad, I will keep fact out of the forum so that you can continue to discuss fiction.

[Spiral Architect]

Originally Posted by TWRWatcher

Well, I figured I would help clear up some of the speculation everyone had by throwing out a few facts. My bad, I will keep fact out of the forum so that you can continue to discuss fiction.

Teng will go under is a fact?

[chi-arch]

Originally Posted by TWRWatcher

Well, I figured I would help clear up some of the speculation everyone had by throwing out a few facts. My bad, I will keep fact out of the forum so that you can continue to discuss fiction.

I'm sorry, are you implying there is no speculation in your original post? Have you actually spoken to Teng?

[honte]

Originally Posted by TWRWatcher

Roader would be flattered I am sure with your comments.

That's true - you are a better writer than Roeder.

Don't leave the forum, since you have a lot of knowledge and surely can contribute a lot. But don't forget that there are others here on the buyer's end who have knowledge that may differ from what is going around in the construction industry. There's no telling at this point who has the correct or complete story.

[Spiral Architect]

Originally Posted by chi-arch

I'm sorry, are you implying there is no speculation in your original post? Have you actually spoken to Teng?

Yes, are you privy to the current status of financing negotiations that Teng has with lenders?

[Jaroslaw]

Originally Posted by TWRWatcher

Well, I figured I would help clear up some of the speculation everyone had by throwing out a few facts. My bad, I will keep fact out of the forum so that you can continue to discuss fiction.

I appreciate your posting, and I want to apologize, if I can, for some of the other forumers. Some people here seem to think that a "positive mood" here is actually going to help the WT, and a "negative" one will hurt it. That is the only charitable way for me to explain the energy of some of the other posters here.

I don't think anyone here doesn't want the WT not to get built, so let's try to give a listen to some new people who, from their tone, or their previous posts (e.g., HighRise on the Elysian) seem to know what they're talking about.

[chi-arch]

Originally Posted by Spiral Architect

Yes, are you privy to the current status of financing negotiations that Teng has with lenders?

My question wasn't directed to you, Spiral Arch, but to TWRWATCHER who seems to have insider knowledge.

The curtain wall is in Bensenville, BTW, so the perceived knowledge is suspect at best.

[Beck4ABigChicago]

Originally Posted by TWRWatcher

Well, I figured I would help clear up some of the speculation everyone had by throwing out a few facts. My bad, I will keep fact out of the forum so that you can continue to discuss fiction.

I also appreciate your input. And I do think that you backed up your speculations with extremely good observations (i.e. the removal of material from the deck). Don't get scared away, its a tough crew.

[The Pimp]

Originally Posted by Dalton

Wow. I've been gone a few days and missed the bad news. This is very disappointing. And to those who say the city or the mayor would never let an unfinished concrete hulk sit in that prime spot, I have three words: block thirty seven. Don't count on any sort of public bailout. Chicago residents would be fuming if their tax money went into building multimillion-dollar condos and a luxury hotel.

I hope someone reads this before it gets deleted (my "wild speculation" several days ago that work was going to be temporarily halted was deleted...) Some speculation here again:

Maybe someone with structural engineering experience and a little knowledge of this building could comment on what might be going on now? Is it possible that, for the long-term stability and safety of the finished concrete work, that the transfer floor must be completed? In other words, if this structure utilizes the core and outrigger system, can the dozen or so floors above the parking structure be left swaying in the brisk Chicago breezes long-term without the support of the transfer floor? Seems like they'd never get permits even to use structure for temporary public parking if the structure was left half-assed incomplete.

So, if they already have to finish concrete work to the roof of the hotel portion or else tear the hulk down, it seems like a viable alternative may be to complete the hotel portion and resume the condo tower in a few years when the market improves.

Keep reading... Things are just fine!

[chi-arch]

Originally Posted by Jaroslaw

I appreciate your posting, and I want to apologize, if I can, for some of the other forumers. Some people here seem to think that a "positive mood" here is actually going to help the WT, and a "negative" one will hurt it. That is the only charitable way for me to explain the energy of some of the other posters here.

I don't think anyone here doesn't want the WT not to get built, so let's try to give a listen to some new people who, from their tone, or their previous posts (e.g., HighRise on the Elysian) seem to know what they're talking about.

I am open to all discussion, but you can't come on here without direct knowledge and then condemn Teng for their efforts.

These discussions have a way of going "poof" anyway.....so enjoy it while it lasts!! No more Ra Ra from me.

[Jaroslaw]

I really don't enjoy being on the "negative team," but now the Teng reply to BVictor makes more sense, my emphasis:

"Several large international funds are in the process of their loan review. In the meantime, all those involved with the project continue to work together to protect the integrity and quality of the project while the remaining funding is being secured. To dispel the rumors, Waterview has no intention to build anything other than its current 90 story "iconic" design."

In other words, securely mothball the project while waiting for more money. The "intention" remains even if construction progress is suspended.

[TowerGuy37]

i only come here wanting this building to be completely finished exactly how it was intended to be!!!!!!!!!

I did some research to see if i could get a idea of what might still be for sale here through different real estate/condo searches. All of the units that come up for sale ALL had (sales pending)! This may not be anything definite but can only help in reaching that percentage needed to help secure the funding needed!!!!!!!!!! I certainly hope so !!!!!! keep the faith!

[Jaroslaw]

Originally Posted by chi-arch

I am open to all discussion, but you can't come on here without direct knowledge and then condemn Teng for their efforts.

The way this forum works, it's hard for anyone to demonstrate conclusively that they have "direct knowledge." That goes for both sides of the debate here, as I've just elaborated in a PM to the mod. And I don't think anyone is condemning Teng. We are all rooting for this tower. There is no basis for questioning anyone's sincerity or motives.

[budman]

I agree that all views should be heard on this and the other forums. Lively debate is intellectually stimulating and this site allows differing perspectives to be presented from which each of us can draw our own conclusions about matters like the status of this or other developments. I think all of us really want this tower to reach completion, so we are all on the same page there. Having said that, here is my 2 cents - I have received an explanation from the developer that I personally find extremely encouraging and satisfactory for where we're at right now and where we can expect to be over he next few months. An explanation that is perfectly consistent with things I have been told over the last year. The reality is that until an official announcement is made regarding financing, some people will continue to doubt that this project could be completed by Teng, and this is a reasonable conclusion to draw based on the limited knowledge used to draw that conclusion. The good news, though, is that the knowledge that those people do NOT have leads to the exact opposite conclusion (confused yet?). It is my (very strong) personal opinion that this tower will be finished by this developer, and whatever happens over the next month or two will not change my opinion, because I know what to expect. I remain as excited as this guy right here ------->

[kayosthery]

Originally Posted by budman

here is my 2 cents - I have received an explanation from the developer that I personally find extremely encouraging and satisfactory for where we're at right now and where we can expect to be over he next few months. An explanation that is perfectly consistent with things I have been told over the last year. The reality is that until an official announcement is made regarding financing, some people will continue to doubt that this project could be completed by Teng, and this is a reasonable conclusion to draw based on the limited knowledge used to draw that conclusion. The good news, though, is that the knowledge that those people do NOT have leads to the exact opposite conclusion (confused yet?). It is my (very strong) personal opinion that this tower will be finished by this developer, and whatever happens over the next month or two will not change my opinion, because I know what to expect. I remain as excited as this guy right here ------->

What would you have done if the developer had told you that they cannot get a loan and construction will come to a halt? I think you would have asked for your deposit back. That is exactly what the developer does not want to happen, hundreds of customers all jumping ship at once. That sort of situation would be the undoing of Teng.

The current state of affairs at Waterview Tower is the topic of discussion across the Chicagoland construction industry. Contractors are leaving the project for lack of payment. The figure I heard was that Adjustable Forms is owed $12 million.

[budman]

Originally Posted by kayosthery

What would you have done if the developer had told you that they cannot get a loan and construction will come to a halt? I think you would have asked for your deposit back. That is exactly what the developer does not want to happen, hundreds of customers all jumping ship at once. That sort of situation would be the undoing of Teng.

The current state of affairs at Waterview Tower is the topic of discussion across the Chicagoland construction industry. Contractors are leaving the project for lack of payment. The figure I heard was that Adjustable Forms is owed $12 million.

As I said, all one can do is draw a conclusion based on the information at one's disposal, and my opinion on what will happen with this project remains unchanged. I certainly don't fault you or anyone else for drawing whatever conclusion makes the most sense to you based on the information available to you. I am not unsophisticated in business, and if I am wrong, it is my money at stake not yours. Believe me when I say that everything posted here has occurred to me, and a great deal more. Perhaps you would have insisted on your deposit back, but until you actually engage in the process itself, you will never know what you would have done. Opinions are easy to espouse when you have no skin in the game.