CHICAGO | Waterview Tower | 1,047' Official / 1,035' Roof | 89 FLOORS |NEVER BUILT - Page 124

The Pimp · #**2461** Posted **Nov 9, 2008, 7:20 PM**

Guys, I had a clause in my contract that would return my down payment if Teng didn't receive it's funding by October. They didn't and I've instructed my attorney to start the process. After speaking with my unemployed Teng Rep it has become quite clear that there is no clear path to finishing this building.

Mehow · #**2462** Posted **Nov 10, 2008, 10:15 AM**

The latest bad news,the elecrical contractor will be packing up soon.With this the power will be shut down leaving the building ready for all the homeless to take over and live there rent free. And they will be willing to work as a demo crew on all the material that is worth anything at the scrap yard.

Zerton · #**2463** Posted **Nov 11, 2008, 2:34 AM**

This thing is a horrible eyesore.

simcityaustin · #**2464** Posted **Nov 11, 2008, 3:56 AM**

^^^ I don't get why it's an eyesore. The worksite is clean, it's in good shape. Sure it's on hold, but it's no worse than the parking lot that use to be there.

Frankly I think the concrete shell looks better than some finished buildings I know of.

WonderlandPark · #**2465** Posted **Nov 11, 2008, 4:00 AM**

Quote:

Originally Posted by Zerton

This thing is a horrible eyesore.

I saw it last month, it really isn't bad at all. I doubt most visitors even notice that is u/c or not. It blends in with the street wall.

honte · #**2466** Posted **Nov 11, 2008, 4:19 AM**

Quote:

Originally Posted by simcityaustin

Frankly I think the concrete shell looks better than some finished buildings I know of.

No doubt!

ChicagoChicago · #**2467** Posted **Nov 11, 2008, 4:37 AM**

Quote:

Originally Posted by simcityaustin

^^^ I don't get why it's an eyesore. The worksite is clean, it's in good shape. Sure it's on hold, but it's no worse than the parking lot that use to be there.

Frankly I think the concrete shell looks better than some finished buildings I know of.

It bears a striking resemblance to 55 W Wacker...

jjk1103 · #**2468** Posted **Nov 13, 2008, 9:46 PM**

......maybe we can turn the shell into the: "skyscraper forumers world headquarters"........we could hold monthly meetings in the shell !

lawfin · #**2469** Posted **Nov 13, 2008, 10:33 PM**

Thinks its time to shut this down ala' The Spire thread

CHAPINM1 · #**2470** Posted **Nov 14, 2008, 5:18 AM**

I have a feeling that this one will eventually resume; however, we'll be looking at a 29 floor shell for a little while anyways...

Tom In Chicago · #**2471** Posted **Nov 16, 2008, 4:46 AM**

Shutting this thread until some relevent news comes about. . .

SolarWind · #**2472** Posted **Dec 3, 2008, 3:13 AM**

November 18, 2008 - Waterview Tower

Tom In Chicago · #**2473** Posted **Dec 9, 2008, 5:17 PM**

I recently received a note from one of the subcontractors on the site who said the following:

". . . Waterview LLC met with all of the subcontractors on the project to inform them that Waterview LLC has no money to continue construction of the project and that the site 'as is' would now be marketed to potential buyers who may wish to 'finish the project'."

Although the news is pretty dismal for anyone interested in seeing Teng finish the project, the fact that they're looking to hand it over to another developer is reassuring, and hopefully they find someone interested in completing the project as originally designed. . .

We'll keep the U/C - ON HOLD status until we know for sure or not if the existing design is dead. . . although I'd find it pretty hard to imagine that someone would go through the trouble to re-draw a new plan for this site. . . also as a reminder please keep comments ON TOPIC and try to avoid editorializing. . . if noone has anything relevent to post I'm fine with this thread dying on the vine along with the project. . .

. . .

cbotnyse · #**2474** Posted **Dec 9, 2008, 5:22 PM**

come on bailout money!!!

seriously, its good to see they are shopping it.

harryc · #**2475** Posted **Dec 9, 2008, 6:21 PM**

Dec 3 - Moving out

Dec 5 - patterns

kenratboy · #**2476** Posted **Dec 10, 2008, 5:39 AM**

What a shame.

I guess the upside is the permits, planning, politics, foundation, and first bit of construction are all done, so if a buyer can scoop the project up at a great price, they may have a real winner on their hands.

It does not personally affect me if a new buyer 'steals' the project (its sad it happens, but nothing I can do about it), and at this point, I hope the project gets completed, one way or the other.

cbotnyse · #**2477** Posted **Dec 10, 2008, 12:36 PM**

Have the few buyers on this board backed out yet?

chrslyp · #**2478** Posted **Dec 10, 2008, 2:15 PM**

anyone got any guesses about what developers might be interested?

Cro Burnham · #**2479** Posted **Dec 10, 2008, 3:24 PM**

The same ones interested in buying Wrigley field or those touting their associations with Blago.

BVictor1 · #**2480** Posted **Dec 10, 2008, 3:31 PM**

http://www.chicagotribune.com/business/chi-teng-associates-waterview-dec9,0,7879705.story

Developer hikes amount it's owed on stalled Waterview development
By Mary Ellen Podmolik | Tribune reporter
4:25 PM CST, December 9, 2008

Teng & Associates upped the amount it said it is owed for work on its stalled development, Waterview Tower and Shangri-La Hotel, at 111 W. Wacker.

The Chicago-based developer filed amended claims for $42.8 million of work, instead of the $36.8 million previously sought. Teng said it stopped work on Waterview July 31.

Separately, a China-based engineering firm has filed a mechanics lien for a portion of the $22 million of work it performed for the project. Shenyang Yuanda Aluminum Industry Engineering Co. seeks $4.8 million and said it has performed an additional $11 million of lien-able work. The documents were filed with the Cook County recorder's office.

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