Crain's coverage is a touch different... seems like mixed signals. Is it slowing, or on hold?
In any case, it seems Kelleher is not going to be moving further out of pocket on the project, at least in the present situation, which makes long-term sense (and might give HarryC a little vacation.
)
http://www.chicagorealestatedaily.co...ws.pl?id=31214
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Chicago Spire penthouse sold to Beanie Babies’ Warner
(Crain’s) — The penthouse unit of the Chicago Spire, which was listed at a staggering $40 million, has been sold to Beanie Babies magnate Ty Warner.
...
The spokeswoman for Dublin, Ireland-based Shelbourne says that
due to the roiled financial markets, the developer is slowing underground utility work that was to be completed by year-end. She says that while the foundation is completed,
work on the building’s structure won’t get under way until markets improve and the developer has a construction loan in place.
... contracts with buyers for
more than one-third of the tower’s 1,194 condominiums. ...
The spokeswoman says the primary reason for the delay is the credit crisis that has lenders pulling back, though she says Shelbourne is “well on our way” toward landing its financing.
“We are still getting sales,” she says. “The challenge is Wall Street. That’s the primary reason this is on hold.”