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  #1741  
Old Posted Jul 8, 2020, 11:13 PM
Northwest Northwest is offline
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Moving on, this property is likely to sit idle for years.
The state of the site looks unsuitable to walk away from just now. They were just preparing to weave the rebar for a huge mat pour. The caisson tops are exposed in a pit that is continually flooded, with exposed rebar more than ten feet tall.
How are they going to "safe" this site so it can at least retain the value of the foundation that is done? Just bury it all and hope its okay?
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  #1742  
Old Posted Jul 9, 2020, 1:54 AM
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Originally Posted by SamInTheLoop View Post
who here actually buys the developer's media claim that they had halted construction due to physical distancing concerns at this particular job?
I was pretty dubious . . . but I did hear from someone (whom I thought was probably in a position to know) that one of the developer principals had lost two close family members to COVID-19.
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  #1743  
Old Posted Jul 9, 2020, 2:25 AM
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Steely Dan Steely Dan is offline
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But questioning the developer's motives, insinuating that they had more than acceptable levels of greed, or shooting for "higher than typical" profit margins, as Pianowizard did, was not necessary.
It wasn't necessary or unnecessary.

He was simply offering HIS opinion.

As people often do on internet discussion forums.

The fact that it so clearly triggered you actually says volumes more.
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  #1744  
Old Posted Jul 9, 2020, 11:54 AM
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The financing on this project must have been very soft. Banks do not pull financing once the deal has closed unless certain milestones were not achieved.
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  #1745  
Old Posted Jul 9, 2020, 1:05 PM
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Originally Posted by Steely Dan View Post
It wasn't necessary or unnecessary.

He was simply offering HIS opinion.
.
I’m waiting on the math from you, PianoWizard, or anybody else that the developers expected “unrealistically huge profit margins”, in PianoWizard’s exact words. He expressed an opinion, so let’s see him back it up.

If he does, nothing further to discuss, I will agree with his kindly worded “opinion” about this developer.
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  #1746  
Old Posted Jul 9, 2020, 4:19 PM
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I’m waiting on the math from you, PianoWizard, or anybody else that the developers expected “unrealistically huge profit margins”, in PianoWizard’s exact words. He expressed an opinion, so let’s see him back it up.
Enjoy your wait.

Probably gonna be awhile
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  #1747  
Old Posted Jul 9, 2020, 8:09 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by The Pimp View Post
The financing on this project must have been very soft. Banks do not pull financing once the deal has closed unless certain milestones were not achieved.
If Goldman was involved it was probably some kind of mezzanine loan, which is a fancy word for "huge hard money loan".

Willing to bet Goldman ends up owning this and then selling it for a tidy return on their short loan in the next 5 years. Probably Related or someone like that will pick it up for a reasonable long run price and develop it with something ho hum and hugely profitable.
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  #1748  
Old Posted Jul 10, 2020, 4:02 AM
Goose Island Guru Goose Island Guru is offline
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Quote:
Originally Posted by LouisVanDerWright View Post
If Goldman was involved it was probably some kind of mezzanine loan, which is a fancy word for "huge hard money loan".

Willing to bet Goldman ends up owning this and then selling it for a tidy return on their short loan in the next 5 years. Probably Related or someone like that will pick it up for a reasonable long run price and develop it with something ho hum and hugely profitable.
I’d be willing to bet Goldman hasn’t laid out a single dollar and were not willing to do so without more sales which didn’t improve once construction actually started. Then as we all know, covid hit and the rest is history.
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  #1749  
Old Posted Jul 10, 2020, 7:19 PM
SamInTheLoop SamInTheLoop is offline
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Quote:
Originally Posted by Mr Downtown View Post
I was pretty dubious . . . but I did hear from someone (whom I thought was probably in a position to know) that one of the developer principals had lost two close family members to COVID-19.

Regardless of whether that was the real impetus for the shutdown, that is terrible, sad, and devastating.
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  #1750  
Old Posted Jul 10, 2020, 7:21 PM
SamInTheLoop SamInTheLoop is offline
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Quote:
Originally Posted by Steely Dan View Post
It wasn't necessary or unnecessary.

He was simply offering HIS opinion.

As people often do on internet discussion forums.

The fact that it so clearly triggered you actually says volumes more.

Last sentence was my read on his reaction as well - seemed to be somehow weirdly politically triggered.
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  #1751  
Old Posted Aug 3, 2020, 8:21 PM
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Some activity on site today. Gravel path to the excavation and some diggers moving about.
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  #1752  
Old Posted Aug 4, 2020, 1:53 AM
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Are they filling the mat slab with sand?
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  #1753  
Old Posted Aug 4, 2020, 5:49 PM
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  #1754  
Old Posted Aug 4, 2020, 5:54 PM
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^ very strange.

What IS going on here?
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  #1755  
Old Posted Aug 4, 2020, 6:18 PM
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Im hoping this is a good thing that maybe they're preparing to restart construction soon

But it could also be that they're preparing the site to be dormant for a little while longer.
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  #1756  
Old Posted Aug 4, 2020, 6:47 PM
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^ Another outdoor space, for 'virus dining, perhaps?
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  #1757  
Old Posted Aug 4, 2020, 7:02 PM
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Hmmm... I was wrong about a long stall when they covered the exposed rebar at Hudsons Site in Detroit, but that's just plastic covering the rebar... this is corrugated liners and crushed rock... Why would they fill in a (rather deep) excavated pile cap just to come back and dig it all out in a month to restart construction? Plastic bags over rebar columns cost little to nothing (pretty much just the labour) and can just be ripped off... crushed rock on the other hand... doesn't bode well.
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  #1758  
Old Posted Aug 4, 2020, 7:06 PM
Chi-Sky21 Chi-Sky21 is offline
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a very well supported parking lot.....
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  #1759  
Old Posted Aug 4, 2020, 7:48 PM
bhawk66 bhawk66 is offline
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If the crushed rock is not an indication of a restart, then how would one explain the following comments from the article linked above?

"...compared to the shut down picture we showed you in July, some dirt has been dug, some equipment has been moved, and there’s some new heavy equipment on site that wasn’t there before, including an excavator.

In the new picture, we count 26 rebar cages for the caissons. In the old picture, the number was closer to 20."
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  #1760  
Old Posted Aug 4, 2020, 7:49 PM
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Originally Posted by Skyguy_7 View Post
^ Another outdoor space, for 'virus dining, perhaps?
Definitely - cages fro the small kids and teenagers that tend to spread disease even in the best of times.

Aug 8



or possibly trying to keep the tops from getting bent when they are buried for a few years.
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