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  #2561  
Old Posted Jul 25, 2014, 6:11 PM
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Frankly, at this point, I'd be happy with a 1000 footer there....
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  #2562  
Old Posted Jul 25, 2014, 6:21 PM
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You are way too optimistic about this whole project, not that it's bad to be optimistic, but I really would not get my hopes up on it being built.

And yea the news articles are old news.
No, I know that Kehller is a fighter. He's been planning a comeback all along. He's going take this thing down to the wire until he wins it. Just like many before him.
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  #2563  
Old Posted Jul 25, 2014, 8:41 PM
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Frankly, at this point, I'd be happy with a 1000 footer there....
don't give up on faith in this guy, he might surprise us
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  #2564  
Old Posted Aug 18, 2014, 2:20 PM
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I can't remember is it Aug 31st that a reorganization plan is due for this? What's the over under on kelleher keeping control of the site?
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  #2565  
Old Posted Aug 18, 2014, 2:46 PM
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July 11


The future park


Aug 1


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  #2566  
Old Posted Aug 18, 2014, 3:06 PM
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It looks downright pastoral in that last shot.

Thanks for the photo-update harryc.

Last edited by ethereal_reality; Aug 18, 2014 at 10:58 PM.
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  #2567  
Old Posted Aug 18, 2014, 10:41 PM
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July 11


The future park


Aug 1


*sigh*
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  #2568  
Old Posted Aug 20, 2014, 7:44 PM
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The site is buzzing with activity.
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  #2569  
Old Posted Aug 20, 2014, 7:51 PM
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The site is buzzing with activity.
^ Yes.....bees
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  #2570  
Old Posted Aug 20, 2014, 9:45 PM
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Looks like scenes from Divergent...
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  #2571  
Old Posted Aug 21, 2014, 3:10 PM
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10 Days until the Reorganization Plan Deadline. What does a reorganization plan include anyway?
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  #2572  
Old Posted Aug 23, 2014, 7:59 PM
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Looks like scenes from Divergent...
Agreed, those last two shots make the city look almost entirely abandoned. All you have to do is photoshop in some broken windows, maybe vines crawling up the buildings/overpasses, some trees and shrubs, and you have a scene from The Last of Us. Beautiful pictures!
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  #2573  
Old Posted Aug 24, 2014, 11:02 AM
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Originally Posted by rlw777 View Post
10 Days until the Reorganization Plan Deadline. What does a reorganization plan include anyway?
Post 2471:

Read the Council's linked article in post 2471 of this thread. At a minimum, the secured creditor, Related, will have to be paid in any reorganization plan.

Related wants control of the property and wants Kelleher gone. "Atlas Apartment Holdings" will let Kelleher keep a much smaller piece of the development. But, so far, there is no evidence Kelleher or this particular Atlas can produce the money needed to pay off Related.

If Related is paid and the Spire is discharged from bankruptcy, Kelleher will merely retain an asset, a much smaller piece of the development. But, that much smaller piece of the Spire will then become subject to attachment to satisfy judgments of other creditors against Kelleher based on his personal guarantees of other loans for his defunct, pipe-dream of an empire.

The only thing holding up development of the Spire parcel is Kelleher's inability to pay off Related. The bankruptcy judge has given time to Kelleher and Atlas to "show me the money."

Related has access to the money to develop the property. But, Related's vision of what should go on the Spire property is probably neither as grand nor, IMO, as impractical as Kelleher's.
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  #2574  
Old Posted Aug 24, 2014, 12:27 PM
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Originally Posted by rlw777 View Post
10 Days until the Reorganization Plan Deadline. What does a reorganization plan include anyway?
I'm guessing that with under 10 days left, this is pretty much over and Related will assume control
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  #2575  
Old Posted Aug 24, 2014, 2:31 PM
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I'm guessing that with under 10 days left, this is pretty much over and Related will assume control
I don't think I would give up on these guys just yet. They have suprissed us before and they can do it again
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  #2576  
Old Posted Aug 24, 2014, 4:29 PM
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I thought they had until October?

Oh well... Related's plan didn't look bad, hopefully they'll tweak it to look even better.
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  #2577  
Old Posted Aug 24, 2014, 7:42 PM
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Originally Posted by Zapatan View Post
I thought they had until October?

Oh well... Related's plan didn't look bad, hopefully they'll tweak it to look even better.
I have a question for people more well-versed in these things – in a case where a new developer takes over a high-profile site/project like this, what prevents the new developer from pursuing the original project? Intellectual property rights? And if they did want to build the Spire, is there a way they could reimburse Kelleher for his work on this/architects' fees for the right to?

Not that I believe Related would do this, as their track record has shown them to be extremely conservative and this is a wildly ambitious project, but it seems they have the deep pockets and international marketing savvy to make this happen if they wanted to.
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  #2578  
Old Posted Aug 24, 2014, 8:30 PM
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Quote:
Originally Posted by Zapatan View Post
I thought they had until October?

Oh well... Related's plan didn't look bad, hopefully they'll tweak it to look even better.
well what we have seen from related, i think we can expect these tweaks to be to cut coasts, not increase aesthetics.
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  #2579  
Old Posted Aug 24, 2014, 8:53 PM
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Originally Posted by ithakas View Post
I have a question for people more well-versed in these things – in a case where a new developer takes over a high-profile site/project like this, what prevents the new developer from pursuing the original project? Intellectual property rights? And if they did want to build the Spire, is there a way they could reimburse Kelleher for his work on this/architects' fees for the right to?

Not that I believe Related would do this, as their track record has shown them to be extremely conservative and this is a wildly ambitious project, but it seems they have the deep pockets and international marketing savvy to make this happen if they wanted to.
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You should probably take an economics course.
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  #2580  
Old Posted Aug 24, 2014, 8:55 PM
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Quote:
Originally Posted by the urban politician View Post
I'm guessing that with under 10 days left, this is pretty much over and Related will assume control
Quote:
Originally Posted by Zapatan View Post
I thought they had until October?

Oh well... Related's plan didn't look bad, hopefully they'll tweak it to look even better.
August 31st - due date for the reorganization plan.

October 31st - due date for paying debt to related.

I wouldn't expect to see them make any moves until last minute for either of those dates unless they are really ready to get things moving on the site. Also with such a prominent site and a lot of public expectation even if Related gets the site I would expect a better design than their usual crap and probably a starchitect.
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