New Calatrava-designed Tower in Chicago to surpass Sears Tower [Archive] - Page 3

Zephyr

April 21st, 2008, 06:24 PM

Here is a very old article on Garrett Kelleher, the Developer of Chicago Spire. Hard to find any recent ones to expand on this sketchy presentation. (NOTE - There are some inaccuracies here, but it still gives some measure of the man.)

http://archives.tcm.ie/images/sbp/thepost.gif

Developer who woke up London
Sunday, January 25, 2004
By Neil Callanan

Name : Garrett Kelleher. Age : 42. Appearance : Stylish,wears expensive open-necked shirts and occasionally a suit. News worthiness : His ?170m Tallaght scheme was approved days before he was named as the buyer who is to pay ?335m for the Lloyds of London building.

Returning to Dublin in 1996 after 12 years in the United States, developer Garrett Kelleher found himself in a city being transformed from the bleak scenes that had characterised it on his departure in the mid- 1980s. Cranes dotted the skyline, and the inner city was being rejuvenated through generous tax incentives. If you had the capital, there was real opportunity as property values began to soar.

Kelleher had made his fortune renovating run-down buildings in Chicago. Determined to take advantage of similar opportunities in Ireland, he set up Shelbourne Development. He is now one of the development industry's heavy hitters.

His recent purchase of the Lloyds of London building for €355 million is confirmation that Kelleher has joined the top table of Irish developers. It is one of the biggest single property investments involving an Irish individual.

When Kelleher's name emerged as the imminent purchaser of the Lloyds building at One Lime Street,the market in London took notice. A single developer buying the building was news enough, but this purchaser wasn't even on their radar.

The English press and property magazines had a field day, running lengthy pieces on Shelbourne and Kelleher and on the Irish appetite for British commercial property in general.

Although Shelbourne had bought a building at 18-20 Cannon Street in the City of London last year for €16.6 million, Kelleher was not regarded as a potential major investor in the city. That didn't stop him outbidding eight others to secure One Lime Street, where Lloyds occupies two-thirds of the space, with the remainder sub-let to other financial companies.

The negotiations were swift; Shelbourne had only become involved in talks in November. British Land, Buckingham Securities, an Irish consortium and a company involving Manchester United manager Alex Ferguson, are also believed to have bid for the building.

"The market was fairly shocked, but not gobsmacked.There just seems to be an awful lot of money coming over from Ireland at the moment," said one source,who has sold a number of buildings to Irish investors.

"I'm surprised he got it. Nobody in London really knew about him. Being able to persuade giant German openended fund Deka that they were capable of delivering was a big achievement in itself," said another.

A foreign bank is financing the purchase and will provide 80 per cent of the funding. The quality of the tenant and the fact there are 23 years unexpired on the lease should secure good financial terms for the purchasers.

Kelleher may consider sub-syndicating some of the building, but it is believed it is not necessary for the buyers to do so. Rumours that Davys private clients were involved are understood to be wide of the mark; however, Kelleher is close to people working there.

Those who know him hint at his level of ambition. "He's very approachable," said one source who has worked with him. "He works very hard and is very interested in the things he's doing. He's very determined and will get where he wants to be because of that."

Another source confirmed this ambition and said he was "capable of being as big as the rest of them. I'd describe him as a professional developer in that he has got a good team in place to do a lot of the legwork for him. While he's hands-on on the bigger things, he doesn't seem to mind delegating other projects."

Growing big enough to buy a single building for €355 million required a certain amount of luck and determination.

"He's obviouslyabitofa risk-taker," said one industry source. "He certainly seems to have balls. When you look at what he's done in terms of developments, he came in with little or no track record and managed to become one of the major players.

"Certainly the Burgh Quay scheme was ballsy. He made a lot of money on that deal, but he took a lot of risk. He's unusual in that respect, and I'd have a degree of respect for him because of that."

It wasn't just Kelleher who made money from the former Irish Press offices on Burgh Quay. In July 1996, developer David Arnold bought the building from the company liquidator for around €1.65 million. He sold the building to the IrishTimes the following month, netting a reported profit of around €1.5 million.

The printing presses and equipment in the building were sold by the Irish Times, and the building was put back on the market in 2000. Shelbourne Development paid €11.1 million to secure the purchase, and spent a significant amount on its re-design and expansion.

It was a bold move by the developer, but the investment paid off when the Office of Public Works bought the building for €34.5 million plus Vat, netting Kelleher a substantial profit.

Although he's described as being pleasant to meet, Kelleher is regarded as a tough negotiator. "He's as hard as nails," said one source. "But you have to have that hard streak, you have to be tough."

According to those who have worked for him on deals, Kelleher is easy to work with. A source described him as extremely straightforward, somebody who calls a spade a spade and has no hidden agenda. "He's avery capable fellow, and maybe heretofore he's been underestimated," he said.

Another acquaintance described him as "a very likeable guy who is a straight talker". As a result, he is said to be "impatient with some of the cosy business ways in Dublin".

Kelleher was a competitive tennis player in his youth, and that competitive streak is still in him, said one source. "He's very committed. He has a very high intellect and is extremely numerate." Kelleher still plays tennis and is a member of the Fitzwilliam club. He also runs in his spare time.

The developer's team at Shelbourne shows he's not afraid to pay to get the right staff, according to sources. Development director Tom Hamilton joined from DTZ Sherry FitzGerald in 1998, having previously spent time in London working for the Inland Revenue and Nelson Bakewell. In 2001,Chris O'Connell resigned from Investment Bank of Ireland to become Shelbourne's managing director.

The following year Jim Osborne,who had founded project management company CMInternational before selling it to TrammellCrowSavills in 2001, was brought in as international development director. Emmet O'Reilly also joined that year as financial director, having previously worked as financial controller at Green Property.

"It's a very balanced team he has around him. He tends to be very involved in nosing out deals, and is heavily involved when the commercial terms are being agreed. After that he then leaves the rest of the team to get on with it," a source said. "He's very modest, and even though he's tough and highly competitive, he wouldn't squeeze the last penny out of a deal."

The Lloyds purchase has not been the only good news for Kelleher recently. Having paid South Dublin County Council €16.3 million for a 2.6 -acre site with tax incentives at Belgard Square west and CookstownWay inTallaght, Shelbourne secured planning permission in September last year for the majority of its planned 389 apartment scheme, 4,862 square metres of shops, a 575 square metre creche and restaurants and cafes, a 3,220 square metre leisure centre and a community room over two levels of underground parking.

A number of local residents and Shelbourne appealed the decision to An Bord Pleanala. Three weeks ago, the planning board came down in favour of Shelbourne, which will now be able to proceed with the original scheme, with minor alterations.The decision increased the site's value to around €30 million. The scheme will cost around €100 million to build and is estimated to be worth €170 million on completion.

Kelleher has locked horns with rival developer Treasury Holdings. Its subsidiary Keelgrove Properties had originally appealed Dublin City Council's decision to grant planning permission to Shelbourne Development's proposed Moore Street Plaza development.

When An Bord Pleanala found in favour of Kelleher, Keelgrove applied for a judicial review, which eventually found in favour of Shelbourne.

Work is now under way on the scheme, which has secured Lidl as its anchor tenant, while Jurys Inn will operate the hotel.

Moore Street Plaza has already served Kelleher well. British developer AWG (then called Morrison) took a 50 per cent stake in the complex planned for the site in 1999. Shelbourne apparently used the capital from that deal as a springboard and later bought out AWG's stake in an amicable deal.

A fortnight ago, Dublin City Council granted Keelgrove permission to build its planned six-storey building at 30 Moore Street. It will have an art gallery and museum at basement, ground and first floor levels with offices from the second to fifth floor level.

Shelbourne and Treasury are now both competing for the 1.14 acre Riverside II site at Grand Canal Harbour in Dublin 2. The tender was originally awarded to the Treasury Holdings subsidiary Skerry Limited, but was re-tendered after Shelbourne approached the docklands authority with a higher offer.

The developer that wins the tender for the waterfront site will be able to build 8,225 square metres of office space and 124 apartments on the land. It is expected to sell for about €20 million after tenders close next month.

Shelbourne is also converting the former Virgin Megastore on Aston Quay into 11 high-end apartments. Crunch Fitness and the Musgrave Group have already been confirmed as tenants for the retail element of the scheme and the apartments are expected to come on the market in the summer.

The company also has significant French assets, is involved in the re-development of a 186,000 square metre site in Chicago and is in negotiations to purchase a building in the city for €240 million.

The weak dollar makes the purchase a potential bargain for Kelleher, who owns a number of other buildings in the city, including offices in Clybourn corridor near Armitage and Elston Avenues.

Although highly professional, Kelleher usually opts for the casual, opennecked shirt approach. "Having said that, he's always well-dressed," said a source who has worked with him. "You wouldn't see him out much when he's in Dublin, although he travels a fair bit between Chicago and Paris."

A practising Catholic who is believed to have an interest in church music, he spends a lot of time with his family and likes to keep that side of his life private. He is married to Maeve, and they have five children.

In April 2000, Kelleher paid €6.73 million for his seven-bedroom house at 32 Herbert Park in Ballsbridge. It was more than twice the original guide price, and although it was widely believed that he had paid more than the going rate, he had the last laugh - the corner property is now worth from €8 million to €10 million.

Kelleher attended Belvedere College and spent a year in Trinity College Dublin before taking up a tennis scholarship in New York. He then started a painting and decorating business, and by the time he moved back to Dublin he employed about 200 people in Chicago. Kelleher was also re-developing and refurbishing buildings there.

A media-shy individual, Kelleher avoids the headlines. His spokesperson did not return a call asking him to comment for this article. But when the Lloyds purchase is completed next month it will make it hard for him to maintain a low profile.

For example, chartered surveyor Sean Davin refused to discuss Kelleher or any of his other clients, other than to say the Lloyds purchase "was one hell of a calling card". London is listening.

© The Sunday Business Post, 2005, Thomas Crosbie Media TCH (http://archives.tcm.ie/businesspost/2004/01/25/story349384849.asp)

londonlawyer

April 21st, 2008, 06:33 PM

Have you guys heard of the world-wide credit crisis and the housing slump? Banks (and no one else) are not financing high-risk anything these days.

Zephyr

April 21st, 2008, 06:45 PM

Another attempt at starting a pointless debate?

I have been in this industry when similar downturns have occurred worldwide and major projects have still been completed, even when slowed. Nevermind that Dublin was one of the most unlikely of places to build as massively as they did given their economics and history.

Oh well. Maybe a little more research might help you see that there are more layers to this than you are willing to concede.

And by the way I have worked on this project and I know their economic models.

londonlawyer

April 21st, 2008, 06:49 PM

This project clearly is not selling. Therefore, further financing will not be obtained. You can't seem to grasp simple economic principles.

Zephyr

April 21st, 2008, 06:51 PM

I don't think you either know what I can grasp or have sufficient proof to make your assertions. But you are entitled to your opinions and I believe I have heard them several times before.

MidtownGuy

April 21st, 2008, 11:09 PM

I want this so badly that I will remain positive and hopeful.

Alonzo-ny

April 22nd, 2008, 12:00 AM

I liked the design alot but after MOMA came out this one really looks dull to me, plus i just cannot see the economics of it working.

futurecity

April 22nd, 2008, 12:17 AM

I hope its built and I don't trust these negative nellies, who love to show their pretentious NY bias, over a man (zephyr) who has worked on the project. Your opinion is not proof that it will be cancelled and neither is past history -- so put up, or shut up, as they say.

Alonzo-ny

April 22nd, 2008, 01:01 AM

Who says he worked on the project. Stop trying to reawaken the NY vs Chi arguement. How can we put up or shut up exactly? The only person who can do that is the developer.

ramvid01

April 22nd, 2008, 03:35 AM

I love the design, although the location as to the skyline I feel is not the best (will stick out more than if in the middle of downtown). However none the less I think this building will get built, although I am not loving the vertical slants on the model curtain wall. What is that material?

futurecity

April 24th, 2008, 09:17 PM

Who says he worked on the project. Stop trying to reawaken the NY vs Chi arguement. How can we put up or shut up exactly? The only person who can do that is the developer.

He said it, look at post 522. Jeez, if you think this tower is dull - well, ouch, we differ..

Please don't be so sure to proclaim this tower dead just because of past experience, hunches, supposed insider knowledge, industry expertise etc.. unless you have real postable evidence that its dying, don't say that it is. Many people here are proclaiming this tower dead due to factors that may or may not play a role in this development. Nobody knows the sales figures, and people should not speculate on their actions. Why spread silly rumours? It is just poor form and disrespectful to the Chicago forumers here. Its almost as if the NYers are wishing it dead or something -- seems fishy to me, hmmm....

futurecity

April 24th, 2008, 09:30 PM

I'm not shy about anything. It will be cancelled when the developer's preconstruction funds run out.

There is not enough demand from wealthy midwesterners to fill this tower. Trump Chicago can't sell out, and the Mandarin is not going forward.

Lastly, Chicago is not an international city in which people from Europe, Asia, the Middle East and South America will buy trophy apartments like they do in NY and London.

P.S.: The developer must be a fool if he thinks he can sell the most expensive apartments ever built in Chicago at a tent sale in a park -- even if, as you claim, it's a "massive tent"! The Plaza, for example, sells itself.

All this is your opinion, you should make it clear that it is -- nothing you have said indicates that this tower will be cancelled -- your assertations are based on past history only and pure speculation. If you are so sure there is not demand, please post data prooving this. Please proove that there are no international interests currently buying apartments in the Spire. Pelase don't rely on your opinion that no one from abroad wishes to buy in Chicago no matter what the development is. Again, more speculation based on biases. We need the hard facts, anything less is an affront especially to those who have interests in this tower. Thanks. If the tower is built, you will say "oops, I was wrong".

P.s, the sales tent is in a park which is a square in the most prestigious part of Dublin city. Why is he a fool for expecting to sell apartments to people who earn euros (exchange rate?), in a high-end dublin district where the wealthiest Irish dwell and shop? Don't you realise the connection the irish have with Chicago and the history and their voracious appetite for buying abroad. Ny simply doesn't have anything as dramatic as this on the boads ATM -- people love grand statements.

ablarc

April 24th, 2008, 10:44 PM

Build it and they will come.

Alonzo-ny

April 24th, 2008, 10:59 PM

Eventually...

londonlawyer

April 24th, 2008, 11:34 PM

All this is your opinion, you should make it clear that it is -- nothing you have said indicates that this tower will be cancelled -- your assertations are based on past history only and pure speculation. If you are so sure there is not demand, please post data prooving this. Please proove that there are no international interests currently buying apartments in the Spire. Pelase don't rely on your opinion that no one from abroad wishes to buy in Chicago no matter what the development is. Again, more speculation based on biases. We need the hard facts, anything less is an affront especially to those who have interests in this tower. Thanks. If the tower is built, you will say "oops, I was wrong".

P.s, the sales tent is in a park which is a square in the most prestigious part of Dublin city. Why is he a fool for expecting to sell apartments to people who earn euros (exchange rate?), in a high-end dublin district where the wealthiest Irish dwell and shop? Don't you realise the connection the irish have with Chicago and the history and their voracious appetite for buying abroad. Ny simply doesn't have anything as dramatic as this on the boads ATM -- people love grand statements.

Wow! Are you straight off a farm? You are quite simplistic, amigo.

futurecity

April 25th, 2008, 12:55 AM

Please don't insult me just because I asked for some real evidence to support your claims that the tower is going to be cancelled and asked you to refrain from making wild assumptions and proclamations based on opinion only, no matter how experienced you may be-- In fact, from your post above you come across as patronizing and rather rude... aren't lawyes supposed to be good at backing up their arguments? Why does that bother you? Again, your behavior isn't very proper and friendly, but then again, I don't know you and perhaps you are an unfriendly person and like to call people stupid - like you just did to me - all the time and its just who you are.. who knows.

P.S, i have experience in the Irish market to know the property habits and the mentality of the Irish. I also know the Dublin market very well.

Alonzo-ny

April 25th, 2008, 11:15 AM

This project isnt in Dublin. I hate to be the one to break this to you but making assumptions on the future based on past experience is how the world works so get used to it, its not 'wild' assumptions.

londonlawyer

April 25th, 2008, 11:56 AM

....
P.S, i have experience in the Irish market to know the property habits and the mentality of the Irish. I also know the Dublin market very well.

So you're aware that Dublin is experiencing a significant downturn in its property market, and therefore, even fewer people in this little city would be inclined to invest in a project in a tertiary U.S. market. (NY being the primary U.S. investment market, Miami and Las Vegas being the secondary market and Chi., SF, Boston, etc. being the tertiary market).

BVictor1

April 25th, 2008, 02:29 PM

Thanks. This leads me to believe that these apartments are not selling. If they were, the developer would be publicizing it.

Not really.

They've stated in the past that this info wouldn't be released, just like the cost of the project hasn't been released.

JUst because you and others aren't privy to certain information, doesn't mean that there's something negative happening.

You have a bad habit of that.

BVictor1

April 25th, 2008, 02:31 PM

Alonzo-ny

April 25th, 2008, 02:39 PM

This is very boring, before you start getting off topic and getting into a Chicago rant go read the NY v Chicago thread because it will be the same BS that will get posted again if you continue.

londonlawyer

April 25th, 2008, 02:52 PM

....
Chicago is very much an international city, from wikipedia ("Chicago has been classified as an alpha world city (http://en.wikipedia.org/wiki/Global_city) for its worldwide economic influence.")
http://en.wikipedia.org/wiki/Chicago
http://en.wikipedia.org/wiki/Global_city....

Do you think that people from London, NY, Paris and Tokyo cite Wikipedia for "proof" that their respective cities are "international"? You guys are awesome!

P.S.: Can you refer me to any "massive tent sales" occurring in the near future? :D

http://www.thegenerator.biz/RetroBeverlyHillbillies62.jpg

kliq6

April 25th, 2008, 03:03 PM

Zephyr

April 25th, 2008, 06:14 PM

Alonzo-ny, this all started with your friend londonlawyer asking the question, and then ignoring the answer, to initiate this predictable charade. This is "part and parcel" to "Crap in Chicago," and a bevy of other provocative entries that cannot be denied. Legitimate discussions don't need this rhetoric.

I tried to stop this early, and you continued it, and then it was continued again on the Chicago side. This so-called debate, argument and/or rant is instigated on both sides as if only New York can brag, or only Chicago can brag. Both cities have reputable and important roles in the development of the skyscraper. Why is that so difficult to acknowledge? If you go to any recognisable Architectural school, this is a known fact, but you would never know it by reading anything here. Let's face it, there are people with axes to grind, and this is cover. And the same devolution on WNY and SSP is carried on over-and-over, advancing nothing except more of the same.

I have hesitated to weigh in on the ridiculous claims being volleyed on occasion over the imaginary net, because no one cares to inspect the facts before making their claims and counter-claims. The latest, that you cannot complete Chicago Spire you morons, because of this economic downturn, is not supportable in the case of ESB, Sears Tower, and a number of other comparable historical precedents in both cities and elsewhere. Go back and do the homework, and I am willing to detail my end if I see the slightest indication that anyone has done any inspection of the facts, rather than claiming they know this or they know that.

You might want to look into the Thornton thesis while you are at it - where causation and downturns in business cycles are explored regarding skyscrapers. No skyscraper is gauranteed even in good times, and skyscrapers of immense scope have been started and built in economic downturns.

futurecity

April 25th, 2008, 07:02 PM

ZippyTheChimp

April 25th, 2008, 07:16 PM

^
If you have a problem with a post, there's a Report Post button.

The moderators can't be everywhere all the time. We rely on the adult behavior of the members to keep the forum functioning.

Sometimes, that's just a matter of stepping away. You're not forced to respond to everything.

As for "double standards" and "no apologies," I direct you to one of your recent posts. A lame excuse doesn't get qualified by a :)

Get this thread back on topic.

Jasonik

April 26th, 2008, 04:57 PM

Spire developer missed property tax deadlines

By Thomas A. Corfman
April 23, 2008 (http://www.chicagobusiness.com/cgi-bin/news.pl?id=29112&seenIt=1)

(Crain’s) — Garrett Kelleher failed to pay nearly $430,000 in property taxes due nearly two months ago on the proposed site of the Spire, even as the Irish developer was launching a lavish, five-city Asian tour to trumpet the massive skyscraper.

The tax payments were due March 4 on a 2.2-acre site along the north bank of the Chicago River that Mr. Kelleher acquired in 2006, reviving a stalled proposal by another developer for a twisting tower to be designed by prominent architect Santiago Calatrava.

Three days after the taxes were due, Mr. Kelleher, executive chairman of Shelbourne Development Group Inc., began courting prospective condominium buyers during a lavish road show that started in Singapore and was scheduled to include Hong Kong and Kuala Lumpur, Malaysia.

A spokeswoman for the 150-story Spire at first insisted that the property taxes had been paid. But later she confirmed that the taxes were past due and blamed an error in the address for the tax bills.

The 2,000-foot-tall Spire project would challenge even the most seasoned developers. And the failure to manage a routine task like property taxes raises questions about Mr. Kelleher’s ability to complete a multi-billion dollar project that demands the highest level of concentration.

“The attention to detail in this project itself is huge,” the spokeswoman said. “I can tell you from being part of some of the design meetings and some of the other projects that they have going within this building that the attention to detail is absolutely minute.”

The property taxes, which now total nearly $442,000 including penalties, were to be paid Tuesday afternoon, she said.

The Spire site, 400 N. Lake Shore Drive, is actually five adjacent parcels with separate tax bills. The Spire spokeswoman said four of the five tax bills were sent to the wrong address. But she could not explain why the fifth bill, which was sent to the correct address, hadn’t been paid.

A change-of-address form for all five parcels was submitted Nov. 12 to the Cook County Treasurer’s office, she said.

The March 4 payment date is at least the third time Shelbourne has been behind in its property taxes. The Dec. 3 payment was made 11 days late. The March 1, 2007, taxes weren’t paid until May 21 of that year.

The spokeswoman said she did not know why those tax payments were also late.

The tax gaffe is one of several missteps for Mr. Kelleher as he endeavors to build the 1,194-unit skyscraper. In November, he abruptly learned that he did not control a key parcel where he had intended to build.

While Mr. Kelleher has altered the below-ground plans for the project, a lawsuit filed by neighbors in Cook County Circuit Court is still pending.

In September, Mr. Kelleher pushed back the start of condo marketing until January because of a delay with regulatory filings required by the federal government.

Case Foundation Co. is expected to finish its work on the foundation in late June at the earliest, the Spire spokeswoman said. The Roselle-based contractor has been working on the project since June 2007.

Although Shelbourne has not yet hired a general contractor, but construction will continue uninterrupted after Case is finished, the spokeswoman said. Most developers hire all of the contractors through the general contractor. But Shelbourne’s “way of doing business” awarding some of those jobs directly to the specialized firms, she said.

“It’s not necessarily done the traditional way,” she said.

Jasonik

April 26th, 2008, 05:06 PM

Chinese investors eye Chicago Spire

BEIJING, April 23 (http://news.xinhuanet.com/english/2008-04/23/content_8034350.htm) -- Some Chinese residents may soon be a little closer to reaching the heavens in Chicago, Illinois.

A promotions team for The Chicago Spire - set to become the tallest residential building in the world when it is completed in 2011 - arrived on the Chinese mainland for the first time this week on the first leg of its global showcase.

"It is the first time a building of this magnitude has been presented internationally," said Ivan Bowen Murphy, international president of the edifice's Irish developer, Shelbourne Development Group. "It's got that global appeal.

"We want to sell our units globally."

"It's been in conjunction with the type of interest around the world."

"Chicago is a lifestyle choice - there are global communities in Chicago and we wanted to go to people that have those interests."

The international roadshow for the Chicago Spire began in January.

Shanghai and Beijing are the fourth and fifth Asian destinations on the global tour, which also included Singapore, Malaysia and Hong Kong.

Japan and South Korea will round out the Asian circuit.

Other stops are planned for Europe, Africa, India and South America.

"The Chicago Spire is a world-class residential icon that will stand the test of time," said Randall Hall, chief executive officer of Savills China, the project's international marketing agency.

"We are confident that it will attract the most astute of investors from all over the world.

"China has an enormous and rapidly increasing number of master entrepreneurs seeking investments that not only perform, but are also, a work of art," said Hall.

So far, the shows have been well received by potential buyers, says Murphy.

"We've been selling well and selling every day," he said. "We have a target number per quarter, and we've been exceeding that number."

Murphy, however, did not disclose sales figures, saying the company will wait until the first-half of the road show wraps up this summer.

The highly anticipated Chicago Spire will glisten 150 stories (609.6 m) in what will be the highest elevator ride in the world.

(Source: China Daily)

Jasonik

April 26th, 2008, 05:50 PM

Article teaser for the May 2008 edition of Chicago Magazine (not yet available online).

The Chicago Spire, the 2,000-foot tower planned for Streeterville, has piqued the curiosity of a lot of Chicagoans, including Jay Pridmore. The author of many articles and books on architecture, including 2007's Shanghai: The Architecture of China's Great Urban Center, Pridmore spent months researching the Spire and its bumpy path toward construction. "Maybe the amount of drama is commensurate with the size of the building," he says. In his article Towering Ambition, he examines the developers, the architect, the financing, and the neighbors of what is planned to be the highest of Chicago's high-rises. Given the Spire's place as a collection of superluxury condominiums marketed to the international jet set, Pridmore adds, "It doesn't look like I'm ever going to be inside of it."

Alonzo-ny

April 27th, 2008, 07:22 PM

My posts were all related to the project, I even said to get on topic. There is a fundamental breakdown in your thinking Futurecity, why dont you understand that our points are based on precendents and understanding real estate trends, we are not just projecting our so called 'hopes' onto it. I have said and so has LL that we like the design and we hope its built. Using the ESB as a precendent is completely ridiculous and shows no understanding of this project.

Zephyr

April 27th, 2008, 07:25 PM

On the contrary, it is ridiculous not to consider ESB, Sears and other towers built during credit crunches and economic downturns. Historical precedents can be illustrative over a wide period of time, except for those unwilling to learn of the wide variance of scenarios before making an instantaneous assessment.

Alonzo-ny

April 27th, 2008, 07:33 PM

The ESB was in a completely different era, had completely different reasons to be built and is a completely different building similar only that they are both extremely tall.

The prices the thousands of units have to be sold at to make this viable are way above any precending prices for a Chicago condo and that market for extremely luxurious expensive apartments will go elsewhere first. These facts will make it an extremely tough job to pitch to financiers as in the current instability it is way too risky.

He may however pull it off if he finds someone who wants to make a statement in China or if it is pushed through politically maybe as a part of their Olympic bid. And I will restate my opinion again I like the design and hope it gets built.

Also i take exception to the fact that you think you can assume my thought process at coming to my conclusions.

Zephyr

April 27th, 2008, 08:00 PM

He may however pull it off if he finds someone who wants to make a statement in China or if it is pushed through politically maybe as a part of their Olympic bid. And I will restate my opinion again I like the design and hope it gets built.

Also i take exception to the fact that you think you can assume my thought process at coming to my conclusions.

This is precisely the type of argumentative pose that makes discussions impossible to conduct.

I have been a Structural Engineer for just under 30 years. I am also a consultant and have worked on this very building as a dynamic load subscontractor during Version D. I have worked on three different Calatava projects to date, and have tested skyscraper models from around the world at the University of Waterloo. My mentor was the legendary Eli Cohen.

My firm is Canadian, with an office in Chicago.

Don't tell me that I am assuming your thoughts, you are still making what I view as rash conclusions. If you provide further rationale, I am willing to listen, but that does not mean I haven't done my homework on this topic as well read thoroughly in the literature on these topics, such as it exists.

The different era, different building, litany doesn't absolve you from studying the patterns of past constructions of the world's tallest buildings, whether they are office or residential, high risk versus standard risk strategies. I suspect my carefully chosen words were not read seeing what you are stating currently.

This mix is a challenge but the point I was making is that this can work, and has had considerable discussion before Kelleher swept in and took the project out of the hands of Carley, the latter of whom had hedges planned: a hotel, rented space for a communication antennae, etc. All those hedges were taken off the board by Kelleher for a good reason.

There are interest in Chicago, not just in New York, that don't think this will be built or will change hands several times.

Typically skyscrapers of this type today can take several years to complete but percentages will reduce as the building increases in height, this is not an intuitive concept and one of many that must be considered.

Frankly alonzo-ny, there are people that don't know what they are talking about regarding this building. You have come to the wrong address on this one.

Alonzo-ny

April 27th, 2008, 08:15 PM

How is stating my opinion argumentative? I said you were assuming i hadnt considered other projects because thats what you did. More relevant precendent may be the other 2/3 very tall buildings that never made it to fruition in Chicago, Fordham spire etc.

Do you honestly believe that there are enough people to fill all those apartments, the developer will have to be more effective at convincing foreign buyers to live in Chicago rather than sell the building on them because thats not where the problem lies for this project.

Zephyr

April 27th, 2008, 08:24 PM

(You seem to think I cannot comment on China's projects, and you brought that over into this discussion where it didn't belong in order to leverage your argumentative point that had a subtext that I didn't know what I was talking about.)

Yes I honestly believe there are enough people to make this building turn a profit - and that is not based on filling every space, it is based on percentages of each ramped price in the building. That is what Kelleher is actually banking on.

When a skyscraper is under 80 storeys the breakeven is 50% or higher, supertalls aim at a 30% or higher based on ramped sales. This is part of that peculiar economics, that have a tonne of other considerations placed into the model. He is not depending, for instance, on local sales, hence his advertising campaign from day one. None of this guarantees success, but it does indicate a plan and a method.

The fact that Anglo Irish has stuck behind Kelleher, and aided in his takeover from Carley, is also an indicator.

(By the way ESB is used in several academic models of skyscrapers and business cycles into the present day, as previously noted. So that was not a reach ... amigo.)

Alonzo-ny

April 27th, 2008, 08:33 PM

My reference to China was that perhaps the developer can find his financing there from someone looking to make a statement and therefore would be willing to take the risk.

Stop calling me arguementative, if you think I am so then you obviously dont get into many discussions with other people, just because I am disagreeing with you doesnt make this an arguement. Saying so repeatedly is divisive and off topic.

Like i said before he has alot of selling to do to get people who are rich enough to have homes anywhere that Chicago is better than NY, London, Paris etc etc and that is where the challenge lies.

Zephyr

April 27th, 2008, 08:41 PM

Even after reading your last comment on China, it doesn't wash for me.

BTW - what is exactly divisive and off topic about Chicago Spire's financial viability? Methinks it is calling people names and ranting about Chicago over New York and vice versa, and not that this is inherently divisive and off-topic.

If we had confined the discussion to the financing it might have worked and still could work. But the well is apparently poisoned with these tag team diatribes evident in many of these recent and well-known past posts ... and always with the same parties involved.

Bringing other skyscrapers into this discussion, but relating them to the Chicago Spire in some illuminating way, is not off-topic however, and that seems to be our only path to salvation on this thread.

Zephyr

April 27th, 2008, 08:51 PM

I am sorry but my wife is calling me to dinner, and I will return later to continue this .... but only if it is necessary.

Alonzo-ny

April 27th, 2008, 08:55 PM

You know what Im not continuing this discussion anymore you're not even reading what Im saying. I said calling me argumentative over and over was off topic nothing else. If you read my posts I was on topic since this discussion reawakened. The only times I brought up comparisons with NY was comparing the design with the MOMA tower and also saying that the project will have a tough sell getting people to choose Chicago over other cities.

Zephyr

April 27th, 2008, 11:49 PM

Yes I am the divisive one. :rolleyes:

I invite anyone to read the posts that exist and determine for themselves who best fits that word divisive, with two notable exceptions.

londonlawyer

April 27th, 2008, 11:53 PM

Alonzo-NY is one, top-notch person and is a credit to this forum.

Zephyr

April 27th, 2008, 11:57 PM

And so are you londonlawyer. I'm looking forward to your next entry on the Chicago Spire. I know it will elevate the discussion to a new level.

Alonzo-ny

April 28th, 2008, 12:55 AM

I was having a discussion with you and you took my points and sculped them into something else then responded to that which you made up while calling me argumentative constantly, you are a very curious individual.

Zephyr

April 28th, 2008, 01:01 AM

... you are a very curious individual.

Of course you are not a name caller and you don't engage in argumentive posts. I get it. Anything else?

kliq6

April 28th, 2008, 01:06 PM

Zephry, I wouldn't waste your energy with these guys. With their patronizing and insulting remarks towards me (see before) and obdurate beliefs, you are never going to convince these "center of the universe" types who will continue to wallow in their self-importance and false greatness that their city gives them.

They never respond to my and others requests for evidence to backup their speculations, instead using false logic. Baloney! Respected pundits and analysts generally use the past to guide the futue, but they always qualify their remarks with "this is pure speculation", "this is my opinion only" and never make these crazy proclomations without explaining the data that shows it happening.

Furthermore, these forumers never apologize (for their crass and childish remarks), which shows me that their pride is off the scale, and they are always claim to be in the right no matter what. It has given my a bad taste regarding this forum. I'm amazed with the double standard here --I thought insults were frowned upon here, but it seems that London gets a special exemption from the rules.

Oh yeah, and Kiliq, at least Chicago can build something worth looking at, at leas they can put up a decent bid for the games unlike NY's complete failure. I suppose you are happy with the McSams, and the countless Nimbies and worthless politicians killing nearly all proposed mega projects. NY has been a joke the last few months... How is NY world class, when it can't even pass a simple traffic-reducing measure that it desperatley needs? Where are your world class leaders, huh? Chicago Ain't no Town on a Lake -- what is wrong with you -- its a city my friend, the 3rd largest in this country and is leagues ahead of that tourist trap Last Vegas and dullesville Miami.

If you think Miami and Vegas are dull and Chicago a blast, then enjoy yourself in the Windy. Fact is that as per census reports, Chicago lost population last year like every other rust belt city. Is it a better city then its neighbors in Detroit and Cleveland, hell yes but lets not promote it as this major world class city, its a nice USA city period.

Fact is that Chicago does not have the market for this type of building, as its a city that foreign money has historically never flown into unlike a Miami or a New York. Chicago is a nice city but worldclass its not.

Funding for the ESB was a split public/private formula and was a ego building more then a building for usage at that time. The spire will have trouble getting funding as all money for developments like this come from bank loans and not the city of Chicago for example. They will be hard pressed to prove that they can sell enough o these units in order to justify it.

And as a side note, if Chicago thinks building the tallest building will somehow make them more special and like NY, you guys are wrong. You could build a 3,000 footer and your still and will never be like NYC!

Jasonik

April 28th, 2008, 03:38 PM

Kelleher ‘furious’ at Chicago newspaper report

27 April 2008
By Kathleen Barrington (http://www.sbpost.ie/post/pages/p/story.aspx-qqqt=MARKETS-qqqs=themarket-qqqid=32343-qqqx=1.asp)

Irish property developer Garrett Kelleher is ‘‘absolutely furious’’ about a report in a US business newspaper saying he failed to pay nearly $430,000 in property taxes due nearly two months ago on the site of his Chicago Spire project, according to his Irish spokeswoman.

Eileen Gleeson confirmed the report was true, but said the late payment was due to a mistake. Crains Chicago Business reported that Kelleher had missed the payment ‘‘even as he was launching a lavish, five-city Asian tour to trumpet the massive skyscraper’’, as reported by the publication.

An earlier tour designed to drum up investor interest in buying apartments in the project came to Dublin in January, and featured a launch party attended by actors Liam Neeson and Natasha Richardson.

The tax payments, which Kelleher’s spokeswoman said were similar to paying local authority rates, were due on March 4 on a 2.2acre site along the north bank of the Chicago River that Kelleher acquired in 2006, Crains said. Gleeson said the amount was small compared to the millions Kelleher paid out every month on the project. Gleeson said Kelleher ‘‘does not have a problem with finance’’.

She said it would be later this year before third party financing would be brought on board as the further on he was with the project the better the deal Kelleher would get.

Kelleher’s Shelbourne Developments is developing an ambitious 150 storey twisting tower designed by prominent architect Santiago Calatrava.

Zephyr

April 28th, 2008, 05:30 PM

Chicago is a nice city but worldclass its not.

Very much the view held by a select few who feel compelled to contribute to any and all Chicago threads on WNY, if you just eliminate the word 'nice,' and reconstruct the same sentence.

Not being from Chicago, and having lived elsewhere for most of my life, I was attracted to Chicago, precisely because of its world-class Architecture. That became part of my personal plan to find a way to work there before I retired. I am happy to say that part of my life goals has been accomplished without regrets. While this will not be my permanent home ultimately, I am more convinced than ever that it is a world-class city, comparable to a number of cities with that moniker over the years, that I have either lived in or visited enough times to become familiar.

More importantly for this thread, however, Chicago Spire is a world-class structure. It does not matter where the structure would have been built, it would be appropriate to say so, and that I thought that was suppose to be the real topic of this thread, and not Chicago versus New York.

Perhaps I was mislead, because I get the constant impression that CS is of interest, but is easily sidetracked by this incredibly successful attempt of a few to pound one city or another into submission, an unworthy and unproductive use of anyone's time and effort but a revealing measure of the parochial nature of this continued rant. (Reminds me of the political election process in this country that gets sidetracked by flag pins and associations rather than what should be the focus.)

If Chicago Spire is not interesting enough in its own right because of its setting, maybe another thread might be more of interest. But that is a pipe dream isn't it? if a thread has 'Chicago' as its setting, it probably will suffer the same fate ... "eventually".

Alonzo-ny

April 28th, 2008, 06:14 PM

The state of Chicago as a city is very relevant as it pertains to the buildings viability and therefore comparisons with other cities are rightfully made. It is just regretable that this ends up offending Chicagoans personally.

Zephyr

April 28th, 2008, 09:52 PM

Never said the city was irrelevant to the discussion, just that the focus on Chicago Spire has been sidetracked into sophomoric arguments over New York vs. Chicago.

****

As for the relevance of the city, aside from the fact it was approved in Chicago, and is under construction, the conception of how the building would be developed underwent a profound change in the transition from one developer to another: namely, Christopher Carley (Fordham), to Garrett Kelleher (Shelbourne).

Mr. Carley used hedges (hotel, antennae) with conventional marketing, based on presales. Mr. Kelleher concentrated only on residential, with the idea of maximising units with a distinctive ramping in price based on unit profile. Mr. Kelleher used a high-risk strategy for financing. If there was any hedge built into it, it was in the unbalanced marketing to foreign markets over strictly American.

Garrett Kelleher's model, whether it works or not, is based on his past approach to certain European properties. The scale is indeed greater, as it would be for most Developers, but he has been successful in utilising high-risk strategies before this Chicago venture, and he knows Chicago well. Despite coming from a modest background, by using this and other strategies, Mr. Kelleher has become one of the wealthest Developers in the UK.

From what I have found from researching supertalls these last several years, they are financed differently than skyscrapers generally, and I hope we get into that discussion vis-à-vis Chicago Spire, if and when our city bashing dies down.

The place I spent the most time researching supertalls is in Vancouver, but Chicago has been a good laboratory of late, via Waterview, Trump Chicago and now Chicago Spire.

Zephyr

April 28th, 2008, 10:07 PM

Spire developer missed property tax deadlines

By Thomas A. Corfman
April 23, 2008 (http://www.chicagobusiness.com/cgi-bin/news.pl?id=29112&seenIt=1)

Kelleher ‘furious’ at Chicago newspaper report

27 April 2008
By Kathleen Barrington (http://www.sbpost.ie/post/pages/p/story.aspx-qqqt=MARKETS-qqqs=themarket-qqqid=32343-qqqx=1.asp)

If it were not for the differences in these headlines, one would think that these articles were almost identical in sourcing, but the conclusions do map to these respective headlines, so all is fair in this game of "information shaping."

There is a problem with saying Garrett Kelleher is 'furious' in the headline, and not quoting him directly in the piece. But then again, that sounds like Mr. Kelleher, because he doesn't like to display anger in public, but expresses anger to his surrogates, and has them pass it on to the Press.

Crain's Chicago Business (especially T. Corfman), and Chicago Sun-Times (especially David Roeder), have both been long-time critics of this project, more so the latter than the former. It would not surprise me if the same information would come out one way in these publications, and another elsewhere.

Alonzo-ny

April 28th, 2008, 10:16 PM

Look Kliq and I just made some perfectly coherant points and your still going on about us being immature instead of countering the points we made.

Zephyr

April 28th, 2008, 10:18 PM

Take your interpretations and feign your anger elsewhere. I consider city bashing sophomoric from anyone who indulges in it, and Chicago vs New York often deteriorates into this type of behaviour. If that doesn't apply to you, you shouldn't be offended.

Alonzo-ny

April 28th, 2008, 10:23 PM

Atlanta is considered a alpha city as well and that town sure as hell is not worldclass. NY is the only World class city in this Country with really nothing coming close.

Eurasian money will go into Miami and Vegas as well. Most people would rather invest there or in NY over a town on the lake that truly lacks excitement. Its a nice town to go to for a weekend and see some decent buildings, but thats about it.

The prices the thousands of units have to be sold at to make this viable are way above any precending prices for a Chicago condo and that market for extremely luxurious expensive apartments will go elsewhere first. These facts will make it an extremely tough job to pitch to financiers as in the current instability it is way too risky.

If you think Miami and Vegas are dull and Chicago a blast, then enjoy yourself in the Windy. Fact is that as per census reports, Chicago lost population last year like every other rust belt city. Is it a better city then its neighbors in Detroit and Cleveland, hell yes but lets not promote it as this major world class city, its a nice USA city period.

Fact is that Chicago does not have the market for this type of building, as its a city that foreign money has historically never flown into unlike a Miami or a New York. Chicago is a nice city but worldclass its not.

Kliq and I made these points which you call sophomoric but I can see perfectly reasonable points made which you refuse to address.

Zephyr

April 28th, 2008, 10:24 PM

What is wrong with you? I am not interested in this rubbish.

Alonzo-ny

April 28th, 2008, 10:26 PM

Whats wrong with me? If you think you are above these points then you are an intellectual snob.

Zephyr

April 28th, 2008, 10:29 PM

... you are an intellectual snob.

Name calling again. City bashing is a description of a behaviour. Enjoy your anger, because it only confirms what you have denied.

Alonzo-ny

April 28th, 2008, 10:34 PM

I have no words for you! You refuse to address reasonable points but trying to make me look unreasonable by highlighting name calling, excuse me for having emotions and expressing them. You are confirming what i already knew which is that you like to blow hot air and wont address any of the points made by skipping around them which is the real indicator of immaturity.

Also please quote where i have 'city bashed' in an unreasonable manner in this thread since the discussion reawakened.

Zephyr

April 28th, 2008, 10:39 PM

Don't try to make demands of me young man, they will fall on deaf ears. I think you need to calm down and come back later with a sense of how abrasive your posts are becoming.

Alonzo-ny

April 28th, 2008, 10:42 PM

If all our points are so baseless than you could have easily countered them but obviously you dont want to and now the thread is off topic and i wont continue with that. I stand by the fact that my points and others i highlighted were perfectly valid and i welcome anyone to address them which is what we are supposed to be discussing.

Zephyr

April 28th, 2008, 11:32 PM

With the US housing sector in a slump, it might not be considered the best time for such a launch. Kelleher acknowledges there is a housing downturn – although, like many in the property world, he thinks the media has overstated the extent of it – but he suggests the Spire is beyond the ups and downs of the mainstream market. “Even the lower-prices units are Calatrava-designed with a magnificent view at a global address. Everybody in the world knows about this project – it’s the most widely covered development anywhere.”

Its location might also have insulated the project from some of the recent slowdown. “The Chicago market is very diverse and it’s been very stable,” says Joanne Nemerovski, a broker-associate at the city’s Koenig & Strey realtors. “We didn’t have the markets that New York, California or Florida had, where they were going up 50 per cent. Here, they’ve gone up slower but more steadily.”

http://media.ft.com/cms/6f68385c-882a-11da-a25e-0000779e2340.gif

Chicago reaches for the sky

By Hal Weitzman
Published: March 29 2008 00:42 | Last updated: March 29 2008 00:42

A giant blue-and-white painted porcelain egg hangs from the ceiling next to the reception at the Chicago Spire sales centre. Like almost everything else in the space, the egg is the work of Santiago Calatrava, the Spanish star architect. The impact is powerful and immediate and its message clear: the place you are entering is dedicated to art, design, beauty and perfection. If you do not get it, you probably will not be walking out of the door an hour later clutching a contract for a property in one of the most talked-about developments on the planet.

It is pretty much impossible to refer to the Chicago Spire in anything other than superlatives. At 2,000 ft, it will be the tallest residential building in the world. It will have the world’s longest elevator run.

But it is not just these statistics that inspire awe in architecture fans and deep devotion among potential buyers. As the porcelain egg demonstrates, Calatrava is a sculptor as well as an architect and the building’s real pull is his fluid, dynamic, iconic design – which also exhibits his skilful engineering. Each of the 150 levels of the seven-sided structure rotates an average 2.44° between floors, meaning that the building turns a total of 360°.

The effect is stunning. The tower is projected to emerge from the ground next to Lake Michigan in downtown Chicago like a colossal drill-bit with delicate, undulating, soft edges. The Spire will be the taller, svelter, cousin of London’s “gherkin”. In both architectural and property terms, purchasing one of its apartments is akin to owning a piece of one of the wonders of the world.

It caps a series of widely acclaimed architectural projects for the Spanish architect, including the Valencia opera house, the Campo Volantín bridge in Bilbao and the Oriente train station in Lisbon. In fact, the Spire is not Calatrava’s first “turning” construction: in 2005 work was completed on his 623ft-high “Turning Torso” in Malmö, Sweden, the tallest residential building in the European Union.

In the US Calatrava is well known for his design of the Quadracci pavilion at the Milwaukee Art Museum, an innovative structure with huge wings that move to offer shade.

Aside from the Spire, he has several projects in the US, including two high-profile structures in New York: 80 South Street in lower Manhattan, a commercial/residential building that features 12 four-story cubes of “townhouses in the sky” that apparently balance on top of one another; and the future transport hub at Ground Zero, the site of the former World Trade Center.

While Calatrava provides the artistic vision, the business know-how comes from Garrett Kelleher, an Irish property developer whose Shelbourne Development Group has properties in Ireland, the UK and France.

The Spire is groundbreaking when it comes to the residences themselves. Each of its 1,194 apartments is designed by Calatrava and each is unique. They range from one-bedroom, 534 sq ft units for $750,000 to a 10,000 sq ft duplex penthouse with unparalleled 360-degree views and a $40m price tag to match.

Dominic Grace of Savills in London, the project’s main agent, says that although a deposit has been paid on the penthouse, the agency is still open to expressions of interest on the unit.

With the US housing sector in a slump, it might not be considered the best time for such a launch. Kelleher acknowledges there is a housing downturn – although, like many in the property world, he thinks the media has overstated the extent of it – but he suggests the Spire is beyond the ups and downs of the mainstream market. “Even the lower-prices units are Calatrava-designed with a magnificent view at a global address. Everybody in the world knows about this project – it’s the most widely covered development anywhere.”

Its location might also have insulated the project from some of the recent slowdown. “The Chicago market is very diverse and it’s been very stable,” says Joanne Nemerovski, a broker-associate at the city’s Koenig & Strey realtors. “We didn’t have the markets that New York, California or Florida had, where they were going up 50 per cent. Here, they’ve gone up slower but more steadily.”

That view is echoed by Thad Wong of @properties in Chicago, the local agents for the Spire. “In comparison to a lot of other locations across the country we have not been strongly affected. In fact, the upper end of the market began to really accelerate again in the middle of 2007 and exceptional properties – $5m and above – have been selling well in 2008.”

The appeal of the Spire to potential purchasers is much more than simply owning a luxury residence in a great location. The building has attracted a certain kind of clientele – one driven by a desire to be part of this particular project. “We were completely blown away by everything about our experience at the sales centre and the opportunity to buy what is essentially a piece of art,” says Greg Eldridge, a local commercial estate agent who has purchased a gallery apartment, one of Calatrava’s signature units, which feature a custom-designed circular bed enclosure with sliding glass doors to provide a sleeping area.

Chicago, the birthplace of the skyscraper, has traditionally been at the cutting edge of the design and construction of tall buildings. The Spire promises to change forever the city’s storied skyline, marked by buildings that at one time were ranked among the tallest in the world.

There are several other supertall developments downtown, including the 96-floor Trump International Hotel and Tower, and the 89-floor Waterview Tower.

But Mr Kelleher says architecturally the Spire is very different. “In recent times local developers haven’t really pushed out the boat from a design perspective,” he says. “There’s a sameness to the residential here. If you look at New York ... they’ve raised the bar in terms of quality and unique design. Chicago’s been left behind a bit.”

Eldridge says that is what prompted him to buy his unit. “All condos tend to be the same – they have a blocky base, with parking, and the tower goes up,” he says. “Whereas here, the moment you see the Spire up to the very top, it’s breathtaking.”

Unlike Chicago’s other big developments, the Spire is purely residential. Moreover, by having parking underground, the building is able to maintain its flowing silhouette to ground level. As the Spire dwarfs the buildings around it, most residents will enjoy unspoiled views on completion, scheduled for the end of 2011. Grace says the most popular units have both a lake and a city view.

International demand has been driven by the weakness of the dollar and the relatively low price of property in Chicago compared to New York and Los Angeles. As Grace says: “Chicago more than earns its place on the world stage and yet property prices don’t reflect that.”

Kelleher first came to Chicago in 1985 – “I know the city as well as I know Dublin.” – and is equally upbeat about its worldwide appeal. “Chicago is a global city,” he says. “It has a population of 9.4m. If it were a country, its economy would be 19th in the world. Over the past 10 or 20 years, it’s become more and more cosmopolitan – look at the number of five-star hotels, look at retail, look at business. It’s got everything a city needs in terms of amenities.”

Chicago hopes to crown that reputation by winning the 2016 Olympics, as the US’s bid. Many consider the city to be a hot favourite and are hopeful that the games will help push up property prices.

If Chicago triumphs, it would herald another partnership between the event and Calatrava, whose designs have often played a part in Olympic settings. His Torre Telefónica in Barcelona was used to transmit television coverage of the 1992 Olympics, while his Sports Complex hosted the 2004 games in Athens.

“The Spire and the Olympics mark the new Chicago,” says Kelleher. “There’s a great buzz about the place. There is a renaissance happening here. ”

© Copyright The Financial Times Ltd 2008 (http://www.ft.com/cms/s/0/b05cf9ae-fb8e-11dc-8c3e-000077b07658.html)

ablarc

April 28th, 2008, 11:36 PM

^ Back on topic. Thanks.

Scraperfannyc

April 29th, 2008, 02:57 AM

One more off-topic point: Atlanta got the olympics, LA got the olympics, Chicago is going for the olympics, and NYC could have had the olympics but the nimby's pissed off the olympic committee and killed the plans to build what NYC told the olympic committee they were going to build.

Even if NYC is the biggest world class city, and I think it still is no thanks to NYC nimbys, it does not excuse these world class screw ups. Who was really proud when Bloomberg officially withdrew NYC's bid for the olympics because we could not build what he told the olympic committee NYC was planning to build.

Bottom line: NIMBYS must be stopped, especially the ones in NYC.

Zephyr

April 29th, 2008, 05:49 AM

http://www.vfxworld.com/images/MASTHEAD_logo.jpg

The Fibonacci Sequence [each number is the sum of the two preceding numbers] can be found in the way that plants grow, the way that rabbits reproduce and in the galaxy, in patterns in the stock market and in the human body. And so I just built on this basic idea that there's a mathematical formula for beauty that can be defined. So I tried to find mechanisms to visually layer as much as I could into the film.

Imageworks Gets Inspired by Chicago Spire

Bill Desowitz recently caught up with Sheena Duggal of Sony Pictures Imageworks to discuss the promotional 3D short she directed about the Chicago Spire, the towering, twisting, opulent residential development project.

By Bill Desowitz
Editor of VFXWorld.
[Posted on March 19, 2008]

What was Sony Pictures Imageworks doing recently at Autodesk's World Press Days in San Francisco, which is a conference dedicated to the non-entertainment sectors? Presenting its four-minute promotional short, Inspire, which was made with Maya to convey the holistic beauty of the Chicago Spire: the spiral structure designed by famed Spanish architect, Santiago Calatrava. When completed in 2011, the Spire would be the world's tallest all-residential building (soaring 2,000 feet with 150 floors).

Visual Effects Supervisor Sheena Duggal (Spider-Man 3, Superman Returns and Ridley Scott's upcoming Body of Lies), who directed the 3D-animated short, discussed with VFXWorld how it was made and how Calatrava's theme of an imaginary smoke spiral and snail shell inspired her. Utilizing seductive imagery, Duggal communicates how the Spire is a curvaceous ode to beauty and how its structural design would be an inviting place to live amid the legendary Chicago skyline along Lake Shore Drive.

Select Image Below to Access Video - Z

http://mag.awn.com/issue12.12/12.12images/spire01_Spire_from_plaza_wi.jpg (http://www.awntv.com/videos/chicago-spire-clip)

Sony Pictures Imageworks used Maya to make the promo Inspire about
Chicago Spire, the world's tallest all-residential building, opening in 2011.
All images Courtesy of Shelbourne Development and The Chicago Spire.

Bill Desowitz: How did you come to make this work?

Sheena Duggal: We were talking to Garrett Kelleher, who is the owner and developer of The Spire building, and one of the owners of Lightstream Pictures, about another project. And the Spire came up in conversation, and since we had done Spider-Man and other projects where we created photorealistic environments, we discussed the possibility of bringing something to the table. And so I was brought on by Jacquie Barnbrook, who is the producer. And I came up with the idea and pitched it to Mr. Kelleher and he suggested I pitch it to Mr. Calatrava. And he pretty much loved the idea.

BD: How long did you work on it?

SD: We worked on it intensely for about four months [with a crew of about 75] in terms of the actual production, but we started talking to the client February of last year, and we delivered the final product in September for the launch of the Spire in Chicago.

BD: Have they started construction?

SD: Yes, they started construction in June... and there are now pictures on the web of the construction site.

BD: So what inspired you?

SD: For me, it was listening to Mr. Calatrava talk about his own inspirations, which are generally nature. He's concerned with people connecting to the building. He talks about the building as a living thing. It's a building, but there are people living in it. Like a written word in a book, it doesn't have life, but when you speak that word, it takes on a vibration. So he's all about immersion and being connected to the environment. In this day and age, where there's all this concern about destroying the environment, to have an architect that's concerned with building something that not only sits in the environment and lives in the environment but also is generated around the mathematics by which things actually physically grow in nature. The Fibonacci Sequence [each number is the sum of the two preceding numbers] can be found in the way that plants grow, the way that rabbits reproduce and in the galaxy, in patterns in the stock market and in the human body. And so I just built on this basic idea that there's a mathematical formula for beauty that can be defined. So I tried to find mechanisms to visually layer as much as I could into the film. For example, the bird flying around the building showing the spiraling [surface], the droplet hitting the water, echoing the harmonics.

http://mag.awn.com/issue12.12/12.12images/spire02_Skyline_day_email.jpg

Imageworks developed an in-house renderer that allowed
the vfx artists to create beautiful images
such as the ray raced reflections and atmosphere.

BD: Talk about utilizing animation and effects and what new advancements you took advantage of at Imageworks.

SD: I don’t know how much I can tell you about the ray tracing that we used because it’s an in-house product that we developed. And it allowed us to create some of the more beautiful images such as the ray traced reflections and atmosphere and in the Spire building itself. But we used a bit of everything, to be quite honest. We used clouds that we repurposed and the Spire itself we built in Maya. But because it’s based on the Fibonacci Sequence, we were able to create [mel] script to generate it, and we worked with the architects to find out what the rules were in terms of height and how many windows there were because obviously it gets taller and thinner as it goes up. Then each floor rotates 2.44 degrees from the one below [until it reaches 360 degrees at its apex]. So we found out all this information and create a program and plug into Maya and then fit it to the blueprints that we got from the architects.

[I]BD: And what about the interior of the building?

SD: It was all based off the actual DXF files and blueprints that the clients provided to a team of architects all over the world. We worked with them in understanding what they were trying to build because obviously we’re not architects. What was great about this project is that we have a lot of people at Imageworks that come from an architectural background, though they were interested in working on this simply because of Mr. Calatrava and they brought a lot to the table. We don’t typically take what’s on blueprints and accurately depict them when making movies. We take liberties all the time with what we make -- it doesn’t have to be a true representation of the real world. Well, we couldn’t do that in this case. And even though this is artistic, the client didn’t want us to produce something that wasn’t accurate.

BD: What was it like directing Inspire?

SD: All around creatively it was a wonderful experience for me, being able to direct my own vision rather than bringing someone else’s vision to the screen. It was very valuable.

http://mag.awn.com/issue12.12/12.12images/spire03_ChicagoSpire-AtNigh.jpg

[I]Duggal was able to direct her own vision
rather than bringing someone else’s to the screen.
She also had to collaborate closely with
the developer and architects to figure out the details
of the building.

BD: What was the collaboration like with the developer and architects?

SD: In terms of the developer, they obviously had certain criteria that we had to adhere to. For example, they chose all of the interior design and gave us what the furniture should be. We worked with Mr. Calatrava’s architects figuring out all the other aspects of the building like: What does the metal look like? What do the windows look like? Are they tinted? How does something intersect with something else? What are the designs of the landscape? What are the cracks on the ground made of? Is there ceramic tile around the courtyard? There was just a plethora of questions. How it all works and what the ultimate design is going to be...

BD: What 3D assets did they have available to you?

SD: They have a model, but it doesn’t exist in a resolution that we could utilize.

BD: And are they able to now utilize the 3D assets that Imageworks has created?

SD: That’s a good question. I’m not sure, but I suppose technically it’s all there if they need it.

BD: What are you proudest of?

SD: It’s a work of art that I’ve never done in my life, but what I’m most happiest about is the fact that people have an emotional connection to it and that visually it captures the inspiration behind Mr. Calatrava’s vision. This building is not just a physical and financial project; there are also spiritual and environmental aspects involved.

© 2003 - 2008 AWN, Inc (http://www.vfxworld.com/?atype=articles&id=3584).

Zephyr

April 29th, 2008, 06:26 AM

http://www.creativereview.co.uk/crblog/wp-content/themes/CRBlog/images/crblog.gif

News and views on visual communications from the writers of Creative Review

Chicago Spire Identity

Gavin
31/10/07, 17:33

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_invite_1_ted.jpg

An invite to a launch event shows off the logo for Chicago Spire, devised by Third Eye Design

In our November issue, out this week, we reported that Third Eye Design has created the identity and website for architect Santiago Calatrava’s latest project, Chicago Spire. We only showed one screengrab of the website in the magazine so we thought we’d show a little more of the project here as Third Eye Design has been responsible not just for the identity and site – but for creating all print work - from brochures and books through to business cards and letterheads and also conceiving and creating the advertising.

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spirelogo.jpg

“The identity, logo mark, web and advertising campaign have been based around the strapline we created: Inspired by Nature, Imagined by Calatrava,” explains Third Eye’s James Groves. “We worked with illustrator Russell Bell to create the logo, which incorporates both the footplate of the building and the natural inspiration from the shells that Calatrava keeps wiht him on his travels, and also a series of patterns based on its repetition.”

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_cover_1_ted.jpg

A book showcasing the project comes is housed in a slip case and further protected in a sleeve bearing an embossed pattern created from repeating the logo

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_spread_1_ted.jpg

The book introduces the reader to Chicago and to the Calatrava’s previous projects – before showcasing the Spire - from conception through to beautifully crafted, photo-realistic renders of appartment interiors. Third Eye Design commissioned all the photography and 3d renders

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_spread_2_ted.jpg

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_spread_3_ted.jpg

Website

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_web_3_ted.jpg

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_web_2_ted.jpg

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_web_1_ted.jpg

Advertising

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_ad_2_ted.jpg

Third Eye’s advertising campaign for the building is set to include delicate images of natural forms rather than images of how the building will look when completed

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_ad_1_ted.jpg

And in case you were wondering what the building itself will look like, check out the render below. At a whopping 2000 feet tall, the elegantly twisting tower will contain 1200 residences (and no offices)over 150 floors and be the tallest building in the US when it’s completed in 2011.

http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/chicago-spire-image.jpg

The global marketing campaign begins this month and Third Eye Design will continue to manage it throughout the life of the project’s construction. It includes a global print and outdoor advertising campaign, digital experiences, 3D visualizations, a major international travelling exhibition (which will take in Dublin, Hong Kong, Shanghai, Kuala Lumpur, Tokyo, Mumbai and Johannesburg early next year), an experiential sales centre in Chicago, all print literature – and an integrated web campaign.

“It is an incredibly exciting scheme in a city that produced the world’s first skyscraper in 1885 and embraced the work of architectural masters such as Mies Van der Rohe and Frank Lloyd Wright,” says Mark Noë, Group Managing Director of Third Eye Design. “Calatrava is another such master and with his vision we believe this is the most architecturally significant residential building in the world setting new standards for homes. The planning permission also comes at a time when the US Olympic Committee has selected Chicago as the 2016 USA applicant city.”

For more info, check out the Chicago Spire website: http://www.thechicagospire.com/

©2006 Creative Review. All rights reserved. (http://images.google.com/imgres?imgurl=http://www.creativereview.co.uk/crblog/wp-content/uploads/2007/10/spire_spread_1_ted.jpg&imgrefurl=http://www.creativereview.co.uk/crblog/chicago-spire-identity/&h=366&w=550&sz=71&hl=en&start=20&um=1&tbnid=HtXNpJeU5fqgHM:&tbnh=89&tbnw=133&prev=/images%3Fq%3DCalatrava%2BChicago%2BSpire%2BNature% 26start%3D18%26ndsp%3D18%26um%3D1%26hl%3Den%26safe %3Doff%26client%3Dsafari%26rls%3Den-us%26sa%3DN)

Zephyr

April 29th, 2008, 06:45 AM

http://www.greenstreetadvisors.com/i/cpnonline_logo.gif

Overseas Marketing Key to Success of Chicago Spire

By Scott Baltic
Contributing Editor
17, March, 2008

This past week the global sales campaign for the Chicago Spire, a 2,000-foot condominium now under construction on the Lake Michigan shore, continued into Asia, beginning a five-city tour with a presentation in Singapore. The campaign, which began in Dublin in January, was slated to swing through Hong Kong, Shanghai, Beijing and Kuala Lumpur before moving on to cities in Europe and South Africa.

Designed by celebrity architect Santiago Calatrava, the Chicago Spire will feature 1,194 residences--no two alike. The project is slated for completion in late 2011. The residences will range from gallerie and suites to one- to four-bedroom homes.

Dominic Grace, a principal with Savills plc, London, which is handling the Spire’s marketing, shared with CPN some observations on the ins and outs of marketing commercial real estate to a global audience.

In choosing the cities in which to give presentations, he said that the marketing team looked for cities where Chicago is recognized as an emerging “world city,” where Santiago Calatrava is known, where “the local currency benefits from the presently weak U.S. dollar” and where “Chicago property values will be recognized as good value.”

Perhaps surprisingly, Grace commented that “Foreign investors typically gravitate towards cheaper units,” not the more expensive ones, since the cheaper ones “tend to be more lettable,” producing a better yield, and also because, for example, four $1 million units give them more flexibility than a single $4 million unit.

In terms of amenities, Grace said, “the market is getting increasingly more 'global,' and in terms of arrangements of accommodation and specification, there are less obvious differences between cultures/countries these days.”

That said, he added, “in Asia, feng shui is a factor.” In addition, “Asian buyers are also looking for properties that are in the heart of the city, near the best restaurants, shopping and business centers.”

In a related point, Grace noted that cultural issues haven’t significantly impinged on the presentations. “The product specification and lifestyle that we are promoting at the Spire has ubiquitous appeal, and we have not needed to adapt our pitch/presentations or advertising in any way between countries/cultures.”

To simplify things for potential buyers, he explained, a legal and tax-planning team has “put together comprehensive reports to make buyers aware of their responsibilities and requirements” in those areas.

Finally, the presence at sales presentations of both Calatrava and Garrett Kelleher, executive chairman of Shelbourne Development Group Inc., the Spire’s Dublin-based developer, has been important to the marketing effort, Grace reported. “Garrett Kelleher is a very 'hands on' developer and recognizes the importance of both his and Santiago Calatrava’s contributions to press events around the world.”

© 2008 Nielsen Business Media, Inc. (http://www.cpnrenet.com/cpn/content_display/regions/midwest/chicago/e3i4b1f1f7f2a01d2b3f2cd184bbd0ef4c8)

Zephyr

April 29th, 2008, 08:40 AM

"... I wandered empty streets
Down past the shoppe displays ..."

http://farm3.static.flickr.com/2069/2101796565_ecfae91dbd_b.jpg
flickr / Elliott Muñoz

http://farm2.static.flickr.com/1193/1473987118_d110298e3a_o.jpg
flickr / dharder9475

"...And I done told ya, da tall will become da small
when dat thing is fin'ly born."

http://farm4.static.flickr.com/3118/2352259936_46f9502d6d_b.jpg
flickr / chascarper

Off-Topic!!!

http://farm2.static.flickr.com/1239/1310055992_e5d5473685_b.jpg
flickr / logjames

OK, back On-Topic.

http://i43.photobucket.com/albums/e399/delta2094/Untitled-1.jpg
Courtesy SSP-Chicago Waldorf+Astoria / Ryan91-Alliance

http://img413.imageshack.us/img413/9871/cs9vj6.jpg
Courtesy SSP / spyguy (aka WNY / spyguy999)

kliq6

April 29th, 2008, 09:14 AM

Okay ill be fair and stop what you call bashing your city. If this is built ill take another trip to Chicago and maybe all of the Chicagoians or whatever they are called can convince me its a world class city.

Zephyr

April 29th, 2008, 09:25 AM

You don't have to change your view of Chicago, I am just asking for more civility/fairness on this thread from all concerned - and that includes Chicagoans, not just New Yorkers.

You have stepped up to the plate, as they say, and that shows me something. Thank you.

ablarc

April 29th, 2008, 01:10 PM

http://i43.photobucket.com/albums/e399/delta2094/Untitled-1.jpg

A skyline, at last.

(you can see sky between the buildings; when will that happen again in New York?)

kliq6

April 29th, 2008, 01:25 PM

it wont, Midtown is to dense, as it has to be based on the volume of office space needed here in comparasion to Chicago.

JCMAN320

April 29th, 2008, 01:26 PM

What I don't get is why some people have this condecending, dismissive, attitude of Chicago. I mean can people act any more stubborn or juvenille.

It is basically petulant highschool arugment of whos cooler or in this case, who is "world-class"? What is the difference? Why do NY'ers want every city to be like NY? I mean if every city was just like NY, the country would be boring, there would be no unique cities with their own identity, style, or heritage. Just because a city is different doesn't make it bad, it just makes it different and unique. Also who cares if New York is more world-class than Chicago or vice-versa? Can't people just agree that both cities are great and have their own character, architecture, geography, cutlure, tradition, and history and just agree that both cities are great in their uniqueness? Is this too much to ask?

NY'ers why attack, put down, and be condescending to Chicago and what they do? Why not congradulate them on the new buidings and new sense of urbanism that is sweeping Chi-town? To put Chicago down and hope all these projects fail, like the Chicago Spire, just because you are mad that they are not being built in NY and to just be envious makes NY'ers look vein and pompus and reinforces old stereotypes about NY'ers. Be happy for Chicago and take solice in the fact of the WTC development will be something marvelous, if it doesn't get watered down.

Just because to you NY'ers CHI doesn't fit your idea of "world-class" like NY or LA, doesn't mean it deserves less merrit or attention, if anything it deserves all the more attention and all this should elevate Chi-town to the level of world-class, if it isn't there already. I have never been to Chi-town, but I have always wanted to visit and will try to get there this summer.

I applaud Chicago and wish nothing but the best for them and all there endeavors and hope all there construction projects go according to plan and are seen to a safe completion.

kliq6

April 29th, 2008, 01:38 PM

Agreed, as ive said on here many times Chicago is a great American city, its just not NY which is fine. I enjoy many other cities in this country as I can look at them for what they are, and not why they are not like NYC.

My argument with the Spire is I dont think Chicago has the market for this project, but I may be wrong and ill wait to be proven either way.

MidtownGuy

April 29th, 2008, 03:16 PM

Look at that thing. I think they'll have no problem selling 1200 units in a city the size of Chicago. A few million is no big deal to some people, like buying a cup of coffee.

Alonzo-ny

April 29th, 2008, 03:24 PM

How much per square foot would they need to get to break even on this project?

Scraperfannyc

April 29th, 2008, 07:08 PM

Also, to be the tallest building in the USA by roof height, one now needs to build over 2000 feet. Thats right folks, 2000 feet is now the bar if you want a taller building in the USA. 2000 feet is here and now and not some forbidden height in the states. It is not just a Dubai or Asian thing anymore.

Alonzo-ny

April 29th, 2008, 11:07 PM

Also, to be the tallest building in the USA by roof height, one now needs to build over 2000 feet.

Care to explain this? As far as i know this building doesnt exist on the physical plane.

Derek2k3

April 29th, 2008, 11:42 PM

He did say "to be." Many of these comments sound like jealousy.

A 2,000' tower is harder to build (not sell) in NY than Chicago. If this were proposed here in NY, I'm sure we'd be having a more positive discussion of how we can't wait, instead of waiting on the word of its inevitable failure.

antinimby

April 30th, 2008, 12:00 AM

it wont, Midtown is to dense, as it has to be based on the volume of office space needed here in comparasion to Chicago.LOL kliq. I think what ablarc was trying to say is that NY needs something that will break free of that flat plateau and rise substantially higher than everybody else around it.

ablarc, it seems the WTC will soon fit that bill.

Alonzo-ny

April 30th, 2008, 12:14 AM

He did say "to be." Many of these comments sound like jealousy.

Do i have to say again that i like the design and want it to be built? People dont seem to read well in this thread.

Zephyr

April 30th, 2008, 12:20 AM

CTBUH

The Council on Tall Buildings and Urban Habitat (CTBUH), based at the Illinois Institute of Technology in Chicago, is an international not-for-profit organization sponsored by architecture, engineering, planning, development and construction professionals. Founded in 1969, the Council’s mission is to disseminate best practice information on tall buildings and healthy urban environments, to facilitate business exchange amongst the international tall building / built environment community, and to make the latest knowledge available to professionals in a useful form.

CTBUH disseminates its findings, and facilitates business exchange through: world congresses; international, regional and specialty conferences; technical forums; its website; special task forces / working groups; and workshops. Also through the publication of books, monographs, proceedings, special reports, a monthly e-newsletter and the CTBUH Journal, a professional journal containing refereed papers written by researchers, scholars and practicing professionals. It has in place an international ‘Country Leader’ network, with CTBUH representatives spread across the globe.

The Council on Tall Buildings and Urban Habitat is the world’s leading body in the field of tall buildings, and the recognized source of information on tall buildings internationally. It is the arbiter of tall building height, determiner of the title of ‘The World’s Tallest Building’ and maintains a significant database of built, under construction and proposed tall buildings.

CTBUH Criteria for Defining and Measuring Tall Buildings

What is a Tall Building?

There is no hard, fast division on what constitutes a 'tall building'. It is a building that exhibits some element of 'tallness' in one or more of the following categories:

a) Height relative to context

It is not just about height, but about the urban situation in which it exists. Thus whereas a 12-storey building may not be considered a tall building in a high-rise city such as Chicago or Hong Kong, in a provincial European city this may be distinctly taller than the urban norm.

b) Proportion

Again, a tall building is not just about height but about proportion. There are numerous buildings which are not particularly high, but are slender enough to give the appearance of a tall building, especially against low urban backgrounds. Conversely, there are numerous big / large footprint buildings which are quite tall but their size / floor area rules them out as being classed as a tall building.

c) Tall Building Technologies

If a building contains technologies which may be attributed as being a product of 'tall' - e.g. specific vertical transport technologies, structural wind bracing as a product of height, etc, then this building can be classed as a tall building.

Although number of floors is a poor indicator of defining a tall building due to the changing floor to floor height between differing buildings and functions (e.g. office versus residential usage), a building of perhaps 14 or more stories (or over 50 metres / 165 feet in height) could perhaps be used as a threshold for considering it a 'tall building'.

What is a Super-Tall Building?

Again, opinions on this differ internationally. Although great heights are now being achieved with built tall buildings (in excess of 800 metres / 2600 feet), as of the end of 2007 there were actually only 30 buildings in excess of 1000 feet completed and occupied globally. The CTBUH thus defines ‘super-tall’ as being any building over 300 metres / 1000 feet.

How is the height of a tall building measured?

The CTBUH recognizes tall building height in four categories:

1. Height to Architectural Top

Height is measured from sidewalk level of the main entrance to the architectural top of the building, including spires, but not including antennae, signage or flag poles. This measurement is the most widely utilized and is used to define the rankings of the 100 Tallest Buildings in the World.

http://www.ctbuh.org/Portals/0/Tallest/Criteria/Tallest_ArchTip_2007.jpg

2. Highest Occupied Floor

Height is measured from sidewalk level of the main entrance to the highest continually-occupied floor within the building (i.e. not including maintenance areas).

http://www.ctbuh.org/Portals/0/Tallest/Criteria/Tallest_OccupiedFloor_2007.jpg

3. Height to Top of Roof

Height is measured from sidewalk level of the main entrance to the highest point of the building’s main roof level, not including spires or antennas.

http://www.ctbuh.org/Portals/0/Tallest/Criteria/Tallest_Roof_2007.jpg

4. Height to Tip

Height is measured from sidewalk level of the main entrance to the highest point of the building, irrespective of material or function of highest element (thus including antennae, flagpoles and signage).

http://www.ctbuh.org/Portals/0/Tallest/Criteria/Tallest_Tip_2007.jpg

Copyright 2007 by CTBUH (http://www.ctbuh.org/)

TREPYE

April 30th, 2008, 12:43 AM

A skyline, at last.

Majestic indeed. A city with people who care what it looks like. Their major advocates good aesthetic development. As you can see per the tower that bears his name and is "ornamented" with that just inspirational antenna :rolleyes::rolleyes::rolleyes: our Bloomy here doesnt care much for aesthetics in the skyline
http://www.newyorkarchitecture.info/NYAI/Images/Buildings/BloombergTower-002a.jpg
(you can see sky between the buildings; when will that happen again in New York?)

When developers...er, I mean pigs fly.

Zephyr

April 30th, 2008, 02:20 AM

This chart can be seen in greater detail by downloading the corresponding Adobe PDF file at “CTGUH Tallest 2020” (http://www.ctbuh.org/Portals/0/Tallest/CTBUH_Tallest2020.pdf). The tallest proposed on this version, is based on measuring from grade to highest tip, not highest occupied floor (or one of the remaining two categories). Highest to lowest are then displayed in customary ranked form from left to right respectively. Please read the introductory Note on the PDF file, before proceeding.

Buildings completed are all black, buildings under construction are in partial dark grey for the constructed portion, but are otherwise light grey in form (in the case of Chicago Spire, that partial dark grey is barely visible, and below grade), and finally, the buildings that still haven’t broken ground, are all light grey. (NOTE: this is a November 2007 compilation so it is woefully out of date.)

From tallest to Chicago Spire, in order, follows:

Al Burj

Mubarak Tower

Burj Dubai (closer to topping-off than shown here)

Russia Tower

Incheon Towers

Chicago Spire (currently in sub-grade construction of core)

CTBUH

The Tallest 20 in 2020

http://www.ctbuh.org/Portals/0/Tallest/Tallest20_2020.jpg

There can be no denying that we are currently experiencing a boom in tall building construction like never before. Even considering the golden age of the skyscraper in New York in the 1920s and 30s, we are most likely undergoing the greatest development of high-rise buildings ever, certainly from a global perspective. In light of this trend, recent research by the CTBUH has anticipated what the tallest buildings in the world may be in a decade or so – what will be the Tallest 20 in 2020? Strict criteria have influenced the putting together of this list; buildings included in the research are either built, under construction or considered real proposals. A real proposal can be considered such if it has a developer and full professional design team who are currently progressing the design beyond the conceptual stage. Furthermore the research only considers projects that are within the public domain – there may well be other proposed buildings that would make the list, but are for client / project confidentiality reasons not yet publicised.

The most startling feature of the Tallest 20 in 2020 (shown above) is that we can see in little more than a decade, the world’s current tallest building – Taipei 101 – actually stands at 14th, while the Petronas Towers, currently 2nd and 3rd, will be 20th. Furthermore iconic buildings such as the Sears Tower and Empire State Building, the latter of which has been in the tallest 10 for over 70 years, are nowhere to be seen. In fact, only one building on the list – The Petronas Towers – was completed prior to the collapse of the World Trade Center in 2001. The likely prospect of further mega-tall projects developing over the next few years may exaggerate these statistics further.

Geographically and programmatically too this list also provokes interest. Twenty years ago, if you had predicted the next world’s tallest building, it could be confidently assumed that it would be located in North America, be of steel construction and office program. Today almost the exact opposite is true – the world’s tallest proposals are currently located in Asia, are concrete construction and house residential or mixed-use functions. Certainly the Tallest 20 in 2020 reinforces this idea; of the buildings shown, nine will be in Asia, eight in the Middle East, two in North America and one in Europe. In terms of program, only three of the buildings solely accommodate office function, two of which are already complete.

The ambition of the world’s tallest buildings has never been just about commercial return on a plot of land, but also the creation of an architectural icon that is recognisable around the world. Here too, we are experiencing a significant change in focus, with the latest generation of mega-tall buildings designed to promote and represent the vitality of the city they are located in to a global audience. This shift from corporate to city (or even government) ambition is reflected in the very titles of these new tallest proposals. Whereas once we had icons such as the Sears Tower or Chrysler Building, we now have the Burj Dubai, Russia Tower and Shanghai World Trade Centre. In fact of the twenty buildings set to be the world’s tallest in 2020, eight are in some way named after the city or country they are located in.

It is not only the tallest 20 buildings that are set to change in the coming years, but also the number of super-tall buildings (those with a height of 300 metres or more) that are undergoing a significant transformation. As of October 2007, there are 35 completed tall buildings in the world that are 300 metres or above in height. At the same time there are over 55 such buildings currently under construction. As with the Tallest 20 in 2020, these new super-tall buildings are predominantly located in Asia and the Middle East, but notably also in newly emerging skyscraper cities such as Moscow, Panama City, Kuwait City, Chongqing and Santiago. In fact, recent research by the CTBUH suggests there will be in advance of 130 of these super-tall buildings completed by 2020; this means in little more than a decade we will have almost quadrupled our stock, and with more and more new proposals developing each month, the likelihood is this figure will continue to grow.

In the wake of 9/11, many questions were asked of the high-rise typology; is it a viable proposition for our future cities? Should we continue to build tall following the collapse of the World Trade Center Towers? Judging by the unprecedented levels of tall building activity today, the answer is surely a resounding yes. It seems the vast quantities of research that has – and continues to be – undertaken in a quest to improve tall buildings post 9/11 has reassured Governments, city authorities, financers and developers of the benefits of this typology. Within the next two years, the Burj Dubai is set to be completed at over 800 metres in height, some 300 meters taller than the world’s current tallest, Taipei 101. With new high-rise proposals continually striving for these massive heights, the dizzying realisation of a mile-high tower is perhaps not that far away.

Copyright 2007 by CTBUH (http://www.ctbuh.org/Resources/TallestDatabase/TheTallest20in2020/tabid/298/Default.aspx)

Zephyr

April 30th, 2008, 07:29 AM

So far, the shows have been well received by potential buyers … [according to Shelbourne Development Group. But they] did not disclose sales figures … [and] will wait until the first-half of the road show wraps up this summer.

"We've been selling well and selling every day. We have a target number per quarter, and we've been exceeding that number."

Ivan Bowen Murphy
President (International Division)
Shelbourne Development Group

http://www.ey.com/global/ccr.nsf/Images/61F4C8FD0EDA8F1C8525730E00174E41/$FILE/China-Daily-logo.jpg

Some Chinese residents may soon be a little closer to reaching the heavens in Chicago, Illinois.

23 April 2008

A promotions team for The Chicago Spire - set to become the tallest residential building in the world when it is completed in 2011 - arrived on the Chinese mainland for the first time this week on the first leg of its global showcase.

"It is the first time a building of this magnitude has been presented internationally," said Ivan Bowen Murphy, international president of the edifice's Irish developer, Shelbourne Development Group. "It's got that global appeal. We want to sell our units globally. It's been in conjunction with the type of interest around the world. Chicago is a lifestyle choice - there are global communities in Chicago and we wanted to go to people that have those interests."

The international roadshow for the Chicago Spire began in January. Shanghai and Beijing are the fourth and fifth Asian destinations on the global tour, which also included Singapore, Malaysia and Hong Kong. Japan and South Korea will round out the Asian circuit.

Other stops are planned for Europe, Africa, India and South America.

"The Chicago Spire is a world-class residential icon that will stand the test of time," said Randall Hall, chief executive officer of Savills China, the project's international marketing agency. "We are confident that it will attract the most astute of investors from all over the world. China has an enormous and rapidly increasing number of master entrepreneurs seeking investments that not only perform, but are also, a work of art," said Hall.

So far, the shows have been well received by potential buyers, says Murphy. "We've been selling well and selling every day," he said. "We have a target number per quarter, and we've been exceeding that number."

Murphy, however, did not disclose sales figures, saying the company will wait until the first-half of the road show wraps up this summer.

The highly anticipated Chicago Spire will glisten 150 stories (609.6 m) in what will be the highest elevator ride in the world.

Copyrights © China Daily Information Co (CDIC) and © China.org.cn. All Rights Reserved. This version was derived from China.org.cn webite, and has been reformatted to conserve space. The main text, which contained minor word-use errors, has been left unaltered.

Zephyr

May 1st, 2008, 08:07 AM

Don't be alarmed; I have not lost all my marbles yet. This is my way of parting from the usual reactive post, and adopting a more amenable format to tell the story of some aspects of Chicago Spire's emergence. Happily, I am an anonymous contributor, and don't have any aspirations to become a columnist. Within this role of "WNY Reporter", I will briefly review what is publicly known, adding some elements that occurred but were not published, and close with some personal tidbits regarding the project. I hope this will shed more light on the topic, but that is for you to decide.

Fordham Spire to Chicago Spire
The pursuit of the "magical 2000" that Chicago is determined to add to its skyline

by Zephyr
WNY Reporter

CHICAGO - As indicated previously, there have been two developers associated with this Calatrava supertall proposed for Chicago: Christopher Carley and Garrett Kelleher.

Because Mr. Carley's firm was called Fordham Company, the name he chose for his supertall was simply Fordham Spire. The "Spire" in the name was derived from Santiago Calatrava's interpretation of the top of the structure. Specifically, Mr. Calatrava affixed to the roof a set of metal bands that resembled a flame, but in reality served as a possible support for an antenna. This 'spire.' as it were, had additional function, aside from aesthetics and support. All involved in the project were aware that CTBUH recognised spires in calculating height. In recent years, this category became the preeminent one of four categories established for measuring height. Occupied floors used in measuring roof height, slipped from one to two as a by-product. This change in priority of measurement positioning has always been considered by "purists" to be a type of pandering to builders that add spires as a low-cost alternative to building taller. But that sentiment, has not swayed CTBUH in the least; they thought it was the right thing to do in forming their many lists.

Fordham Spire

http://www.chicagotribune.com/media/graphic/2005-07/18742543.gif
Chicago Tribune (For further Information look inside image)

Several times this city was on record for having pushed for supertalls that totaled 2000 feet. The main advocate for the city was none other than Richard "Rich or Richie" Daley. The number in front of the feet, 2000, was magical in American supertall circles, because it defined the highest allowable height, without a special request made to either the FAA or FCC (called a "Detailed Showing"). For that matter, restrictions defined by airport proximity, made it even more unlikely to see skyscraper of this height, anywhere out west. Historically in Chicago, all buildings planned at the outset to be 2000 feet, were never constructed. A few buildings that did not start as 2000 feet proposals but were encouraged to explore that possibility, also suffered through a recurring pattern, just when approval came near, they were all scaled back again, but at least most of these were built. The most notably of this latter group was Trump Chicago. Fordham Spire was just the latest in this troubling legacy, with no better chance than any of the others, except for its association with Santiago Calatrava, which somehow carried an added dimension that had never existed before.

Predictably with each version change, Fordham Spire gained in roof height, while the spire portion shrank in a complementary manner. This building always totaled 2000 feet throughout its proposal run. But the proposal run for the Carley group, never seriously passed the threshold into approval strategies.

Mayor Richard M. Daley - to distinguish him from his legendary but also infamous father, Mayor Richard J. Daley - had the same preoccupation as his father: the taller the skyscrapers, the better for the city. Coercion was not Rich Daley's tool of choice here, rather priority given and a great deal of encouragement. As a result of two generations of Daleys pushing for ever-taller buildings, Chicago has dominated for more than thirty years, the upper register of height in American skyscrapers. This indefatigable pursuit was not intended to increase density in skyscrapers so much as to increase size and balance in the skyline itself. Location was almost as important as height, but seldom was a public topic, except as it related to zoning restrictions. Moreover, the supertalls in particular, during this latest boom, were permitted to create zoning exceptions.

Two Versions of Fordham Spire

http://justinberzon.com/FordhamSpire-One.jpg
Courtesy Justin Berzon

When Garrett Kelleher entered the picture, in his typically stealth style, and took away Mr. Carley's property with $64 M USD of debt assumption, he surprised, even shocked locals. Everything is watched in the skyscraper arena in this city, but this person was truly an unknown among the Media.

"Who is this guy?"

'Who is this guy?' became Chicago’s equivalent to London’s question a decade earlier. By this time, Mr. Kelleher was one of the wealthiest developers in the world, and he had established himself throughout Western Europe, especially in the UK and Ireland, but not for skyscrapers as such. He was willing to have an impact regarding the Western Hemisphere's tallest building, because he knew the city well and he had a sense of pay back that he revealed on several occasions to associates. The Press in Chicago discovered he had lived and worked in their city for ten years as a young man, that he had a sports background (tennis), and had maintained properties in Chicago, even as he rose in stature abroad. Why hadn't they heard of him?

The more that Press sought information from Garrett Kelleher, the less they got from him in return. Mr. Kelleher was as tight-lipped and measured in words, as Mr. Trump was overly talkative and brash. Most Chicago developers were somewhere in between. The newspaper that was most predisposed toward favouring Mr. Trump's project, the Chicago Sun-Times, set out on a mission. That newspaper dutifully churned out headlines destined to inflame such as "Chicago Spire Will Never Be Built – So Says the Donald" or "Why is Kelleher so Silent - We'll Tell You Why," etc. Mr. Trump had already gone on the offensive because he was of the belief that the market could not support these three supertalls, if one included Waterview. By contrast, but only if asked, Mr. Kelleher made the distinction that his tenants would be drawn from around the world, not just from the area. The idea was to expand the traditional Chicago market to include those less subject to forces at play in Chicago or America, because he had anticipated in advance that the boom would cool down when his project arrived at its construction phase.

Trump left vs. Kelleher right

http://www.chicagomag.com/images/2007/August%202007/trump.jpg
Chicago Magazine

In general, Mr. Kelleher had done his homework all along the way. He had laid the foundation for taking the property away from Mr. Carley, several months in advance. He used a scaled-down staff that was absolutely dedicated to examining this property - silently and without a trace - from every important angle, and on every critical level. When matters looked ripe, he immediately hired people to navigate Chicago's building approval gauntlet: Zoning, Traffic, and above all, Planning. They were insiders with clout. And just as importantly, he knew how to navigate this system himself, since he owned property along the "Clybourne Corridor," and had become familiar with the "Chicago Way" to get a building through the prescribed process, expeditiously.

Meanwhile, Mr. Kelleher's continued stonewalling of information, alienated the local Press almost without exception. He shut them out of nearly every event, including private exhibitions for version changes. So that Press resorted to getting information in other ways. Because he was using the so-called "European Model" of high-risk capitalisation, and not the conventional pre-sales tied to a threshold percentage, this strategy became the focus. And outside the Chicago Sun-Times, Crain's Chicago"Business became an advisary of Kelleher's strategy to finance a building this size. When Mr. Kelleher finally granted an interview, after ten days of bad publicity, he went directly to that city's largest newspaper, the Chicago Tribune. But it was not just because "The Trib" was the largest in the city, that paper had the most widely respected Architecture critic as well. That critic was also a fan of both Santiago Calatrava, and the prior Fordham Spire. His name was Blair Kamin, a Pulitizer Prize winner, as had been the case with the main Architecture critic in Chicago through several iterations. The designs and process behind creating Chicago Spire, were placed into Kamin's lap, without any real effort on his own. He returned the favour by running exclusives on this masterpiece in his paper.

Mr. Kelleher eventually moved to Chicago to live indefinitely, when he believed it was time to make that final and sustained push. He found a "fixer upper" city mansion in short order, and proceeded to bring it up to his standards. He also involved himself in sports, but not tennis.

Re-envisioning the Spire

Garrett Kelleher's collaboration with Santiago Calatrava, involved the removing of the external spire, and building up to the 2000 feet restriction. Mr. Keller started out making all the critical decisions, no different than what history had predicted he would do, but gradually, almost imperceptibly, he transitioned into deferring to Mr. Calatrava on the details. This too is an old pattern as I had seen the same in Milwaukee from afar.

Mr. Calatrava had some difficulty in transitioning to a new tower after his initial effort, but as he stated later, his design "matured" and it became "much better" - likely meaning more simple yet elegant. Mr. Kelleher's insistence on extending the occupied floors to the limit, was driven in part by the economics of the supertall, but there was another motivation as well: namely, the desire to forge an indisputable 2000 feet building, regardless of measurement category. Mr. Calatrava was critical in this formulation, because he turned the external demands into a work of Art. That part is without question, because each version had its fans, but the final version built support to a crescendo.

Calatrava with a version change after Version H
(done during construction, and highly unusual)

http://wibiti.com/altthumbs/hpmain/209/205209.jpg
Courtesy YoChicago

Some asked why Mr. Kelleher removed the one last hedge that would give him a decided head start on the financial side - the hotel. His direct answer was never complete, and remarkably inarticulate. And although we will likely never know the reasoning behind the responses, his rejection of the hotel still became, for some time, a dinner-party topic among a number of developers, usually along the following lines: Garrett will use this as an "Ace in the Hole" later, there is no need to commit to anything now. When sales officially opened in January 2008, Shelbourne Development - Mr. Kelleher's firm - immediately sold into the area of the building where most people thought the hotel would be placed. This action along silenced the rumours.

In all, Chicago Spire went through eight major version changes before final approval was sought - A through H. Most enthusiasts were only aware of five, myself included. Our firm came in as SE subcontractors to the SE of record. The version that we addressed was the fourth, or Version D. Since we specialised in computer simulated, dynamic load testing, our services were critical in defining the parameters of the shape. Some of our suggestions were never accepted, such as continuously extruded rails on this multi-helical structure; but some were, such as the design of floors in relation to supports, and the layout of the caissons that anchored the building. Since every effort was made to maximise space, our suggestion for multiple mass dampers due to proportional flexing that yielded dangerously high sway numbers seemed reasonable, and was followed. But the dampers chosen were not the one's we recommended, such are the vicissitudes of being an outside sub-contractor.

This was my second time working on a Calatrava project, but would not be my last. The first was the Milwaukee Art Museum's Quadricci Pavilion, the last was on a Dallas-area bridge, one of three proposed. Chicago Spire was the only project that gave me an opportunity to talk with Mr. Calatrava, albeit confined to mostly technical matters. Recalling it now, his knowledge of engineering was exceptional when compared to any Architect I had worked with in the past. He already had me on the aesthetics side.

All other work we performed on the Chicago project thereafter, was in the category of consulting. That latter work ranged widely, much of which had to be researched extensively. For instance, we looked into more exotic cladding alternatives that could withstand the weather in Chicago, yet be structurally sound if used; investigations shaded into past efforts to cross-brace in high wind areas. Slowly, this work will find its way into technical literature, but it points to how thoroughly all aspects were considered in building this important building, because our contributions were a subset of many.

The only time I met Mr. Kelleher was at the NIMBY meetings near the end of the proposal cycle. He came off as a shy individual, with a bone-crushing handshake, and not much to say. He had a habit of standing by doorways as if he were about to depart at any moment. When scheduled to speak, he assumed the podium and looked out over the crowd, not into their faces. Yet, as he warmed up, he could become quite charming, and seemed most comfortable in one-on-one encounters.

Mr. Kelleher finally granted a long interview with a Chicago Sun-Times business reporter during this period, trying as it were to "cover all bases". Once again he got blasted unfairly a day later in that same newspaper. The petulant reporter in question, David Roeder, constantly predicted the building’s demise, with an article that could have been dictated by Donald Trump.

Mr. Kelleher did not see a reason to respond in kind, and continued to keep all his cards, again figuratively, close to his vest.

WNY Member

ablarc

May 1st, 2008, 08:37 AM

^ Thanks, Zephyr. Behind the scenes reality benefits our forum.

BVictor1

May 11th, 2008, 01:27 PM

05/06/08
https://community.emporis.com/images/6/2008/05/615163.jpg

https://community.emporis.com/images/6/2008/05/615164.jpg

https://community.emporis.com/images/6/2008/05/615165.jpg

BVictor1

May 11th, 2008, 01:28 PM

05/08/08

https://community.emporis.com/images/6/2008/05/615171.jpg

https://community.emporis.com/images/6/2008/05/615177.jpg

https://community.emporis.com/images/6/2008/05/615179.jpg

https://community.emporis.com/images/6/2008/05/615181.jpg

https://community.emporis.com/images/6/2008/05/615182.jpg

BVictor1

May 11th, 2008, 01:30 PM

05/08/08
A series of shots on the lowering of a steel beam into a secant pile hole

https://community.emporis.com/images/6/2008/05/615346.jpg

https://community.emporis.com/images/6/2008/05/615353.jpg

https://community.emporis.com/images/6/2008/05/615381.jpg

https://community.emporis.com/images/6/2008/05/615382.jpg

https://community.emporis.com/images/6/2008/05/615385.jpg

stache

May 11th, 2008, 06:52 PM

Pretty amazing, considering it's being built on landfill -

SolarWind

May 12th, 2008, 10:06 PM

May 12, 2008

http://img222.imageshack.us/img222/6118/dsc0040iy7.jpg

http://img247.imageshack.us/img247/7736/dsc0062os4.jpg

http://img222.imageshack.us/img222/2673/dsc0073tg0.jpg

http://img247.imageshack.us/img247/8438/dsc0063mt7.jpg

londonlawyer

June 3rd, 2008, 10:44 PM

From www.enr.com last week:

CREDIT Luxury Building Boom Slows Under Tightening Credit Woes 05/28/2008 By Pamela Dittmer McKuen

A nervous real estate market is jeopardizing some of Chicago’s ritziest new high-rises, which have been popping up lately like champagne corks. With the stream of buyers slowing to a trickle, lenders are increasingly tight-fisted, developers are scrambling for financing, and contractors are looking for other ways to keep busy.
“The greatest effect is on anyone who is not yet financed,” says Gail Lissner, vice president of local consulting firm Appraisal Research Counselors. “But everyone is having a very hard time raising mezzanine debt, the layer between the construction loan and the equity in a project. That’s very expensive money.”First-quarter 2008 sales of downtown Chicago new-construction condominiums dropped 83% from the previous year, according to ARC figures. “It’s been really horrible,” says Lissner. “Pricing has held its own, but the velocity is not there, which is making it much harder for projects to meet their presale requirements.”
Some developers, taking advantage of the weak dollar, have gone overseas for capital and customers. Others have slowed projects or put them on indefinite hold.
Work on the 1,047-ft-tall Waterview Tower and Shangri-La Hotel on Wacker Drive slowed to a snail’s pace until the developer, Chicago-based Teng & Associates, recently landed overseas funding, sources say. Teng, which did not return phone calls, is the job’s developer, architect, engineer and general contractor.
Sales figures for the 2,000-ft-tall, Santiago Calatrava-designed Spire, still undergoing foundation construction and being marketed largely overseas, have not been released, leading industry watchers to wonder if there are any. Dublin-based Spire owner Shelbourne Development Ltd., which was not available for comment, has been financing the project through Executive Chairman Garrett Kelleher’s pocketbook.
But the condo boom of recent years is not exactly a bust. At an April 28 ribbon-cutting ceremony of the 92-story Trump International Hotel & Tower Chicago, real estate mogul Donald Trump Sr. was upbeat. With 16 floors left to go, “We’re doing very well, about $600 million in sales,” he says. That number translates to roughly 75% of the project’s 486 residential condos and 339 hotel condos. Prices range from $580,000 to $9 million.
Trump partly attributes the numbers to the building’s location on the Chicago River. He also expresses doubts as to whether every luxury tower that has been announced will see completion. “You don’t build until your financials are in order,” he says. “We built on old money.” Trump says he is planning another Chicago project, a smaller one, although he declined to give details.
Mandarin Oriental Tower—today an empty lot at Lake Street and Stetson Avenue—seems to be back on track after the owner took a break to shore up finances. The 74-story building will have 250 hotel condos and 250 residential condos, priced from $600,000 to $21 million.
The developer allows that economic problems put the project in a tight spot. “We had to slow down because of the credit crunch, but we’re moving back into action this summer,” says local developer Gerry Kenny, president of Palladian Development LLC and former president of Kenny Construction Co.
By early May, 55% of the units had been sold. “The activity we’re seeing is on the larger units,” says Kenny, who has not offered buyer incentives. He expects completion in late 2009 or early 2010. The only work currently under way is shifting underground utilities. Bovis Lend-Lease is signed on to build the tower, designed by local architecture firm Solomon Cordwell Buenz.
Some contractors are still optimistic, too. “Good projects that are either in great locations or very aggressively priced are still happening,” said Michael Meagher, senior vice president for Chicago-based James McHugh Construction Co. Apartment complexes, Meagher adds, are “burgeoning” in comparison.
The slowing work has builders sniffing around in other sectors. “We continue to look at other avenues,” says Meagher. “We have the unique ability to compete on road-and-bridge and on school projects, which gives us a diverse palette that some other contractors might not have.”
Lenders, too, are still in the game. “We’re selectively continuing to look at new projects, especially if they are very well capitalized, if the people have a lot of experience, if they have a structure with presales that appear to be very viable,” says Larry Johnson, executive vice president of commercial real estate for New Century Bank. “It’s a great time for people to start buying,” adds Trump.

Zephyr

June 4th, 2008, 02:05 PM

http://www.chicagotribune.com/images/branding/masthead_subpages.gif

Spire spokeswoman Kim Metcalfe said the sales were achieved in just four months of marketing and counters critics who claimed the 2,000-foot-tall structure would never go up.

Metcalfe emphasized that the 352 units booked are sales, not just offers of interest accompanied by deposits. "This is clearly a benchmark," she said.

30% of Spire's condos are sold
Mark shows it will be built, developer says

By Robert Manor
Tribune reporter
June 4, 2008

The Chicago Spire's developer said Tuesday that it has sold 30 percent of the building's condo units, which, it says, is proof the world's tallest residential structure will be built.

Reaching the 30 percent sales mark historically was the minimum for a condo project to win backing from lenders.

Developer Garrett Kelleher, executive chairman of the Ireland-based Shelbourne Development Group, has been financing construction, according to a spokeswoman who said that will change later this year. Critics will be watching to see when that occurs and which lenders back the project, perhaps an even more significant step than attaining the 30 percent sales figure.

Skeptics have said the Spire, with condos priced far higher than any seen before in the city, would have trouble winning financing. Studio units start at $750,000. Larger units escalate rapidly into the millions of dollars.

The U.S. market for condos is weak and lenders have become extremely cautious about financing most real estate. Buyers can often find a way to back out of a sale, although it can be costly since Spire condo buyers were required to put down 15 percent of the sales price.

Industry observers, speaking in general and not of the Spire in particular, said it is difficult to say in today's market how much in the way of precompletion sales are needed to induce a lender to put up money needed to finish a condo building.

Steven Hovany, president of Strategy Planning Associates Inc., said the 30 percent sales figure traditionally would indicate a building's chances at getting financing was probably fine. But in this troubled real estate market lenders may require higher advance sales, Hovany said.

John Oharenko, an advisory board member with the Real Estate Capital Institute, said any condo developer must meet two high bars to win financing. "You have to have very, very A-plus credit to even discuss it," Oharenko said. And a developer has to put a very large amount of his own money into the project, Oharenko said.

Spire spokeswoman Kim Metcalfe said the sales were achieved in just four months of marketing and counters critics who claimed the 2,000-foot-tall structure would never go up.

Metcalfe emphasized that the 352 units booked are sales, not just offers of interest accompanied by deposits. "This is clearly a benchmark," she said.

The Spire is designed with 1,194 units, including a $40 million penthouse, which is still for sale. The building is scheduled for completion in 2012.

One condo buyer is James B. Weber, a former Cubs minor league player and now an owner of the Arizona Diamondbacks. Weber divides his time between Scottsdale, Ariz., and Chicago, where he lives in Streeterville with a view of the Spire site.

"In December, when I saw [construction] activity, I realized it was actually going to happen," Weber said. The project is in the earliest stages of construction at the confluence of Lake Michigan and the Chicago River.

Weber said he is paying $1.5 million for a two-bedroom residence on the Spire's 10th floor with a skyline view of Chicago.

"I love coming in at night and seeing the skyline," Weber said. "It is almost like looking at the ocean. You have constant movement. You never tire of that view, ever."

Weber was not previously familiar with the work of Santiago Calatrava, the Spire's architect. But Weber was in Milwaukee on Tuesday and planned to visit the Calatrava-designed Milwaukee Art Museum.

The Spire's developer began a yearlong international road show in January.

"Not only have we sold homes in every market where we have visited, we've had tremendous success with local buyers in Chicago," said Kelleher in a statement. Buyers, he said, were split equally between the local and overseas markets. The weakness of the dollar compared with euros and other currencies makes the Spire homes cheaper for international buyers.The Spire's marketing began after the housing downturn was well under way, meaning buyers were motivated to buy despite an adverse environment for real estate. And the developer requires 15 percent of a unit's price when making a sale, a relatively high commitment for the buyer.

Sales exhibition sites include Dublin, Singapore, Hong Kong, Beijing, Shanghai, Johannesburg and New York.

Copyright © 2008, Chicago Tribune (http://www.chicagotribune.com/business/chi-wed-spire-sales-jun04,0,2383654.story)

londonlawyer

June 4th, 2008, 10:26 PM

If the developer allegedly sold 30%, which I don't even believe, he's not getting financing in this credit market.

MidtownGuy

June 4th, 2008, 11:12 PM

I bet this does get built.:p

londonlawyer

June 4th, 2008, 11:21 PM

But with what money? The developer put up his own money for preconstruction funds. With respect to construction funding, however, no bank will finance a project like this in this market unless at least two-thirds of the units are pre-sold. It goes without saying that banks have serious problems at the moment, and, in my opinion, they're only going to get worse.

As far as those required pre-sales go, buyers from Europe, the Middle East and South America (among other places) who buy additional homes in NY and London will not buy in Chicago.

Bear in mind, moreover, the prices that the developer seeks would be aking to apartments in NY selling at 15,000 s/f. (i.e., they're DRAMATICALLY higher than anything that market has ever seen).

Citytect

June 4th, 2008, 11:51 PM

Let's wait and see LL. No need to keep repeating yourself.

MidtownGuy

June 5th, 2008, 10:59 AM

As far as those required pre-sales go, buyers from Europe, the Middle East and South America (among other places) who buy additional homes in NY and London will not buy in Chicago.

You're talking in a general way and ignoring personal connections. Individuals have specific relationships with cities. Family ties or business ties for example. Enough foreigners might have a specific reason to buy there that you are ignoring. Chicago does have links to the world outside Illinois.

kliq6

June 5th, 2008, 11:35 AM

If this developer expects the foreign buyers to buy here over Las Vegas, Miami and NYC, he is nuts and LL is right it wont ever get built. If he tries and fund it all himself, he is even more nuts. But if he got 30% he is off to a decent start I must say based on market and where he is building this thing.

MidtownGuy

June 5th, 2008, 12:21 PM

What I was trying to say was that if a buyer has some kind of personal relationship to Chicago whether through business or family they WILL buy there over LV, Miami, or NY. I'm not referring to just anyone that is thinkng of buying something somewhere, anywhere, in the US, but of people who have pre-existing relationships. For example, some of those Irish buyers may have a specific reason for choosing Chicago whether it be family or business. You guys are acting like there is nothing there, no families, no business at all.

Zephyr

June 5th, 2008, 02:31 PM

.

With all due respect to those that contribute to these Chicago threads, and particularly this one, I will attempt to touch on a few points.

I am not from Chicago, but have lived there for over ten years, about the same time I lived in New York. In both cases, where I lived was dictated in part by my work, or as a base for places I needed to get to in pursuing my career. The other part of the reason was a personal desire to work in these skyscraper venues, of which no other cities in North America could compare.

For a few of those years I lived near the place that Chicago Spire is being built - specifically Lake Point Tower. And as I have already indicated, our firm worked on two projects in this area - Milwaukee and Chicago - that are now associated with Santiago Calatrava y Valls' work.

I know that the prevailing myth being circulated here is no one with means wants to buy into Chicago, especially from abroad. In a word, that is economically derived from our distinguished firestarter, in yet another thread: that is "hilarious".

I have personally met people from all around the world living here, many of them of substantial means. Since I don't travel in those circles normally, I don't think this is a coincidence. And there is an extensive cultural and otherwise urban sophistication in place, of long standing, as you would expect in this city. It is not a backwater, devoid of any appeal, except if you wish to assert that premise, endlessly, in hopes that some seriously mis-informed person, or persons, are willing to believe it. Forget the trolls from Chicago, who predictably say idiotic things, and keep in mind that there are an equal number of them on the Chicago websites from New York, to the same pointless effect. They represent no one but themselves.

Now on this thirty percent sales figure - in normal times for a supertall, which is a special case of the skyscraper, this would be enough to build it. Check out what I have stated elsewhere in this thread before these figures were released. My point of reference was Vancouver, which has a number of supertalls that have been built over the years. To get that figure in a high-risk scenario so quickly is simply astonishing - even during good times.

We continue to get a belligerent reaction to this news as if any statement made like this is pulled out of thin air, but no counter evidence is offered. That is an emotional reaction to that part of the topic that is being raised, and that points squarely back at the person who prefers argument over discussion.

Ultimately, I am a fan of Architecture. If this building were going up in Fargo, I would be behind it. If you didn't like the building, that would also be a good subject, even one we could have some fun with, as we do with other substantial buildings. For some, however, the city is more important than the Architecture itself, and that is truly disappointing.

Think about it for a moment, Malmö is in the middle of nowhere from a skyscraper standpoint, and it was there that Calatrava built a beautiful and expensive hellical structure of note. Is this really that different to an Architecture fan of his work, since Mr. Calatrava intends to supercede Malmö with this effort in Chicago?

I think we are seeing progress toward that goal on nearly every level, although nothing is guaranteed at this point ... including failure, for those who desire more perverse fare.

.

Alonzo-ny

June 5th, 2008, 02:36 PM

I for one have said to deaf ears many times that i want this built but have big doubts about 1000+ of the most expensive apartments ever in a market in this current financial climate being built.

NoyokA

June 5th, 2008, 04:44 PM

The Spire is designed with 1,194 units, including a $40 million penthouse, which is still for sale. The building is scheduled for completion in 2012.

They couldn't sell an entire townhouse in 80 South Street for $35 million and they expect to sell a penthouse in the Spire for $40 million, in Chicago no less, I think not...

Zephyr

June 5th, 2008, 09:02 PM

.

Stern, I don’t think I follow your argument. But to be fair, I need to attempt a rephrasing.

What I think you are saying: if you can't sell a townhouse for a lesser price in New York, they won't sell that one penthouse in Chicago Spire, at a slightly higher price. (Please tweak this reduction, if it somehow misrepresents what you are saying.)

I thought I made it clear that the marketing for this project is global. And somewhere in this world, perhaps in Chicago, there will likely be more than a handful who not only can afford it, but would rather buy in Chicago rather than elsewhere. There are already people that live in penthouses here, not from Chicago, but because of its central location in relation to their national businesses. But I sometimes think that it is hard for people outside of Chicago, with that view of that city as being so far out there, and a "flyover" at that. This is not an accurate understanding of Chicago in the least.

There are a number of people in-and-around Chicago, that could easily afford this penthouse, and it would not be a financial burden to them despite the economic climate. Although it is only a rumour at this point, Sam Zell for instance, is said to be interested in this penthouse, and there is a list that usually follows with the likely suspects, most of them unwilling to talk about where they will live in the city.

If someone purchases, we may never know them by name - since that is the fashion of late for several penthouses here and around the world.

I must mention another peculiar aspect about penthouses. I've been told they are sometimes the first unit sold, but not uncommon for a penthouse to be the last unit sold - it depends on several factors. The strategy being used here is not based on the penthouse being sold before financing is complete. The units and levels have been leveraged incrementally in their selling plans. If a certain mix is sold, certain banks will be in play, according to this reasoning. But as with any project as large and complex as this, several banks must be involved if this is to be successful. And no one knows how this might turn out over the long haul. All we do know is that non-American capital is being staged at this point.

There is more than meets the eye here, and it is better to see how it unfolds rather than endlessly speculate whether it can or cannot be done. If by the end of the year we are well past 50 percent, and it is the right mix, you may not need all the rest of the units occupied to get the financing needed. The proof is in the results, not a declaration that it cannot happen here because you can't see it happening.

I have already pointed out that there have been buildings over the past several decades, of immense height and cost that have been completed in the midst of severe recessions, and even a depression. Add to this the fact that many larger projects, even when they are relatively successful, have still suffered through changes in developers - this project is already into its second - suspension of construction, changes in funding, etc. That goes with the territory for something that may take up to four years to complete.

But if you wish to ignore the last four months as not being a qualified success, and join the ranks of those that prefer to engage in a death watch over this project because it is in Chicago in the midst of a credit crunch, don't let me dissaude you.

.

lofter1

June 5th, 2008, 09:47 PM

They'll buy here to expand their RE portfolio beyond NYC, London, Hong Kong, LA & Dubai.

stache

June 5th, 2008, 09:56 PM

but if something really horrible should happen to NYC, Chicago would take over until Philadelphia could pick up the slack.

Zephyr

June 5th, 2008, 10:57 PM

I don't think Chicago has past the "threshold" of greatness yet, even if Calatrava is part of that conversation ... so you better just stay with Philadelphia as your backup.

I'll be perfectly happy with the spoils of this battle, in which I am a conscientious objector.

SolarWind

June 5th, 2008, 11:00 PM

June 5, 2008

http://img361.imageshack.us/img361/478/dsc0090dn1.jpg

kliq6

June 6th, 2008, 11:09 AM

but if something really horrible should happen to NYC, Chicago would take over until Philadelphia could pick up the slack.

Philadelphia? That town is nowhere near wordlclass please! Chicago is PAris in comparasion to that town.

stache

June 6th, 2008, 11:37 AM

Chicago is in the middle of nowhere. Philadelphia, being close to DC, would be further developed.

lofter1

June 6th, 2008, 11:41 AM

... if something really horrible should happen ...

In that worse-case-scenario financial markets / financial centers won't amount to a hill of beans.

Read Cormac McCarthy's "The Road' to get a sense of what financial industries and assorted other business functions will become ...

blood and ash :eek:

But rather than get all gloomy & negative let's be hopeful: Build some great new buildings like Calatrava's Spire. That certainly allows for a better nights sleep.

kliq6

June 6th, 2008, 12:39 PM

Chicago is in the middle of nowhere. Philadelphia, being close to DC, would be further developed.

Location to DC is not important actually, if that was the point then Baltimore would look like NY. Chicago is a much better city and offers much more then Philly could ever imagine

MidtownGuy

June 6th, 2008, 02:05 PM

Oprah should spring for the penthouse. 40 mil is a drop in the bucket for her.

JCMAN320

June 6th, 2008, 02:10 PM

Alonzo-ny

June 6th, 2008, 02:22 PM

JCMan you are the most bias against New York poster here, its not suprising you leap to Chicago's defense at the expense of NY. With a completely overblown reaction I might add.

kliq6

June 6th, 2008, 03:06 PM

Stern why such a condesending attitude towards Chicago. Just accept that the Chicago Spire will be built. This elitiest attitude that Chicago is subsevient to New York is laughable. Chicago is an excellent city with a great history and even greater future it seems. Get over it!

There is only one problem with your thought and that is Chicago is subsevient to New York!!!!

BTW JCMAN or Stache, have you been to Chicago? if not please go I do recommend going as its a nice city, have always said that on this board and will continue to. But the fact is its not a World class city, what it is the best example of a American city

stache

June 6th, 2008, 03:08 PM

It's amazing how people here get worked up at the mere mention of Chicago. :confused:

NoyokA

June 6th, 2008, 03:44 PM

JCMAN320

June 6th, 2008, 04:13 PM

Alonzo-ny

June 6th, 2008, 04:28 PM

You are percieving jealously that doesnt exist. The points made by people here are all valid. Economic reasons and more are all valid reasons for believing this wont get built but some people here immediately paint them with the jealousy brush which makes no sense. If someone had said 'this wont get built because Chicago sux' then id see your point but none of the people you are referring to did, they all made relevant points.

NoyokA

June 6th, 2008, 04:55 PM

I'm not against New York, but I ;am against this whole idea that all other cities must bow down to New York or have to be subservient to New York. I never hope that projects in New York don't get built, with the exception of AY just because I want my team to stay in Jersey. There is just such an elitest attitiude that some NY'ers have of other cities and themselves. I mean to say that someone won't buy in Chicago because it isn't a "world city" or that someone would OMG perfer a Chicago highrise over a New York high rise. I' am not against New York, I' am not. I just don't like what seems like jealousy over the Spire getting built or not getting built in New York thats all.

I'm really not mad or am I trying to get anybody mad, I'm just stating my opinion.

I think you're missing the point. I'm sure some people would prefer to buy in Chicago over New York, but at Chicago prices. Thats one of the biggest draws to Chicago, you can live in a luxury highrise at the same price of a smaller tenement apartment in Queens. However when the Chicago Spire is charging more than they even charge in New York for a similar apartment that changes the whole equation.

Horace718

June 6th, 2008, 06:33 PM

I think you're missing the point. I'm sure some people would prefer to buy in Chicago over New York, but at Chicago prices. Thats one of the biggest draws to Chicago, you can live in a luxury highrise at the same price of a smaller tenement apartment in Queens. However when the Chicago Spire is charging more than they even charge in New York for a similar apartment that changes the whole equation.

That would have to be one beautiful tenement apartment or one run down luxury highrise.

NoyokA

June 6th, 2008, 07:58 PM

Horace718

June 6th, 2008, 08:33 PM

Who are you kidding?

That's reality and that a compliment for Chicago. Having a bargain for real estate is a good thing.

Chicago buildings rent at $1.35 to $1.55 a square foot a month.

New York buildings rent at $2.25 to $2.50 a square foot a month.

So yes an Apartment in the John Hancock Center with the same bedrooms and bathrooms will rent for about the same if not less than a rundown tenement in Queens.

Average rent in Gold Coast

Studio 1BR 2BR 3BR $1,150 $1,500 $2,500 $3,150

http://www.chicagoapartmentfinders.com/chicago_neighborhoods/detail.asp?neighborhood_id=9 (http://http//www.chicagoapartmentfinders.com/chicago_neighborhoods/detail.asp?neighborhood_id=9)

Astoria & Long Island City No Fee Apartment Rentals

$999 / Studio: Two room studio apartment, rent stabilized building, high
ceilings, convenient location.
Pet Friendly
Astoria / 25th St
click here for direct landlord contact info

(http://www.nofeerentalbyowner.com/2signup.html)$1000 / Studio: Spacious and newly renovated apartment, basement level
apartment, quiet block.
Astoria / 41st St
click here for direct landlord contact info

(http://www.nofeerentalbyowner.com/2signup.html)$1099 / 2BR: Floor thru railroad style two bedroom apartment, high
ceilings, excellent condition, clean and sunny, must see.
Pet Friendly
Astoria / 20th Ave
click here for direct landlord contact info
(http://www.nofeerentalbyowner.com/2signup.html)

http://www.nofeerentalbyowner.com/nonmemberqueens/nmastoria.html (http://http//www.nofeerentalbyowner.com/nonmemberqueens/nmastoria.html)

NoyokA

June 6th, 2008, 09:37 PM

Fine you won't find a studio, one bedroom, or two bedroom in a walk-up in Manhattan at those prices. The average price of a studio in Manhattan is $2,000 a month and that's including Harlem. Please respond in averages instead of scoping the internet, I don't care if you can find a studio in Harlem or Astoria for that matter at $900 a month. That doesn't prove a point.

$1.35 to $1.55 a square foot a month for apartments in Chicago
compared to:
$2.25 to $2.50 a square foot a month for apartments in New York
does.

As does...
$1,150 average rent for a studio in the GoldCoast in Chicago
compared to:
$2,000 average rent for a studio in Manhattan (all inclusive)

Which equates

$4,000 per square foot for one of Chicago's premier building (Chicago Spire)
compared to:
$3,250 per square foot for one of New York's premier building (15 Central Park West)
It doesn't add up and has no precedent

antinimby

June 6th, 2008, 11:31 PM

I'm not against New York, but I ;am against this whole idea that all other cities must bow down to New York or have to be subservient to New York. I never hope that projects in New York don't get built, with the exception of AY just because I want my team to stay in Jersey. There is just such an elitest attitiude that some NY'ers have of other cities and themselves. I mean to say that someone won't buy in Chicago because it isn't a "world city" or that someone would OMG perfer a Chicago highrise over a New York high rise. I' am not against New York, I' am not. I just don't like what seems like jealousy over the Spire getting built or not getting built in New York thats all.

I'm really not mad or am I trying to get anybody mad, I'm just stating my opinion.JCMan, it all depends on where you are at. Go over to a mostly Chicago forum and you will get the same supposedly bias reaction from them as you are accusing the people here of. People are generally the same everywhere in that they tend to be proponents of their own people/town/city/state/country/religion/culture/sex etc.

I don't think NY'ers are any more elitist than any other place. Go to some other forum (SSP) and the Chicago forumers there are more vocal than the NY contingent, who unlike here, rarely speak out for or against other cities. So again, it all depends the environment you are in.

stache

June 7th, 2008, 12:34 AM

We need to get back to the topic of the specific building in this thread. I'm as guilty of veering off topic as anyone else.

Horace718

June 7th, 2008, 09:40 AM

Please respond in averages instead of scoping the internet,

so let me get this straight, you would prefer I speak in generalities instead of citing specific facts?

stache

June 7th, 2008, 09:47 AM

Horace please reread post #645 of this thread.

pianoman11686

June 7th, 2008, 04:10 PM

Stache, is it possible that you provide us with a different outlet to continue the "off-topic" discussion before requesting it be ended? I for one had not logged on for a few days and did not get a chance to post a reply, and I feel that doing so now would constitute a minor transgression.

stache

June 7th, 2008, 08:10 PM

How about http://74.200.90.114/forum/showthread.php?t=7900 ? Or if anyone knows the big Chicago vs. NY thread please post it for us.

Alonzo-ny

June 7th, 2008, 09:36 PM

God please no!

SolarWind

June 8th, 2008, 10:01 AM

June 5, 2008

http://img504.imageshack.us/img504/6113/dsc0046rh3.jpg

http://img264.imageshack.us/img264/6282/dsc0085copycopyrd3.jpg

http://img519.imageshack.us/img519/3843/dsc0069pt9.jpg

http://img373.imageshack.us/img373/3654/dsc0078hh0.jpg

http://img519.imageshack.us/img519/6807/dsc0083vq2.jpg

Zephyr

June 13th, 2008, 07:22 AM

http://a330.g.akamai.net/7/330/2540/20031014140212/www.reedbusiness.com/contents/logossm/constdigestcl.gif

Chicago Spire will be … the most slender super-tall building in the world, based on a base-to-height ratio approaching 1-to-10. …

The parking garage will be the deepest underground parking structure in Chicago. …

Calatrava designed each of the homes in The Chicago Spire to be unique, so no two units are alike. …

With 10-foot ceilings and windows combining vertical and trapezoidal glass panels, residences will provide breathtaking views of the lakefront, skyline, city neighborhoods, and four states (Illinois, Wisconsin, Indiana, and Michigan). …

The Chicago Spire Emerges Below Ground
Deep foundation work proceeding for world's tallest residential building

By Tom Hale - Construction Digest, 6/9/2008

The Chicago Spire, the most significant residential development in the world, is emerging on a site near the intersection of the Chicago River and Lake Michigan. Deep foundation work is proceeding on this spectacular 2,000-foot twisting tower that will dramatically change the Windy City's skyline.

http://a330.g.akamai.net/7/330/2540/20080522195806/www.acppubs.com/articles/images/CDM/20080609/CDM_06-09-08_ChicagoSpire_ground.jpg

Case Foundation Co. excavated a 104-foot-diameter
cofferdam 78 feet deep for the foundation of
The Chicago Spire, and is constructing a perimeter wall.

Designed by Spanish architect and engineer Santiago Calatrava, The Chicago Spire will be the world's tallest exclusively residential building and the tallest building in the western world upon completion in late 2011/early 2012. In addition, it will be the most slender super-tall building in the world, based on a base-to-height ratio approaching 1-to-10.

Rising 150 stories, the twisting tower will house 1,194 unique residences with the finest amenities available anywhere in the world. Each level in the seven-sided structure will rotate an average 2.44 degrees between floor plates, giving the structure its distinctive fluid appearance; the building will turn a total of 360 degrees.

Calatrava is known for his ability to create public landmarks on a grand scale, and he has used his expertise to create a building that showcases cutting-edge architecture, engineering and construction. The Chicago Spire is destined to be an iconic structure.

"Santiago Calatrava's design is an organic form that was conceived in response to the building's location and its juxtaposition with the city," says Niall Collins, project director for Shelbourne Development Group. "The shape of the building is a solution for a number of factors — to maximize the aspect of the units as they are arranged on the floor plates, and equally to address other engineering challenges like wind and deflection."

http://a330.g.akamai.net/7/330/2540/20080522195806/www.acppubs.com/articles/images/CDM/20080609/CDM_06-09-08_Chicago_Spire_render2.jpg
Rendering courtesy
Shelbourne Development Group and
Santiago Calatrava

Rising 150 stories,
the twisting tower will house
1,194 unique residences.

Calatrava is serving as lead architect/engineer for the concrete and steel structure, which will sport high-performance glass on its exterior. One of the world's most influential architects, Calatrava initially made his name building bridges throughout Europe and is known for such highly-creative designs as the Milwaukee Art Museum and the "Turning Torso" in Malmo, Sweden — the tallest building in Scandinavia. He's also responsible for the Velodrome designed and used during the 2004 Olympic Games in Athens, Greece. In 2005, he was awarded the American Institute of Architect's Gold Medal — its highest honor.

Other principal design team members involved with The Chicago Spire include Perkins+Will, architect of record; Thornton Tomasetti, structural engineer; and Cosentini Associates, mechanical/electrical engineer.

A Strong Foundation

Construction of The Chicago Spire is taking place on a 2.2-acre site bounded by Lake Shore Drive, Ogden Slip, Lake Michigan, and the Chicago River. The building will feature 1.9 million square feet of residential space, and residents will park their vehicles in a garage that reaches seven levels underneath (with six floors — 11.6 acres — of usable parking space for 1,350 cars). The parking garage will be the deepest underground parking structure in Chicago.

Additional components of the project include a 1-acre landscaped public plaza and newly constructed ramps from lower Lake Shore Drive that will give the building its own Lake Shore Drive access.

Initial work on the foundations began in July 2007 when Case Foundation Co., Roselle, Ill., began drilling the first of the 34 caissons (14 perimeter caissons and 20 rock caissons) that support the building. The caissons are being drilled 120 feet deep into the bedrock.

"The testing that was done on the rock caissons succeeded anything else that has been done in the United States, certainly in Chicago," Collins says.

Under its foundation contract, Case crews excavated a 104-foot-diameter cofferdam 78 feet deep to create a dry work environment, and began constructing a perimeter wall 3 feet wide and about 80 feet deep. "The perimeter component, the bathtub, is being formed with a combination of slurry walls and secant pile walls, and is obviously designed to keep out the water on three sides of this project," Collins says.

"Ninety-eight bell caissons are being constructed right now that will support the garage elements," he adds. The top-down construction of the plaza and garage will begin after this underground phase is completed in July.

Inside The Chicago Spire

Calatrava designed each of the homes in The Chicago Spire to be unique, so no two units are alike. The collection of residences includes a Calatrava signature unit called a Gallery. Larger in size than a suite, the Gallery features a custom-designed circular bed enclosure with sliding glass doors to provide a separate sleeping area and wood wall panels to cover sections of ceiling.

With 10-foot ceilings and windows combining vertical and trapezoidal glass panels, residences will provide breathtaking views of the lakefront, skyline, city neighborhoods, and four states (Illinois, Wisconsin, Indiana, and Michigan). Materials for the residences have been carefully chosen from a natural palette and include: wide-plank herringbone hardwood floors, elegant granite, marble and onyx stone, crafted European cabinetry, integrated American and European appliances, and European plumbing fixtures.

Lobby and amenity space will occupy the lower floors of The Chicago Spire. The 53-foot-high transparent lobby will feature Calatrava's sinusoidal motioned maple ceiling. The lobby's footprint will measure 15,220 square feet.

The Chicago Spire will also include approximately 55,000 square feet of amenity space on floors four through seven. Amenities include a recreational pool, fitness center with basketball court, climbing wall, golf simulator, cigar room, residents' library, children and teen games area, private movie screening theater, business center and conference room, and private dining rooms.

Aiming For Gold

Conceived as an environmentally sensitive project, The Chicago Spire will incorporate world-class sustainable engineering practices to meet the Gold standard of LEED (Leadership in Energy & Environmental Design) certification. These practices include: recycled rainwater for landscaping maintenance; river water for cooling; special glass to protect migratory birds; bike storage; planting and development of parkland; underground parking to reduce environmental impact and heat gain; incorporating Intelligent Building & Energy Management System to provide efficient use of resources while optimizing comfort; waste storage and recycling management; monitoring outdoor air delivery to maximize occupant comfort; and being 15 percent more efficient than current energy regulations.

"We are aiming for LEED Gold," says Collins. "Calatrava has done a lot of projects in Europe where it has become an everyday event to have a LEED-type building and to incorporate sustainable components into the design. Some of the components in The Chicago Spire are elements that are disguised behind the facade or within the guts of the building."

Among its many engineering achievements, The Chicago Spire will have the world's longest elevator run at 1,864 feet. The building will be serviced by 17 elevators (14 passenger elevators in four banks, and three freight/fire elevators).

Gearing Up For MultiYear Project

Shelbourne Development Group anticipates a large on-site workforce during the multiyear project. "We are anticipating in excess of 2,000 workers at the complete peak of activities between shell and core and the finishes," says Collins. "So, there will be a small village of people."

"And that doesn't event count the people involved in the creative process on the other side," says Kim Metcalfe, a project spokeswoman. "The intellectual capital that comes into Chicago from all corners of the globe to plan the various portions of the building to the minutia is amazing. So, not only will there be a small village building this building, but you literally have the most amazing brains working on this project from almost every country."

Approximately 50 lead consulting firms are participating in the construction of The Chicago Spire, and they are joined by hundreds of subconsultants. "It takes a massive team," Collins says.

Shelbourne Development Group, which has offices in Ireland, the United States, France, and the United Kingdom, is overseeing every element of the project. "We are very much a hands-on type developer," Collins says.

Collins, a 15-year development professional, says Shelbourne and other members of the project team are excited to be involved with the landmark building. "It is a fantastic project," he says. "For me, it is the top of my career for the moment to be involved in a project like this. It is a dream for anybody in real estate or development to have an association with The Chicago Spire. Everybody is passionate about delivering the project."

SOURCE (http://www.acppubs.com/article/CA6563565.html?industryid=48591)

BVictor1

June 17th, 2008, 04:12 PM

06/10/08
https://community.emporis.com/images/6/2008/06/624862.jpg

06/11/08
https://community.emporis.com/images/6/2008/06/624866.jpg

https://community.emporis.com/images/6/2008/06/624869.jpg

https://community.emporis.com/images/6/2008/06/624873.jpg

https://community.emporis.com/images/6/2008/06/624876.jpg

https://community.emporis.com/images/6/2008/06/624878.jpg

https://community.emporis.com/images/6/2008/06/624881.jpg

Alonzo-ny

June 17th, 2008, 05:11 PM

Pretty nice Bvic! I see they didnt take to kindly to the comments here!

Zephyr

June 17th, 2008, 06:16 PM

Self-promotion at the construction site now BVA?

We must find a way to enshrine you on this thread before it is too late ... :)

BVictor1

June 17th, 2008, 09:06 PM

Pretty nice Bvic! I see they didnt take to kindly to the comments here!

Who didn't?

Zephyr

June 28th, 2008, 03:03 AM

ArchitectureChicago PLUS
A daily blog on architecture in Chicago, with a supplement of other topics cultural and political ...

Sunday, June 22, 2008

Calatrava's Chicago Spire Completed!

posted by Lynn Becker at 9:17 AM

In another I-could-kick-myself moment, I've been reminded I've neglected to write about an amazing event, Brickworld 2008, where Lego freaks convene and exhibit their work. …

I didn't make it, but our indefatigable correspondent Bob Johnson did, and he's provided these pictures.* He also writes of meeting Lego artist extraordinaire - and Brickworld founder - Adam Reed Tucker, AIA …

http://img242.imageshack.us/img242/7294/pict0261we4.jpg http://img208.imageshack.us/img208/9348/pict0393id8.jpg http://img78.imageshack.us/img78/5286/pict0369fp3.jpg

SOURCE (http://arcchicago.blogspot.com/2008/06/calatravas-chicago-spire-completed.html)
______________________________________________

* - Actual Images used by Zephyr, were courtesy SSC / Chi649

stache

June 28th, 2008, 07:00 AM

What is the building all the way to the right, in the last photo?

Alonzo-ny

June 28th, 2008, 07:21 AM

This is highly irrelevant but I have just found out a casual acquaintance of mine, a friend of a friend really, is none other than the son of Mr. Calatrava! Im speechless!

Zephyr

June 28th, 2008, 01:46 PM

What is the building all the way to the right, in the last photo?

That Lego is of a building that was never constructed. Its name was derived from its proposed address at 7 South Dearborn.

The architect was Adrian Smith - who designed Burj Dubai (also one of the models here) and Trump Chicago. At the time of this effort, he was at SOM Chicago, and he was being asked to design the tallest building in the world.

http://www.smithgill.com/images/7sd01lg.jpg
Courtesy SOM.com / Photography: James Steinkamp Photography

BVictor1

June 28th, 2008, 02:10 PM

7 South Dearborn
Ardian Smith - SOM
NEVER BUILT
http://www.emporis.com/en/wm/bu/?id=7southdearborn-chicago-il-usa

stache

June 28th, 2008, 03:28 PM

Oh thanks, I remember that proposal now. :o

Tectonic

June 29th, 2008, 04:16 AM

Hmmm I think I like 7 South Dearborn more than the Spire.

lbjefferies

June 29th, 2008, 09:13 AM

Hmmm I think I like 7 South Dearborn more than the Spire.

If the Chicago skyline had a round hole--7 South Dearborn was its round peg. But choosing visually jarring over visual harmony isn't always a bad thing.

BVictor1

July 1st, 2008, 12:40 PM

Our next edition of 'Spire Watch' put out by Chicago Line Cruises.

http://img240.imageshack.us/img240/1492/sw1af2.jpg

http://img240.imageshack.us/img240/3359/sw2ib8.jpg

http://img395.imageshack.us/img395/4447/sw3ka2.jpg

http://img240.imageshack.us/img240/2491/sw4sf8.jpg

SolarWind

July 19th, 2008, 08:15 AM

July 11, 2008

http://farm4.static.flickr.com/3002/2660574740_25bc8731af.jpg

http://farm4.static.flickr.com/3180/2665544157_87a3b6a771.jpg

http://img77.imageshack.us/img77/9066/dsc0119fu3.jpg

BVictor1

July 29th, 2008, 04:56 PM

A few recent shots

https://community.emporis.com/images/6/2008/07/636217.jpg

https://community.emporis.com/images/6/2008/07/636219.jpg

https://community.emporis.com/images/6/2008/07/636223.jpg

https://community.emporis.com/images/6/2008/07/636232.jpg

SolarWind

August 2nd, 2008, 08:11 PM

August 1, 2008

http://img60.imageshack.us/img60/159/dsc0051uw3.jpg

joe25

August 3rd, 2008, 12:31 AM

Being born and raised in Chicago I can defenetly say I love this city. The spire will be something that will show that our city can endure and surpass, for me at least it is a symbol of going above and beyond. Don't worry I love NY too. I cant wait to see what the next 30 years will bring upon these 2 magnificent cities.

BVictor1

August 5th, 2008, 07:36 PM

A bit of info...

Victor – just an update. The last of the super caisson cofferdams are being done and now it’s time for the main work on the core cofferdam. Over the next few weeks they will be digging deeper to install a 7th whaler ring in the core.

Next steps in construction are utilities. We have sewer, water, fire hydrants lines, electrical, phone – etc.. The entire building is Cat 6 wiring, which doesn’t even exist in that location yet. Additionally, there’s a ton of old stuff down there that needs to come up – everything from tunnels to old freight lines.
As to the question of why things are re-buried after construction – the space is very small and in order for equipment to be able to move around freely things below ground that are not immediately needed are reburied until needed again.
All of the garage caissons are done. You can see one in your picture that’s not completely buried, but capped above ground that’s being used for ventilation purposes.

The article from 2007 that you asked about – have no idea where that came from. It wasn’t something we were responsible for. Either way, it’s old and wrong. However, good news on the financing front is coming.

pianoman11686

September 26th, 2008, 10:21 PM

Last update was almost two months ago, and for good reason. This project is in serious trouble:

And questions now surround the fate of another major project—the Chicago Spire. The project's architect, Santiago Calatrava, said Wednesday that he has had little contact recently with Garrett Kelleher, executive chairman of Shelbourne Development Group Inc.

"As you can see, the site is quiet," Calatrava said. "We are all waiting."

Kim Metcalfe, a spokeswoman for the project at 400 N. Lake Shore Drive, said more than 30 percent of the units were pre-sold but Shelbourne was "trying to figure out the next phase" and is in a "slowing-down phase."

http://www.chicagotribune.com/business/chi-thu-real-estate-tremors-sep25,0,793766.story

Tectonic

September 27th, 2008, 11:17 PM

Oh Oh

Alonzo-ny

September 28th, 2008, 01:27 PM

Financing on this must now be all but impossible.

BVictor1

September 28th, 2008, 02:20 PM

Financing on this must now be all but impossible.

only if your trying to get a loan from WaMu or Lehman Bros.

Alonzo-ny

September 28th, 2008, 04:22 PM

Are you paying attention to the financial climate at all?

pianoman11686

September 28th, 2008, 06:39 PM

only if your trying to get a loan from WaMu or Lehman Bros.

You must be joking.

spyguy999

September 30th, 2008, 05:00 PM

http://www.chicagobusiness.com/cgi-bin/news.pl?id=31214

Chicago Spire penthouse sold to Beanie Babies’ Warner
By: Eddie Baeb (ebaeb@crain.com) Sept. 30, 2008

The penthouse unit of the Chicago Spire, which was listed at a staggering $40 million, has been sold to Beanie Babies magnate Ty Warner.

A spokeswoman for Spire developer Shelbourne Development Group Inc. says Mr. Warner, president and CEO of Westmont-based Ty Inc., signed a contract Monday for the 10,293-square-foot unit on the 141st and 142nd floors of the twisting tower that’s to be built at 400 N. Lake Shore Drive. She declined to disclose the sale price.

A message left this morning for Mr. Warner’s assistant wasn’t immediately returned.

Forbes magazine ranks Mr. Warner as the 84th-wealthiest person in America, with an estimated net worth of $4.4 billion, thanks to the success of Ty as well as some investments in commercial real estate.

Alonzo-ny

September 30th, 2008, 05:20 PM

All moot til we hear about the towers financing.

pianoman11686

October 2nd, 2008, 01:50 AM

About financing: I remember Anglo-Irish bank being mentioned as the main lender for this project. It's worth noting that, on Monday, its shares plunged 45% as investors feared a run on the bank. That prompted a blanket guarantee from the Irish government on all bank deposits among the 6 largest banks, including Anglo-Irish.

http://www.ft.com/cms/s/0/fa245de0-8e4e-11dd-9b46-0000779fd18c.html

Tectonic

October 5th, 2008, 08:10 AM

Most Americans don't understand how serious this financial problem is. Maybe because they're still getting a check.

stache

October 5th, 2008, 08:28 AM

My Mom told me it was the same way in '29. It wasn't until '30/'31 that most people realized how bad things were.

Antares41

October 17th, 2008, 07:53 PM

I heard Calatrava making noise about not being paid. Seems like the light is growing dim on this one. Too bad, it would have been interesting to watch it rise.

NYC4Life

October 17th, 2008, 08:44 PM

Official Article:

Crain's Chicago Business

Calatrava stops work on Spire, files lien

By: Eddie Baeb (ebaeb@crain.com) Oct. 17, 2008

(Crain’s) — Renowned Spanish architect Santiago Calatrava has stopped working on the Chicago Spire, claiming the developer hasn’t paid $11.34 million he’s owed for his work on the planned 2,000-foot twisting tower.

The lien against Dublin, Ireland-based Shelbourne Development Ltd., along with another by architecture firm Perkins & Will Inc. for $4.85 million, is the latest sign that the planned 150-story tower is struggling to get out of the ground.

A venture affiliated with Mr. Calatrava filed a lien Oct. 8 with the Cook County Recorder, saying it suspended work on the Spire July 16 because of non-payment.

Chicago-based Perkins & Will also filed a lien Oct. 8 against Shelbourne and Mr. Calatrava’s venture, Festina Lente (IL) Ltd., saying the company is owed $4.85 million for its work on the project as architect of record. Perkins & Will in the lien says its last date of work was June 16.

A Shelbourne spokeswoman says the developer plans to dispute the liens, and that there are questions about whether the $11.3 million claimed by Mr. Calatrava is a “proper amount.” She says Shelbourne Executive Chairman Garrett Kelleher was out of the country and unavailable for comment.

“The amount will be disputed,” the spokeswoman says. “These liens, both of them, are sort of the normal course of business for these companies to protect themselves. That’s fully in their right to do that, and we will work to resolve them.”

A lien is a claim against a property used to secure an unpaid bill. Liens aren't always a sign of trouble, as they can result from contract disputes, but they can be red flags indicating that a developer is having trouble paying its bills.

Shelbourne last month said the worldwide economic downturn has prompted the firm to postpone construction of the Spire’s above-ground structure at 400 N. Lake Shore Drive. Underground utility work continues at the site, the spokeswoman says, where the foundation has been built.

Calls to Mr. Calatrava and his lawyer in the matter weren’t returned.

Perkins & Will’s attorney declines to comment, and managing director Raymond Clark didn’t respond to messages.

Last month, Shelbourne increased the amount of its loan on the site with Anglo Irish Bank Corp. Shelbourne borrowed an additional $15 million, according to property records, bringing the loan’s principal amount up to $69.5 million from the $54.5 million first borrowed in July 2006.

The spokeswoman would say only that the additional $15 million will be used for project costs, but not to pay the architects.

Shelbourne has not yet obtained a construction loan for the building, which would be the tallest structure in North America and has been projected to cost as much as $2 billion.

At the end of the third quarter, 395 of the Spire’s planned 1,194 condominiums were under contract with buyers. That’s up sharply from three months earlier, when 171 were under contract, according to data from Schaumburg-based consulting firm Tracy Cross & Associates Inc.

“We are doing very well,” says a spokeswoman, who confirms Tracy Cross’ figures. “We will come out on the other end of this.”

Copyright © 2008 Crain Communications, Inc.

lbjefferies

October 19th, 2008, 04:12 AM

So should I stop checking my mailbox for the next issue of Spire Watch?

stache

October 19th, 2008, 05:38 AM

Well it was a great idea.

lbjefferies

October 19th, 2008, 03:45 PM

^^^

It was a great idea to spend tens of millions of dollars for a massive hole in the ground?

NYC4Life

October 19th, 2008, 05:55 PM

So should I stop checking my mailbox for the next issue of Spire Watch?

Maybe until the markets settle and the economy stabilizes.

stache

October 19th, 2008, 09:59 PM

lb, the idea of the building was the great idea. ;)

BenM

October 20th, 2008, 10:07 PM

Is it common for developers to take out loans for site prep/foundation work etc. and begin work prior to receiving financing for the entire building?

lofter1

October 20th, 2008, 11:12 PM

It seems to be so in NYC -- at least from the look of more than a few sites around town (where work has now stopped following the completion of the foundation).

stache

October 21st, 2008, 06:03 AM

195Broadway

October 25th, 2008, 04:25 AM

Chicago Expire?

BenM

October 26th, 2008, 07:37 PM

I can tell you how it worked for my Dad with houses. When he got a loan from the bank to build a house, it was given to him in stages. He had to get specific things done by a certain time, there would be an inspection to make sure it was done, then he would get the next installment.I can understand doing it that way, full financing contingent on hitting certain benchmarks, but this part in the Crain's article puzzles me

Shelbourne has not yet obtained a construction loan for the building, which would be the tallest structure in North America and has been projected to cost as much as $2 billion.It just seems . . . strange that Anglo Irish Bank would issue the first loans without knowing where the additional 2 billion was coming from.

antinimby

October 26th, 2008, 08:25 PM

Chicago Expire?LOL. That sounds like something the NY Post/Daily News would come up with for a headline. Good one.

195Broadway

October 27th, 2008, 05:15 AM

Thanks. I'm glad I could brighten your day a little. :)

Daquan13

November 6th, 2008, 06:51 PM

Looks like the Freedom Tower will be America's tallest building for a while, anyway!

theWatusi

December 18th, 2008, 08:30 PM

Yes, that's true. :p

Alonzo-ny

February 14th, 2009, 08:15 PM

Going nowhere.

http://lh4.ggpht.com/_8TC_VUmf9Fw/SZbPa2DyE1I/AAAAAAABGKQ/CxVGHvUTnd4/s800/P1250184_2_3.jpg

195Broadway

February 14th, 2009, 11:08 PM

Sad. Depressing........ sigh... :(

That pit seems emblematic of our times.

Shadly

February 20th, 2009, 05:32 PM

Clarknt67

February 24th, 2009, 06:44 PM

Big bummer. I was looking forward to this one.

Alonzo-ny

February 24th, 2009, 06:54 PM

If Chicago gets the Olympics maybe this one might come back.

BVictor1

March 10th, 2009, 01:14 PM

This pit should be landmarked and preserved as it is. A reminder (and embarrassment) to the kind of practices in development and finance that has led the current state we are in.

"The National Monument for Reckless Fat Cat's and Their Irresponsible Financing and Development"... ...or NAMBLA for short.

There's already a group called NAMBLA and I don't think you'd want "your"organization affiliated with that one.

The state of this project doesn't have too much to do with "the kind of practices in development and finance that has led the current state we are in". Get your facts straight. This wasn't bad mortgages or loans or shady practices. To be honest, the mojority of the current work was financed by the developer himself. Work was halted because of the credit freeze. Even Hines Development which is quite reputable, has had problems getting financing for an office tower here that's over 60% leased.

BVictor1

March 10th, 2009, 01:16 PM

I can understand doing it that way, full financing contingent on hitting certain benchmarks, but this part in the Crain's article puzzles me

It just seems . . . strange that Anglo Irish Bank would issue the first loans without knowing where the additional 2 billion was coming from.

The majority of those loans were given to help finance the purchase of the land not construction.

Shadly

March 11th, 2009, 11:26 AM

There's already a group called NAMBLA and I don't think you'd want "your"organization affiliated with that one.

The state of this project doesn't have too much to do with "the kind of practices in development and finance that has led the current state we are in". Get your facts straight. This wasn't bad mortgages or loans or shady practices. To be honest, the mojority of the current work was financed by the developer himself. Work was halted because of the credit freeze. Even Hines Development which is quite reputable, has had problems getting financing for an office tower here that's over 60% leased.

Still, they spent a whole bunch of money on prepping the site, and building the foundation, yet they had no idea where the money to complete the thing was coming from. They didn't have their ducks in a row so to speak. I don't know what the circumstances for this site, as far as what it was used for before this, but now it's used for nothing. If there was a functional structure there before hand, it's loss is evident. That attitude, "Don't worry about the money, it will be there, there's always another loan on the horizon" is the cause of our current financial situation.

All this other stuff about sub-prime mortgages, etc. are merely accomplices.

It's the economic culture, stupid.

BVictor1

March 12th, 2009, 07:46 PM

Still, they spent a whole bunch of money on prepping the site, and building the foundation, yet they had no idea where the money to complete the thing was coming from. They didn't have their ducks in a row so to speak. I don't know what the circumstances for this site, as far as what it was used for before this, but now it's used for nothing. If there was a functional structure there before hand, it's loss is evident. That attitude, "Don't worry about the money, it will be there, there's always another loan on the horizon" is the cause of our current financial situation.

All this other stuff about sub-prime mortgages, etc. are merely accomplices.

It's the economic culture, stupid.

Sure they knew where the money was going to be coming from, THE BANKS. But you remember that crisis when the shit hit the fan and the banks stopped lending?

The site had been a weed infested lot for years. Cirque du Soleil performed/practiced on the site about a decade ago.

There was a factory on the site 60 years ago.

Shadly

March 13th, 2009, 11:50 AM

Are you saying their loans were all approved and signed for? Did they have the money in the bank? All the t's crossed and i's dotted?

BVictor1

March 27th, 2009, 12:09 PM

Are you saying their loans were all approved and signed for? Did they have the money in the bank? All the t's crossed and i's dotted?

I don't think I ever said that...

http://www.chicagotribune.com/business/chi-biz-afl-cio-chicago-spire-march23,0,7040270.story

AFL-CIO could help fund Spire construction

By Mary Ellen Podmolik | Tribune staff reporter 5:29 PM CDT, March 23, 2009 A deep-pocketed AFL-CIO pension fund is meeting with Chicago Spire developer Shelbourne Development Group Tuesday in Chicago to advance discussions that could have the pension fund help pay for construction of the stalled skyscraper.

Discussions between the AFL-CIO Investment Trusts and Irish developer Garrett Kelleher began in January but the talks are in the "embryonic stage," said Tom Villanova, president of the Chicago and Cook County Building Trades Council, which represents 24 trades locally.

"The main thing is jobs," Villanova said. " We can use our own funds to benefit members. The Spire is going to be five years of construction, which is just phenomenal for us. It's thousands of jobs."

An investment by the pension fund would make the project a 100 percent union job. "Obviously, the idea of pulling the unions together and making this a 'Made in America' project is very positive," said Spire spokesman Kim Metcalfe, who confirmed discussions with the union.

"We're exploring all of the financial options with the economy as challenging as it is, but clearly this is long-term," Metcalfe said. "We're working toward the success of the building. We continue to actively market the building. Clearly, the construction of the building is on pause but nothing else about the building has stopped."

The Spire remains a 76-feet deep by 110-feet wide hole in the ground at 400 N. Lake Shore Drive, a worldwide symbol of the recession and shut-down credit markets. It has had numerous mechanics liens filed against it as consultants and contractors involved in the initial work sought payment for their services. Architect Santiago Calatrava, who designed the twisting building, filed liens against the project in October for more than $11 million.

The union has three investment trusts, including the Building Investment Trust, a pooled real estate fund with more than $2.5 billion in assets as of Dec. 31. It was created in 1988 to provide competitive risk-adjusted returns for its participants as well as a way to create jobs at commercial real estate projects for its members.

The Chicago market has proved to be the biggest beneficiary of the fund, with more than $1 billion invested in local projects, including senior and affordable housing and Trump International Hotel & Tower, Villanova said.

The trust, Villanova added, also is interested in investing in the construction of an Olympic Village, should Chicago win the 2016 games.

mepodmolik@tribune.com