Page 4 of 6 FirstFirst 123456 LastLast
Results 46 to 60 of 85

Thread: The Shard of Glass - Renzo Piano's London Bridge Tower

  1. #46

    Default

    ^^ This article was actually proven false by the developer, the tower is still going ahead as the current 100m tower on the site is being demolished as we speak.

  2. #47

    Default

    Did the developer issue a statement disproving the article, or is that conclusion simply a result of the demolition continuing? I would think that the funds required for the demolition are fairly minor compared to what would be required for full blown construction.

  3. #48

    Default

    A statement was realeased from the developers within 24 hours of the story being distributed.

    It has now been claimed though that they will likely require another tennant before December to secure funding, or this will be shelved. With Mr Hallabi still on board, securing funding and a tenant will be even more difficult.

    Keep you fingers crossed people. We're gonna need it.

  4. #49

    Default

    Quote Originally Posted by newcastle kid View Post
    A statement was realeased from the developers within 24 hours of the story being distributed.

    It has now been claimed though that they will likely require another tennant before December to secure funding, or this will be shelved. With Mr Hallabi still on board, securing funding and a tenant will be even more difficult.

    Keep you fingers crossed people. We're gonna need it.
    As i was passing this building on my way to work last week (i'm on holiday this week and haven't been near), there were a number of lorries being filled with office desks - the building is in the process of being evacuated. That and the red crane next door suggests that demolition will go ahead as planned in the very near future. I remain optimistic that all is well.

  5. #50

    Default

    Ooh, you guys are a bit behind at the mo.

    The Shard is now 'on ice', as it were. The events of the last few days have been a roller coaster.

    First, we had the article posted above, which was disputed by the developers. Then the talk got worse. It was said that if the project isn't funded by December, it isn't going to start construction at all. The stories, saying it is in trouble, have persisted. Then, we got news that Transport For London, The Shard's primary tennant, is drawing up contingency plans, and looking at other developments, 'just in case'. We continuosly heard that the developers were in 'advanced talks' for funding, but they were not getting much further, due mostly to Mr. Halabi, who is seriously putting off investors.

    Yesterday, we recieved great news: Halabi has been approached by a middle eastern investor with 'very deep pockets' who wishes to buy his stake. The banks who are behind the project gave him 10 days to sell up. The mayor, Ken Livingstone, has come out re-iterating his support of The Shard, and saying TfL will still be moving in. Today, the new middle eastern investor hoping to buy Mr. Halabi's share: The Qatari government. Very deep pockets indeed lol. It has also been confirmed that Credit Suisse has been in talks to provide debt to the consortium, but 'wants to see the outcome of Mr Halabi's stake resolved'. So, if he does sell, it looks like The Shard will have it's funding. Candy & Candy (who recently developed the most expensive apartments in the world down in London) are tipped as the providers of the luxury flats, of which there will be atleast 14.

    It's in Halabi's hands now. If he sells, this can go ahead. If he doesn't, he will continue to put people off investing. We should know by the end of next week wether this will be built or not.

    Wether The Shard is taken 'off ice' lol and resumes demolition will be decided soon.

    It's like a bloody soap opera lol.

  6. #51

    Default

    ^ Cliffhanger.

    Why does this kind of thing happen to the nicest buildings?

    In New York, it's the one by Calatrava and Sciame. Plus Atlantic Yards seems to be barely limping along.

    And in Boston, it's Columbus Center, a really fine project that would heal a deep wound in the urban fabric.

    All stalled or sputtering.

  7. #52

    Default

    Quote Originally Posted by ablarc View Post
    ^ Cliffhanger.

    Why does this kind of thing happen to the nicest buildings?
    Yep, exactly. This will be the pride and joy of modern London. Atleast now it looks like it has a good chance of going ahead, asked me this past Sunday what it's chances were and I would have said slim.

    Well, it looks like Halabi will be selling up. If he doesn't, to put it in the words of Gothicform from SSC, "he's f@cked". His empire is apparently in a right state, he needs the money.

    Unless he plans on delaying The Shard just to be petty. Wouldn't put it past him to be honest... If he does, I will hunt him down and give him a serious smacking. And I'm only 17! Imagine what the older guys who have been following this for years will do lol...

  8. #53

    Default

    From skyscrapernews.com;

    http://www.skyscrapernews.com/news.php?ref=1110


    Qataris Eye Up Shard Development Partnership

    The swirling tale of high finance that has cast its shadow over London Bridge Tower could soon be resolved.

    Thanks to the current troubles on the financial markets, financial institutions have become much more wary about loaning money presenting Teighmore, the consortium behind the Shard with a dilemma of what to do. Whilst they have enough money to demolish the current building on the site, they don't have the cash to actually build the Shard.

    At the heart of their problems is one of the partners, the Halabi Family Trust which has racked up huge losses on recent investments whilst at the same time arguing with the other two partners, Sellar Properties and CLS over the management fees they should be paid by the consortium.

    The breakdown in relationships combined with the financial problems that the Halabi Family Trust is now experiencing has seen financing on the scheme dry up as confidence of the debt markets falls despite the negotiations having got to an advanced stage with Credit Suisse before being overtaken by events.

    It seems now that the Halabis will be moved to one side with their share bought out and a new partner brought in who the markets trust better and can provide some development capital meaning that although the project is economical and fundable one third of the triumvirate of developers failed to pass the standards the markets look for.

    The Halabis are stuck between a rock and a hard place with the banks having given them only ten days to sell their stake in the Shard before they move in like circling vultures leaving the Halabis with little choice but to do what the banks have requested or stare into a financial abyss.

    Stepping into the breach is the Qatar Investment Authority who are supported by the other two partners. It is a vehicle run by the Qatari government that works as a venture capital fund investing money in companies around the world it believes can provide a good return.

    They weren't alone in expressing interest in the scheme, the American financial institution Pramerica had also expressed an interest but were outbid by their Arab rivals.

    In another move, Candy and Candy are set to sign up to deal with the residential aspects of the development that will see them add their touch of luxury to the apartments. Candy and Candy have already teamed up with Qatar in the past with their under construction 1 Knightsbridge that had an apartment sold for a record 100 million.

    What is likely to happen now is the Halabi Family Trust will sell their third of the scheme, the Qataris will replace them and Credit Suisse will be providing the financing that will allow the construction of London's first supertall.

  9. #54

  10. #55

    Default

    Thanks for that post Meerkat.

    I was traveling back to Toronto this last week, and essentially lost touch with where this project was drifting. The Comcast building in Philadelphia reminded me of The Shard of Glass as I motored out of NYC, but this one is on my short list, along with Chicago Spire and a handful of others, that need to be built from a world perspective.

    Indeed that future London skyline would now be incomplete without it.

  11. #56

    Default

    ^ Very true Zeph.

    Scaffolding slowly creeping up the exterior of the building the shard will replace. Picture courtesy of skyscrapercity. Things are definately happening at last. http://www.skyscrapercity.com/showth...07549&page=109


  12. #57

    Default

    ^ Wait a minute! Is that where Renzo got his inspiration for the New York Times Building?

  13. #58

    Default

    ^ I've just looked the New York Times building up on the internet, and you're right - a striking similarity!!

  14. #59

    Default

    A major announcement is expected this coming week - should be final confirmation of the funding.

  15. #60

    Default

    ^
    I haven't heard anything yet, when are they expected to make this announcement?

Page 4 of 6 FirstFirst 123456 LastLast

Similar Threads

  1. Queensboro (59th Street) Bridge
    By Edward in forum New York City Guide For Visitors
    Replies: 27
    Last Post: March 10th, 2015, 05:10 AM
  2. Manhattan Bridge
    By Edward in forum New York City Guide For Visitors
    Replies: 61
    Last Post: April 28th, 2014, 08:35 AM
  3. Triborough Bridge
    By Edward in forum New York City Guide For Visitors
    Replies: 19
    Last Post: August 22nd, 2011, 10:35 PM
  4. Replies: 7
    Last Post: April 26th, 2011, 04:09 AM
  5. The gantry of the float bridge of New York Central Railroad
    By Edward in forum New York City Guide For Visitors
    Replies: 19
    Last Post: March 21st, 2011, 04:16 PM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software