Page 46 of 49 FirstFirst ... 364243444546474849 LastLast
Results 676 to 690 of 721

Thread: New Calatrava-designed Tower in Chicago to surpass Sears Tower

  1. #676
    The Dude Abides
    Join Date
    Jan 2005
    Location
    NYC - Financial District
    Posts
    4,418

    Default

    Quote Originally Posted by BVictor1 View Post
    only if your trying to get a loan from WaMu or Lehman Bros.
    You must be joking.

  2. #677

    Default It's not all bad news

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

    Chicago Spire penthouse sold to Beanie Babies’ Warner
    By: Eddie Baeb 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.

  3. #678

    Default

    All moot til we hear about the towers financing.

  4. #679
    The Dude Abides
    Join Date
    Jan 2005
    Location
    NYC - Financial District
    Posts
    4,418

    Default

    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/fa245de0-8...0779fd18c.html

  5. #680
    Forum Veteran Tectonic's Avatar
    Join Date
    May 2007
    Location
    New York City
    Posts
    3,673

    Default

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

  6. #681
    Crabby airline hostess - stache's Avatar
    Join Date
    Jun 2004
    Location
    Nairobi Hilton
    Posts
    8,511

    Default

    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.

  7. #682

    Default

    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.

  8. #683

    Default

    Official Article:

    Crain's Chicago Business

    Calatrava stops work on Spire, files lien

    By: Eddie Baeb 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.
    Last edited by NYC4Life; October 17th, 2008 at 07:49 PM.

  9. #684
    Senior Member
    Join Date
    Jun 2006
    Location
    New York City
    Posts
    335

    Default

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

  10. #685
    Crabby airline hostess - stache's Avatar
    Join Date
    Jun 2004
    Location
    Nairobi Hilton
    Posts
    8,511

    Default

    Well it was a great idea.

  11. #686
    Senior Member
    Join Date
    Jun 2006
    Location
    New York City
    Posts
    335

    Default

    ^^^

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

  12. #687

    Default

    Quote Originally Posted by lbjefferies View Post
    So should I stop checking my mailbox for the next issue of Spire Watch?
    Maybe until the markets settle and the economy stabilizes.

  13. #688
    Crabby airline hostess - stache's Avatar
    Join Date
    Jun 2004
    Location
    Nairobi Hilton
    Posts
    8,511

    Default

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

  14. #689

    Default

    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?

  15. #690
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    Location
    NYC - Downtown
    Posts
    32,654

    Default

    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).

Similar Threads

  1. Replies: 7
    Last Post: April 26th, 2011, 04:09 AM
  2. New 51-story tower Downtown
    By NYguy in forum New York Real Estate
    Replies: 41
    Last Post: January 17th, 2006, 09:20 PM
  3. Renderings CIBC Tower
    By NoyokA in forum New York Real Estate
    Replies: 12
    Last Post: July 19th, 2003, 07:17 PM
  4. 3 Buildings From 1830's Threatened By a Tower - Downtown
    By Kris in forum New York Real Estate
    Replies: 6
    Last Post: March 29th, 2003, 11:08 AM
  5. A Home Depot in the Bloomberg Tower?
    By NYguy in forum New York Real Estate
    Replies: 7
    Last Post: March 15th, 2003, 03:16 AM

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