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

  1. #691
    Crabby airline hostess - stache's Avatar
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    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.

  2. #692

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    Chicago Expire?

  3. #693

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    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.
    Last edited by BenM; October 26th, 2008 at 06:42 PM.

  4. #694
    Build the Tower Verre antinimby's Avatar
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    Quote Originally Posted by 195Broadway View Post
    Chicago Expire?
    LOL. That sounds like something the NY Post/Daily News would come up with for a headline. Good one.

  5. #695

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

  6. #696
    Forum Veteran Daquan13's Avatar
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    Looks like the Freedom Tower will be America's tallest building for a while, anyway!

  7. #697

  8. #698

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    Going nowhere.


  9. #699

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    Sad. Depressing........ sigh...

    That pit seems emblematic of our times.

  10. #700

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    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.

  11. #701

    Unhappy

    Big bummer. I was looking forward to this one.

  12. #702

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

  13. #703

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    Quote Originally Posted by Shadly View Post
    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.

  14. #704

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    Quote Originally Posted by BenM View Post
    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.

  15. #705

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    Quote Originally Posted by BVictor1 View Post
    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.

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