Does the Chicago Spire have a chance in hell of ever being completed? (Kell: live, delivery)

[Avengerfire]

^Below is the link for this info^

Chicago Spire developer in talks with AFL-CIO for funding - Chicago Tribune

[dementor]

Originally Posted by sukwoo

Most of the supertalls are being built for ego-boosting purposes rather than true economic necessity. America has long outgrown the need for ego boosting via supertall construction. When we're in need of ego-boosting, we invade other countries instead.

That's sad but true.

[Lookout Kid]

Originally Posted by surlycue

Some of the workers unions (construction/plumbing, etc) are in talks to put their money behind it to get it started again and keep them employed through 2011 but it would literally be their money, as in 401K or equivalent so if I were them I would want some serious guarantees of return compensation before throwing my future away on a pipe dream.

That sounds like a really bad idea to me. I wouldn't want to bet the farm on getting $1200/square foot in Chicago--and that's what the developer's profits depended on. When Trump was in the feasibility study stage, people were going crazy over $900/square foot--and that's a much better location as far as I'm concerned.

[Tenzo]

If it is completed, I would buy a two bedroom.

Just saying

[ERS-One]

Originally Posted by Carantini

no one wants that giant penis shaped thing

Wrong

[chet everett]

Originally Posted by Lookout Kid

That sounds like a really bad idea to me. I wouldn't want to bet the farm on getting $1200/square foot in Chicago--and that's what the developer's profits depended on. When Trump was in the feasibility study stage, people were going crazy over $900/square foot--and that's a much better location as far as I'm concerned.

I have to admit that it is ONE HELLA GOOD looking building and the site is perfect to have something like this. You don't go to an art museum to see a masterpiece right up against a lavatory sign. Calatrava is gifted, and Gelleher has the brains and money to see this thing through almost anything. Shelbourne Development: Our People Past Projects - The Chicago Spire.

You don't get to the position of either of these guys by burning through cash. They have done a lot of the stuff that lenders and buyers will need to move forward, Construction News - The Chicago Spire.

I think that a five year time line is not unreasonable at all for project like this.

Trump has a whole different kind of model of how he wanted to finance his place on the former SunTimes site, and I think he is less able to weather the more fickle part of the market that he targets, but I agree it is in some ways easier to pull off / different kind of site. Better is relative...

[Lookout Kid]

Originally Posted by chet everett

They have done a lot of the stuff that lenders and buyers will need to move forward, Construction News - The Chicago Spire.

I think that a five year time line is not unreasonable at all for project like this.

For now this project is dead. Both architects (Calatrava and Perkins & Will) have filed liens against the developer, and I've heard from insiders that no further development of drawings is happening. I'd be shocked to see this one come back to life in it's present form. But that doesn't mean I wouldn't love to see it happen!

[chet everett]

LK:

I think you know that is not uncommon for architecture firms and their clients to dispute who is supposed to get paid when and for what. No doubt Kelleher stopped writing checks when the banks took away his pen. If can get a new source of funding from the pension funds (who have a tradition of being equity partners on some kinds of large long term projects) do you really think that the P+W and Calatrava would not start-up the drawings servers?

This is thing is a lot 'fresher' than Block 37 and a lot less troubled than other MUCH simpler high rises not far from the site. The "fat lady" is not even warmed up on this...

[Lookout Kid]

Originally Posted by chet everett

LK:

I think you know that is not uncommon for architecture firms and their clients to dispute who is supposed to get paid when and for what. No doubt Kelleher stopped writing checks when the banks took away his pen. If can get a new source of funding from the pension funds (who have a tradition of being equity partners on some kinds of large long term projects) do you really think that the P+W and Calatrava would not start-up the drawings servers?

This is thing is a lot 'fresher' than Block 37 and a lot less troubled than other MUCH simpler high rises not far from the site. The "fat lady" is not even warmed up on this...

I don't see the market for that coming back any time soon. I have a feeling that whatever gets built there will be scaled back a bit. But of course, I don't have a crystal ball! I'm just skeptical.

[surlycue]

Your quarterly Spire update: Will the Irish government take on the Spire's loan? » Blog Archive » YoChicago

This is a current "update" (since it really doesn't include much new information) on the fate of the Spire.