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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Jul 21, 2013 8:37 am 
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Billionaire tried to pay top dollar for Chicago Spire - Roisin Burke -> http://www.independent.ie/business/worl ... 36075.html

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Irish property magnate Andy Ruhan has claimed that his company was prepared to offer €69m for the Chicago Spire loan which would have repaid the loan in full and was €42m more than the final sale price.

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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Sep 15, 2013 10:36 am 
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http://www.businessweek.com/articles/2013-09-12/the-chicago-spire-a-93-million-hole-in-the-ground?campaign_id=otbrn.bw.anniv

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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Fri Feb 07, 2014 10:34 pm 
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Chicago Spire developer gets funding, wants to resume project - -> http://www.chicagotribune.com/business/ ... 6095.story


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed Apr 30, 2014 2:41 pm 
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Bloomberg News @BloombergNews
“The skyscraper was born in this city." A builder's quest to tower over Chicago:

http://bloom.bg/1iCuNbJ
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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Aug 12, 2014 10:19 pm 
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NAMA takes businessman to court over €46.8m debt - Tim Healy -> http://www.independent.ie/irish-news/co ... 52257.html

Quote:
NAMA is pursuing a businessman for around €46.8m relating mainly to a limited guarantee on substantial loans made by the former Anglo Irish Bank for developments in Ireland, the US and Belgium.
The State agency claims that Garrett Kelleher is liable for €6.8m in loans, along with some €40m in guarantees relating to some €350m which is outstanding under loans for the developments.
Mr Kelleher will contend that he was assured he would not be pursued under his guarantee given his "extensive co-operation" with NAMA, his counsel Michael Cush SC told the Commercial Court.

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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sat Nov 01, 2014 3:17 pm 
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Going...
The Saga of the Chicago Spire Quickly Approaching Its End
http://chicago.curbed.com/archives/2014 ... ts-end.php

Going...
Say goodbye to the Chicago Spire?
http://www.chicagotribune.com/business/ ... story.html

GONE!
Kelleher's Chicago dream over as backers fail to pay
http://www.independent.ie/business/comm ... 08688.html


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Mon Nov 03, 2014 1:04 pm 
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What Goes Up... wrote:
Going...
The Saga of the Chicago Spire Quickly Approaching Its End
http://chicago.curbed.com/archives/2014 ... ts-end.php

Going...
Say goodbye to the Chicago Spire?
http://www.chicagotribune.com/business/ ... story.html

GONE!
Kelleher's Chicago dream over as backers fail to pay
http://www.independent.ie/business/comm ... 08688.html



It's almost like a divorce, where one party wants to stay together, whilst the other keeps saying 'time to move on'.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Apr 14, 2015 6:53 pm 
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http://gizmodo.com/no-one-knows-what-to ... hBeckmann#

Quote:
This was the spot where, as the real estate bubble peaked in 2007, a developer planned a 2,000 foot supertall skyscraper called the Spire. Envisioned as the tallest building in the US and the second tallest in the world, it would have cost at least $1 billion to build the twisting tower, designed by architect Santiago Calatrava of One World Trade Transit Hub fame . But the financial crisis that struck down so many other heady, mid-2000s towers came for the Spire, too.

And now that the financial chaos surrounding it has nearly been put to rest, a big question is confronting its owners: What should be done with it? While its future remains unclear, at least one local publication—Chicago Magazine—has already asked local architects for their ideas.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Apr 14, 2015 7:14 pm 
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Anyone know how long these things take to build ?

Although there has been tens (hundreds ?) of millions lost on it, the hit would have been much harder had the building been near completion when the crisis occured.

On a number of different measures, a hole in the ground is probably preferable to a half-completed and vacant skyscraper.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Apr 14, 2015 10:09 pm 
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Posts: 4081
Location: California
mr_anderson wrote:
Anyone know how long these things take to build ?

Although there has been tens (hundreds ?) of millions lost on it, the hit would have been much harder had the building been near completion when the crisis occured.

On a number of different measures, a hole in the ground is probably preferable to a half-completed and vacant skyscraper.


Particularly one that looks like a huge spliff, or a sex toy.


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