Monday, February 10, 2014

Chicago Spire to Return?

  • The Irish developer behind the Chicago Spire said it has found an investor to pay its creditors, allowing it to emerge from bankruptcy and possibly restart work on the long-stalled residential project.

    In papers filed with U.S. Bankruptcy Court Thursday, Shelbourne North Water Street LP, the firm headed by Irish developer Garrett Kelleher, is seeking court approval to move forward with an investment of up to $135 million from Atlas Apartment Holdings LLC, a Northbrook-based apartment development and management company.

    While Shelbourne said the amount would enable it to pay bona fide bankruptcy claims in full, there is no detail in the court documents about the additional funds that would be needed to construct the twisting, 2,000-foot tower designed by Santiago Calatrava that was to be the tallest building in the Western Hemisphere. The 1,194-unit condo building captured people’s fascination but couldn’t get construction financing.
As long as their financing isn't coming from Rahm, build it.

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23 Comments:

Anonymous Anonymous said...

If built, Rahm, Daley, and every political fat cat will get a free condo on the taxpayers dime!

2/10/2014 12:04:00 AM  
Anonymous Anonymous said...

If actually built, the Spire will be a welcome and needed addition to Chicago's housing market. Therefore it would be reasonable to expect each and every Cook Co. taxpayer to contribute a modest amount to construction costs.

2/10/2014 12:28:00 AM  
Anonymous Anonymous said...

Another white elephant construction project, whose sole purpose is to fatten the bank accounts of corrupt Democrat hacks and the politically connected.

2/10/2014 05:38:00 AM  
Blogger Cuthbert J. Twillie said...

Yikes! That is one fug-ugly building.
It looks like a combination of a Drill Bit and a Dildo.

2/10/2014 06:06:00 AM  
Anonymous Anonymous said...

Will they have a certain number of apartments for section 8? I needs to know so I can start packing my shit up.

2/10/2014 06:16:00 AM  
Anonymous Anonymous said...

Time to think outside the box. The architects and engineers should design the 2,000 foot highrise as an erect penis.

2/10/2014 07:49:00 AM  
Anonymous Anonymous said...

With all the changes in New York, there are going to be some people looking for another place to live. New York's loss should be Chicago's gain!

2/10/2014 09:41:00 AM  
Blogger I Voted For Obama said...

What's a spire?

2/10/2014 10:38:00 AM  
Anonymous Anonymous said...

Our pension money could build a real nice spire, great investment. They can call it Vanecko Tower.

I wonder how come no one has brought up that it is on one of the most polluted pieces of real estate downtown. It was near a coal gas plant, Velsicol Chemical plant and a watch plant that used radium. A true core sample would likely need to be stored in thick lead containers. Velsicol Chemical was right across Ogden slip in Streeterville until the early 1970's, then is just quietly went away.

2/10/2014 11:09:00 AM  
Anonymous Anonymous said...

A big empty hole? Fill it u with city money! That was the louse, Daley's way of handling a problem like that. Rahm is way smarter than Daley, but then who isn't? Rahm will "find" city cash to help those guys out. Just like he did to "help" DePaul's real estate scam. Fuck the taxpayers, AGAIN!

2/10/2014 11:21:00 AM  
Anonymous Anonymous said...

It is being partly funded by the Chicago Municipal Pension. In honor of the screwing we will be getting.

2/10/2014 11:41:00 AM  
Anonymous Anonymous said...

It'll be nice..set aside 30% of the units for low income housing and the Jefferson's, Smith's, and Jones' will be "moving on up!"

2/10/2014 11:53:00 AM  
Anonymous Anonymous said...

The Irish were known to have a lot of empty holes in the ground when they could not even grow a potato.

2/10/2014 12:14:00 PM  
Anonymous Anonymous said...

This is why Shortshanks got himself released from the hospital.
He smells money to be stolen and wants in on the action.
His snout is all a twitter with the prospect of a spot at the trough.

2/10/2014 02:33:00 PM  
Anonymous Anonymous said...

Section 8 it baby

2/10/2014 02:56:00 PM  
Anonymous Anonymous said...

"If you build it, they will come."

And some Crook County politicians will make a bundle of money... again.

"Chicago ain't ready for reform."

2/10/2014 04:41:00 PM  
Anonymous Anonymous said...

How about we corkscrew that spire up Rham's ass. :)

2/10/2014 04:45:00 PM  
Anonymous Anonymous said...

Off Topic!

More anger about red light and speed cameras!

Hey SCC, how about doing a thread on this topic!

http://tbo.com/news/politics/st-pete-senator-says-hes-all-in-for-full-repeal-of-red-light-cameras-20140210/

2/10/2014 04:56:00 PM  
Anonymous Anonymous said...

The fight is on in Florida over these Red light / Speed Cameras!

http://www.orlandosentinel.com/news/politics/os-red-light-cameras-lawmakers-20140210,0,1198179.story

Maybe this can get Rahm, dumped out of office!

VOTE Rahm out now! Let's get this campaign started now!

2/10/2014 05:00:00 PM  
Anonymous Anonymous said...

good, I hope we do get it. It will be great for alot of the union tradesman. We need that and they definitely need it. I know alot of union guys struggling right now.

2/10/2014 07:04:00 PM  
Anonymous Anonymous said...

Great, another giant screw for the citizens

2/10/2014 08:11:00 PM  
Anonymous Anonymous said...

Chicago and the once great USA no longer builds the biggest, tallest, fastest, best anything...

Free phones, free healthcare, free rent, free food, free free, gimmeee, gimmee, how do we stop our young people from killin'each other?

Babies killin' babies, you know?

Section 8, voucher this, subsidy that, work trainin program, rehab halfway house parole methadone
lawrence hall
county
early release
felony probation
nation of cowards
acting stupidly
statistical study

and so on
america, r.i.p

2/11/2014 07:18:00 AM  
Anonymous Anonymous said...

how much of the building is going to be Section 8?

Skyscrapers are expensive. Someone is hoping that the neighborhood it would be built in will be worth more than a dollar a lot for the next 50 years.

I'm hoping the same thing.

2/12/2014 05:21:00 PM  

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