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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Thu Sep 16, 2010 9:06 pm 
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Speaking of holes, anyone know what the massive hole in the ground is in cherrywood business park (Loughlinstown)? Was there earlier and it seems to be flooded with equipment half submerged...


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Thu Sep 16, 2010 9:07 pm 
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ewd3 wrote:
mr_anderson wrote:
Saw it, took piks, lost camera :(

"the dog ate my homework"
EA's and photography just don't mix... :wink:


It's okay, he used a fisheye lens.... it looked massssssiiiiiiivvvvveeee

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"If you can't be a good example, then you'll just have to be a horrible warning." (Catherine Aird)


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Thu Sep 16, 2010 9:16 pm 
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greentree wrote:
Speaking of holes, anyone know what the massive hole in the ground is in cherrywood business park (Loughlinstown)? Was there earlier and it seems to be flooded with equipment half submerged...


Once upon a time in a land far far away...Bank agrees on Cherrywood offices, the fairy tale did not have a happy ending.

There are two large holes in the ground at that site along with three empty office buildings, 2 of which have never had tenants, most of the others do not have full occupancy.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed Sep 29, 2010 2:11 pm 
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It's official!
The Dail cement truck was not a protest at all!
Just an enterprising cement supplier offering to fill in that huge hole we all now own in Chicago!
Now THAT's what I call a sales pitch!


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Mon Oct 11, 2010 11:02 pm 
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http://www.google.com/hostednews/ap/art ... =D9IPL1MO0
Quote:
Foreclosure threatens proposed tallest US tower
(AP) – Oct 11, 2010

CHICAGO — Plans to build the tallest tower in the nation are in the balance after a lender filed a foreclosure lawsuit against the Chicago Spire's developer.

Crain's Chicago Business is reporting that Anglo Irish Bank Corp. filed the $77 million lawsuit against Irish real estate developer Garrett Kelleher this month. The lawsuit alleges that Kelleher's Shelbourne Development Ltd. has defaulted on loans that matured a year ago.

Anglo Irish is expected to take possession of the 2.2-acre site overlooking Lake Michigan. The Irish government took over the bank last year.

.....(cont'd)


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Tue Oct 12, 2010 12:22 am 
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http://www.chicagobusiness.com/section/ ... 11%2F10%29



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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed Oct 13, 2010 8:30 am 
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http://www.chicagoreader.com/TheBlog/ar ... ll-live-on
Quote:
The Spire Might Be Dead, But Its Brand Will Live On
Tue, Oct 12, 2010
Posted by Lauri Apple

If you are a connoisseur of pretentious videos about nonexistent buildings, I recommend watching the short movie on the website for the now-doomed Chicago Spire. In slow-motion, the clip depicts the tallest building that never was nor, apparently, ever will be, shining and gleaming like the beacon of hope it would have become. As Disney-style background music swells, wispy clouds drift past and night descends, turning architect Santiago Calatrava's skyscraper into a skyline-dominating sparkle stick. Make sure to watch the vid—I'm calling it "Potemkin Tower"— in full-screen mode, to maximize the experience.

Though tacky and dumb, the video's kind of the perfect metaphor for what the American economy is all about these days: the branding and promoting of things that don't actually exist, at least not in the physical world.

Though the money's not there and it's just a big hole in the ground, the Spire isn't actually dead-dead. It lives on as an idea—a subject for students of architecture and urban planning to write papers about, and for snapshot-taking tourists to lament, and for the Beanie Babies guy to curse for a good long while, because it's not like he can live in a hole in the ground. No spectacular views from that vantage point. Beanie Babies guy and other optimists who bought condos in the Spire will now have to go apartment hunting again, which is a time-consuming and annoying process. My heart goes out to them—I hope they'll be OK.

.....(cont'd)


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed Oct 13, 2010 12:07 pm 
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Coming up on the News at One, RTE.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Oct 17, 2010 12:28 am 
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http://www.independent.ie/lifestyle/he- ... 82056.html
Quote:
He reached for the sky
Saturday October 16 2010

John Meagher profiles Garrett Kelleher, whose 150-storey skyscraper dream came to an end this week as the last roar of the Celtic Tiger fades

It was, perhaps, the last great hooley of the Celtic Tiger.

On Wednesday, January 23, 2008, 600 dignitaries led by Hollywood couple Liam Neeson and the late Natasha Richardson, descended on a vast marquee erected in the centre of Dublin's private park, Fitzwilliam Square, to gaze at a model of the Chicago Spire, a futuristic 150-storey skyscraper set to be the world's tallest residential building.

Over the next three days, 1,000 people would visit the site, to witness a spectacular example of Irish can-do. After all, it was a Dublin developer, Garrett Kelleher, who had pledged to make this extraordinary structure a reality. Not only would its dimensions stun the architecture world, but Kelleher was promising apartments as luxurious as any ever built.

Designed by the Spanish star-architect Santiago Calatrava -- responsible for Dublin's James Joyce and Samuel Beckett bridges -- the distinctively twisting building would boast almost 2,000 residential units, with prices starting at $750,000 for a studio apartment, memorably described by the Chicago Tribune's architecture critic Blair Kamin as "shag-a-delic, Austin Powers-like". Those in the market for a duplex penthouse with views over Lake Michigan would have to fork out $40 million.

The urbane, if normally media-shy, Kelleher was joined by Calatrava at the Dublin launch and they talked up the Chicago Spire with all the finesse of master salesmen. With Ireland's economy thought to be so buoyant, there was little surprise when up to 30 people placed holding deposits on apartments in the development, according to Savills Hamilton Osborne King, the Irish agent employed by Kelleher.

But Kelleher's dreams of reaching for the skies would be short-lived. The foundation was dug, but construction halted at the end of 2008 when it became clear that the economy would be in trouble for the long haul.

And this week, it was revealed that Anglo Irish Bank would be taking control of the building site, claiming its loans to Kelleher's company, Shelbourne Development, are in default. It is the latest of several high-profile projects in the US that Anglo has taken over as it seeks to recover money for the taxpayer, who is facing having to pump €34 billion into the bank.

.....(cont'd)


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Nov 14, 2010 1:32 pm 
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Irish Financial Crisis Helps Topple Planned Chicago Spire -> http://online.wsj.com/article/BT-CO-201 ... 14149.html

Quote:
The grand plan to build the hemisphere's tallest building in Chicago is dead, a victim of the great recession and Ireland's financial crisis.

Financing for what was to be the 150-story Chicago Spire came from Anglo Irish Bank, which is on life support and now owned by Irish taxpayers. Last month, Anglo Irish initiated court proceedings against the spire's builder, Dublin developer Garrett Kelleher, saying he was in default on his loan and owes the bank $77 million.

Famed architect Santiago Calatrava--who designed the slender twisting tower that was dubbed a drill bit and worse by detractors--has also filed suit, claiming he is owed $11 million. Other creditors have piled on, bringing total claims to $118 million.

Kelleher, who early in his career had spent a decade in Chicago, purchased the two-acre site near Navy Pier at the peak of the property market in 2006 for $64 million. He took over from local developer Christopher Carley, who had engaged Calatrava before bailing out of his dream project when he couldn't arrange financing.

Kelleher, a dentist's son and the embodiment of the modern Celtic Tiger entrepreneur, and Anglo Irish harbored no such doubts. Despite evidence that Chicago's luxury-condominium market was saturated, Kelleher plowed ahead, canceling plans for a hotel on the lower levels and adding 35 floors and substantial cost to what "would be the world's tallest residential building." Promotional materials said the Chicago Spire would contain 1,200 of the world's most luxurious condos.

there is more


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed Dec 08, 2010 6:47 am 
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Spire developer loses control of site in foreclosure suit -> http://www.chicagotribune.com/business/ ... 9947.story

Quote:
Irish developer Garrett Kelleher's company has lost control of the site on which he started to build the 2,000-foot Chicago Spire.
A Cook County Circuit Court judge has granted a request by Anglo Irish Bank Corp., the lender to Kelleher's Shelbourne North Water Street LP, and appointed a receiver for the hole in the ground that was supposed to become a twisting skyscraper in the city's skyline.
Meanwhile, two local firms have purchased the delinquent property taxes on the stalled development site at 400 N. Lake Shore Drive, setting up a process for the bank or others to redeem the taxes.
Unlike receivers appointed for ongoing business concerns like the Block 37 retail development on Chicago's State Street in the Loop, the job of the Spire's receiver, Stephen Bell of CB Richard Ellis, is more limited.
"My job is to manage the property for the court while the two parties proceed with their foreclosure," Bell said Tuesday. "It's simply a vacant parcel, and my job is to watch it."
Bell will receive $250 an hour, or not more than $1,200 a month, to serve as receiver and may engage CB Richard Ellis for additional services at a rate of $1,395 per month. Bell was appointed receiver at a court hearing Thursday.

there is more


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Sun Jan 16, 2011 11:19 am 
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Developer was key force behind interview Drumm gave to two jounalists - PAUL CULLEN -> http://www.irishtimes.com/newspaper/ire ... 78551.html

Quote:
PRIVATE BRIEFING: LEADING DEVELOPER Garrett Kelleher was the prime mover behind a private briefing by former Anglo Irish Bank chief executive David Drumm with two journalists last November, The Irish Times understands.
During the briefing, Mr Drumm alleged Brian Cowen asked the National Treasury Management Agency (NTMA) to put deposits into the ailing bank in April 2008.
The allegation, denied by the Taoiseach and NTMA head Michael Somers, surfaced in media reports last November, attributed to an “unnamed” Anglo director. Yesterday, the Irish Daily Mail ran lengthy extracts from the briefing and linked Mr Drumm to the allegation for the first time.

there is more


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed Apr 27, 2011 12:55 pm 
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Chicago Spire developer sued for $5m
Bank of America has upped the ante against Irish property developer Garrett Kelleher and applied to a Chicago court for a summary judgment against him and his Shelbourne Development company for the repayment of more than $5m (€3.4m) in loans
http://www.independent.ie/business/iris ... 30170.html

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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed May 25, 2011 1:42 pm 
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On the BBC web site - http://www.bbc.co.uk/news/world-us-canada-12778518

Quote:
Audio slideshow: Chicago's doomed spire

The Chicago Spire was going to be one of the world's tallest buildings. But the financial downturn torpedoed its funding, and now it is all but dead. With other major projects on hold or cancelled, some critics say this is the end of North America's love affair with skyscrapers.


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 Post subject: Re: Chicago Spire - Our American Money Pit
PostPosted: Wed May 25, 2011 2:57 pm 
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the rounded corners that stick out of that building on Van Buren @1.39 reminded me of the guides story abouit how property tax was based on 'foot print' so building outwards was popular! I wonder if the Irish property tax comes in what shenanigans will result :D


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