CHICAGO | Chicago Spire | 610 M / 2,000 FT | 150 FLOORS | NEVER BUILT - Page 137

Plokoon11 · #**2721** Posted **Sep 20, 2014, 4:55 PM**

Maybe they will turn it into a fountain!

ATLksuGUY · #**2722** Posted **Sep 21, 2014, 7:36 AM**

Quote:

Originally Posted by Plokoon11

Maybe they will turn it into a fountain!

Maybe they will turn your house into a fountain.please hold your comments until they have something fruitful...

Surrealplaces · #**2723** Posted **Sep 24, 2014, 4:34 AM**

Quote:

Originally Posted by ahealy

Geez, I hope this one happens....I've been following this damn thing for years. Sending good vibes from Austin

Sending good vibes from Calgary too

kemachs · #**2724** Posted **Sep 24, 2014, 5:12 AM**

Not sure if any of you listen to 89.3 WLS (AM), but yesterday during a news segment they reported that a deal was close for the $22M to restart this project. She mentioned Atlas in the update. For the life of me though I can't find any articles from the past couple days on the Spire...so I suppose we just wait and see.

ahealy · #**2725** Posted **Sep 24, 2014, 5:22 AM**

I have a very good feeling about the Chicago Spire coming back to life....

LouisVanDerWright · #**2726** Posted **Sep 24, 2014, 1:41 PM**

Probably someone reporting this:

Quote:

Mystery Lender May Help Chicago Spire Avoid Bankruptcy

By Benjamin Horney

New York (September 23, 2014, 7:05 PM ET) -- Illinois-based real estate developer Atlas Apartment Holdings LLC may have found a lender to help with its $135 million plan to save the on-hold Chicago Spire from bankruptcy, according to court documents.

According to a confidential letter sent to Atlas in late August that was made publicly available Friday, the undisclosed party feels "highly confident" that it could arrange the loan needed for the $135 million plan.

“[Redacted] is highly confident that as sole lead arranger and sole bookrunner, underwriter or placement agent it could structure, syndicate, arrange or place the loan and any [commercial mortgage-backed securities] offering," the letter said. "The structure, covenants and terms of the loan, including the total cost of capital and the structure, covenants and terms of the loan and loan documentation, including any subordinate components of the loan, will be determined by [redacted] in its sole discretion."

The letter noted that the mystery lender has not actually made a commitment, and said that the lender will not come to a decision until due diligence has been completed.

Still, it's potentially positive news for the proposed 150-story residential high-rise that was set to be built on North Water Street on the shore of Lake Michigan. The project has been stalled for years due to the economic downturn, and work on the building never advanced beyond the digging of the foundation...

More here, you have to sign up, but you can read the rest after giving them a "professional email address": http://www.law360.com/articles/58034...oid-bankruptcy

ChiTownWonder · #**2727** Posted **Sep 24, 2014, 9:49 PM**

seems like so much money for this tower but if its built it would become an icon. best of luck to them!

dc_denizen · #**2728** Posted **Sep 24, 2014, 10:11 PM**

question is, would you guys invest?

Onn · #**2729** Posted **Sep 24, 2014, 10:36 PM**

Sounds like good news! We want all 150 stories please!

It's not surprising Atlas can get the project out of bankruptcy. It's a project worth saving, investors would agree with that. If Kelleher doesn't get a better reorganization deal it sounds like the site will go to Atlas.

harryc · #**2730** Posted **Sep 24, 2014, 10:48 PM**

the urban politician · #**2731** Posted **Sep 24, 2014, 10:49 PM**

Atlas, Related.....hmmmm This thing is like a messy divorce. Who gets custody?

Onn · #**2732** Posted **Sep 25, 2014, 12:00 AM**

http://www.creativereview.co.uk/cr-b...spire-identity

http://www.citylab.com/design/2014/0...fter-all/8467/

http://thefullcalatrava.wordpress.co...e-chicago-usa/

Cro Burnham · #**2733** Posted **Sep 25, 2014, 12:55 AM**

Onn, I've got to think you are a shill for Kelleher.

Dale · #**2734** Posted **Sep 25, 2014, 1:44 AM**

Quote:

Originally Posted by Cro Burnham

Onn, I've got to think you are a shill for Kelleher.

You mad ?

Onn · #**2735** Posted **Sep 25, 2014, 1:47 AM**

Quote:

Originally Posted by Cro Burnham

Onn, I've got to think you are a shill for Kelleher.

Nope, sorry about that. I can't think of too many other projects that I feel so enthusiastic about. Maybe a couple but not many.

Pilton · #**2736** Posted **Sep 25, 2014, 2:50 AM**

Quote:

“[Redacted] is highly confident that as sole lead arranger and sole bookrunner, underwriter or placement agent it could structure, syndicate, arrange or place the loan and any [commercial mortgage-backed securities] offering," the letter said. "The structure, covenants and terms of the loan, including the total cost of capital and the structure, covenants and terms of the loan and loan documentation, including any subordinate components of the loan, will be determined by [redacted] in its sole discretion."

The letter noted that the mystery lender has not actually made a commitment, and said that the lender will not come to a decision until due diligence has been completed.

Sounds to me like [redacted] will only arrange the loan if it gets to dictate all the terms. Unstated, but implicit, in the August letter is that one of the terms would be that Kelleher is gone from the project. I smell a double-cross of Kelleher by the Chicago Atlas.

Kelleher seems to smell one, too. He's been given permission to buy out Atlas' exclusive right to arrange financing and is beating the bushes to find someone - other than Atlas - with access to money AND a willingness to let him hang on to a piece of the development.

Stay tuned until October 30. The long knives are out.

ahealy · #**2737** Posted **Sep 25, 2014, 4:20 AM**

Quote:

Originally Posted by Pilton

Sounds to me like [redacted] will only arrange the loan if it gets to dictate all the terms. Unstated, but implicit, in the August letter is that one of the terms would be that Kelleher is gone from the project. I smell a double-cross of Kelleher by the Chicago Atlas.

Kelleher seems to smell one, too. He's been given permission to buy out Atlas' exclusive right to arrange financing and is beating the bushes to find someone - other than Atlas - with access to money AND a willingness to let him hang on to a piece of the development.

Stay tuned until October 30. The long knives are out.

So, are atlas & kelleher both hoping to resurrect CS? Apologies for the questions...

pilsenarch · #**2738** Posted **Sep 25, 2014, 1:11 PM**

Quote:

Originally Posted by Pilton

Sounds to me like [redacted] will only arrange the loan if it gets to dictate all the terms. Unstated, but implicit, in the August letter is that one of the terms would be that Kelleher is gone from the project. I smell a double-cross of Kelleher by the Chicago Atlas.

Kelleher seems to smell one, too. He's been given permission to buy out Atlas' exclusive right to arrange financing and is beating the bushes to find someone - other than Atlas - with access to money AND a willingness to let him hang on to a piece of the development.

Stay tuned until October 30. The long knives are out.

completely useless, totally speculative post...

Steely Dan · #**2739** Posted **Sep 25, 2014, 2:13 PM**

Quote:

Originally Posted by pilsenarch

completely useless, totally speculative post...

you just described 95% of this entire stupid thread.

UPChicago · #**2740** Posted **Sep 25, 2014, 2:22 PM**

Quote:

Originally Posted by Steely Dan

you just described 95% of this entire stupid thread.

95% of most threads on the internet period.... tbh