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  #2161  
Old Posted May 6, 2022, 11:11 PM
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About to creep above 1006 S Michigan.





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  #2162  
Old Posted May 12, 2022, 12:03 AM
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  #2163  
Old Posted May 12, 2022, 1:43 AM
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Glad this is progressing along after so many delays. The impact on the skyline from Alder will be huge. Love seeing that crane grow!
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  #2164  
Old Posted May 12, 2022, 5:22 PM
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Is the tower fully financed? Hope we don't see this crap out again if we enter into recession. Knock on wood.
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  #2165  
Old Posted May 12, 2022, 5:56 PM
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Quote:
Originally Posted by BrinChi View Post
Is the tower fully financed? Hope we don't see this crap out again if we enter into recession. Knock on wood.
They closed on a $305M construction loan back on dec. 8th.

I don't know if that 100% funds the construction of this tower, but it'll certainly go a LONG way toward it.
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  #2166  
Old Posted May 12, 2022, 5:58 PM
rivernorthlurker rivernorthlurker is online now
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Quote:
Originally Posted by BrinChi View Post
Is the tower fully financed? Hope we don't see this crap out again if we enter into recession. Knock on wood.
As Steely says, I think so https://commercialobserver.com/2021/...o-multifamily/

With the foundation already completed, I have to believe that this would be about enough to finish it based on costs of other towers of this size/type. Being rental the finishes will also cost less than the previous condo design too methinks. Also majority of the design/engineering would have been already completed.

Last edited by rivernorthlurker; May 12, 2022 at 6:14 PM.
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  #2167  
Old Posted May 12, 2022, 6:41 PM
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Quote:
Originally Posted by rivernorthlurker View Post
As Steely says, I think so https://commercialobserver.com/2021/...o-multifamily/

With the foundation already completed, I have to believe that this would be about enough to finish it based on costs of other towers of this size/type. Being rental the finishes will also cost less than the previous condo design too methinks. Also majority of the design/engineering would have been already completed.
Also the previous recession was somewhat unusual in that it completely undermined the housing market AND the banking and credit system.

Right now, the situation just looks like a bear market (especially in tech) similar to the 2001 recession. I don’t think banks will halt most loans like last time, even if they’re likely to be cautious.
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  #2168  
Old Posted May 12, 2022, 7:13 PM
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This one should be ok now with most of the funding in place. Anyone who does not believe we are heading down a rabbit's hole with the economy is going to be surprised in a few years.
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  #2169  
Old Posted May 12, 2022, 7:22 PM
rivernorthlurker rivernorthlurker is online now
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Originally Posted by F1 Tommy View Post
This one should be ok now with most of the funding in place. Anyone who does not believe we are heading down a rabbit's hole with the economy is going to be surprised in a few years.
Who woulda thunk that a 20% unemployment spike and a year and a half with half the country sitting at home would have consequences?!
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  #2170  
Old Posted May 12, 2022, 7:37 PM
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this is not the proper thread to discuss future national/global economic trends.

this project has a closed construction loan, so that issue is settled, now let's please stay on topic.
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  #2171  
Old Posted Today, 2:19 AM
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