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  #1761  
Old Posted Mar 22, 2023, 5:47 PM
Chisouthside Chisouthside is offline
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cant say too much but heard from someone privy that at least one of the developers involved is financially well positioned for this, sorry if its vague but cant say anymore.
     
     
  #1762  
Old Posted Mar 22, 2023, 7:05 PM
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Originally Posted by Chisouthside View Post
cant say too much but heard from someone privy that at least one of the developers involved is financially well positioned for this, sorry if its vague but cant say anymore.
CIM did provide almost $4 billion dollars in commercial real estate loans last year, I'd be surprised if they did something like that at the expense of not being able to continue expanding the other aspects of their business. I could see them being able to pull this off with relative ease, the question is whether or not it will be profitable enough for them to continue to pursue it now.
     
     
  #1763  
Old Posted Mar 23, 2023, 12:05 AM
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Originally Posted by mh777 View Post
Sure looks like it's been removed. It was definitely there before..
It was removed at least a week ago. Maybe longer.
     
     
  #1764  
Old Posted Mar 23, 2023, 1:17 AM
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Originally Posted by oakesd88 View Post
It was removed at least a week ago. Maybe longer.
When was it put up?
     
     
  #1765  
Old Posted Mar 23, 2023, 2:29 AM
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When was it put up?
It was first posted about here on March 7th. Not sure when it originally went up.
     
     
  #1766  
Old Posted Mar 23, 2023, 12:28 PM
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When was it put up?
Technically it was put up some time before 09/18/20, but it was updated several times, the first handful of times it was merely to update the construction dates, the archive doesn't have a snapshot of exactly when it was changed to this latest, more complete listing, but it was after 2/14/23.

They had this thing approved and knew they were making minor changes, hence the incomplete info, so they didn't update the listing to reflect that until a few weeks ago, when, I'm assuming they finalized the design/program. Obviously any contractors would have to inquire about the listing to get all the details so they could put together a bid, so even though the listing was updated with more exact details recently, it's possible they've been getting rough bids this whole time, and maybe I'm being too optimistic, but perhaps it only took a few weeks for any interested contractors to finalize their bids once the program was finalized and we'll be hearing more soon.

It seems odd that they would have kept the bid opportunity up for several years, updating it as they went along, and a few weeks after they appear to have finalized everything, the bid is now finally gone. I'm taking it as a positive unless someone more informed on the process says otherwise.
     
     
  #1767  
Old Posted Mar 23, 2023, 3:18 PM
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^Thanks

Pardon my ignorance, but how does bidding on a nonexistent project actually work?
     
     
  #1768  
Old Posted Mar 23, 2023, 3:38 PM
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It would be great if someone could get either developer to comment about the status of this project on the record.
Although I doubt either would want to say anything to press until they line up a construction loan.
     
     
  #1769  
Old Posted Mar 23, 2023, 4:37 PM
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It would be great if someone could get either developer to comment about the status of this project on the record.
Although I doubt either would want to say anything to press until they line up a construction loan.
One interesting thing about the loan is that the CIM REIT announced at the end of last year that they were selling a bit less than $900 million in properties in a deal that was expected to close Q1 2023. That puts their cash on hand at roughly $1.4 billion, and they said the purpose was to continue their effort to transition to a largely credit based REIT, offering more SSLs and whatnot. That means that the REIT, as soon as this deal closes, will have enough cash on hand that they could give an SSL to what is effectively a sister company to completely finance the project. It would be a win win- the REIT gets to continue to further their goals and profit off the loan, while CIM gets a loan to build their fancy new tower. CIM 100% doesn't need a loan from a true outside source to build this. That's not to say that they don't want one, they very well might still want to go far outside for funding, but they don't have to. I'm guessing that's what was alluded to in the above comment about one of the developers being financially well positioned to pull this off, that or perhaps CIM themselves are just going to pay for it out of pocket.

If this project doesn't move forward, it's not going to be because of a lack of funding, it'll be because of profitability.
     
     
  #1770  
Old Posted Mar 23, 2023, 4:50 PM
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Originally Posted by Zapatan View Post
^Thanks

Pardon my ignorance, but how does bidding on a nonexistent project actually work?
The usual process from my architectural experience is that the Bid Set of plans are created by the landlord's design team. Then, it's distributed to the contractor(s) bidding on the project.
     
     
  #1771  
Old Posted Mar 23, 2023, 11:53 PM
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A few weeks ago, I registered my interest in the project through the plan room - mostly to see if I could obtain drawings. I was contacted a few days later about my interests. The young guy I spoke with indicated that there were no bid opportunities for the tower itself (and no drawings available for it). He indicated that the only projects for bid were utility related.

...
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  #1772  
Old Posted Mar 24, 2023, 12:15 AM
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Originally Posted by Ryan81 View Post
A few weeks ago, I registered my interest in the project through the plan room - mostly to see if I could obtain drawings. I was contacted a few days later about my interests. The young guy I spoke with indicated that there were no bid opportunities for the tower itself (and no drawings available for it). He indicated that the only projects for bid were utility related.

...
So is that a sign that the building itself already has secured a contractor? What utilities work is there to accomplish if there's no building going up? Furthermore, how could there be no drawings available when they had specific plan details in the bid opportunity and an approved program? That sounds like an evasion on the part of the "young man."
     
     
  #1773  
Old Posted Mar 24, 2023, 12:25 AM
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Originally Posted by NSW2492 View Post
So is that a sign that the building itself already has secured a contractor? What utilities work is there to accomplish if there's no building going up? Furthermore, how could there be no drawings available when they had specific plan details in the bid opportunity and an approved program? That sounds like an evasion on the part of the "young man."
It seems odd that they may have put it up by mistake but I’m assuming that’s what happened. We shall see?

Unless the utility work indicates something
     
     
  #1774  
Old Posted Mar 24, 2023, 5:42 AM
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Doubt it was put up by mistake if they updated an existing bid to be more accurate to the project at hand
     
     
  #1775  
Old Posted Mar 24, 2023, 2:28 PM
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Originally Posted by Toasty Joe View Post
Doubt it was put up by mistake if they updated an existing bid to be more accurate to the project at hand
It's also noteworthy that since 2020, this bid opportunity has been listed continuously and updated over time. This is the first time since 2020 that the page was actually removed.
     
     
  #1776  
Old Posted Mar 24, 2023, 5:10 PM
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Originally Posted by NSW2492 View Post
It's also noteworthy that since 2020, this bid opportunity has been listed continuously and updated over time. This is the first time since 2020 that the page was actually removed.
Fair point.
     
     
  #1777  
Old Posted Mar 24, 2023, 7:20 PM
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So... I guess this all could be good news?

Really not trying to get my hopes too high but it's better than the project being cancelled outright.
     
     
  #1778  
Old Posted Mar 24, 2023, 8:03 PM
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Originally Posted by Zapatan View Post
So... I guess this all could be good news?

Really not trying to get my hopes too high but it's better than the project being cancelled outright.
Projects don't always get cancelled outright. . . sometimes they just fade away. . .

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  #1779  
Old Posted Mar 25, 2023, 12:01 PM
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I'd think this would be a perfect project to let fade away rather than make an announcement. If I were the developer and I was canceling this project, after all the time and effort put in, I wouldn't exactly be happy about my lack of follow through being broadcast loudly to the public.

I don't want to get my hopes up, but I really do love the design. We could use some more unique, less rectilinear shapes in the skyline, not to mention designs as elegant as AS+GG are capable of. I'd rather they scale this down to 800' than lose it altogether.
     
     
  #1780  
Old Posted Mar 25, 2023, 2:13 PM
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I think we are all getting ahead of ourselves, we all saw that the bid was updated a few weeks ago. There was probably no need for it to still be up on the site, hopefully CIM group makes an official statement soon.
     
     
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