Another proposal for 1061-1107 West Van Buren...... West Loop Community Organization - Chicago, IL - Event Calendar Image Unavailable, Please Login
Baby steps..................................... Judge says she'll OK Chicago Spire settlement deal Crain's Chicago Business David Lee Matthews March 26, 2014 "A Bankruptcy Court judge today said she would approve a settlement between the Chicago Spire developer and its largest creditor, giving Garrett Kelleher as long as a year to come up with the more than $100 million he needs to get the forlorn project out of Chapter 11." http://www.chicagobusiness.com/reale...003B3469689I2X An obvious point, but...."Related has said it would not build the Spire if it gained control of the site....." and the story from the Trib.... Bankruptcy judge Oks Spire deal Chicago Tribune Mary Ellen Podmolik March 26, 2014 "In return for its participation, Atlas becomes the majority owner of the Spire site. In interviews, Atlas CEO Steve Ivankovich has said his intention is to develop the Spire as it was originally planned, a a twisting, 2,000-foot residential tower." "If the payments are not made as scheduled, or if Shelbourne opts not to proceed with the payment plan, Related Midwest will take title to the property and can develop it however it chooses. Under that scenario, Related would pay to $2 million to Shelbourne and $500,000 to Atlas. The plan also erases the personal guarantees that Kelleher signed for the mortgage debt." "Last summer, Related purchased, at a discount, about $93 million in delinquent debt on the project. The company successfully had the exact price redacted from court documents."
Bankruptcy judge OKs Spire deal - chicagotribune.com "By Mary Ellen Podmolik Tribune reporter 11:48 a.m. CDT, March 26, 2014 Six years after work to construct the tallest building in the western hemisphere came to a standstill, Chicago Spire developer Garrett Kelleher is back, this time with a partner, talking with potential buyers and making plans to find funding to restart the project. Standing in a hallway just after a bankruptcy court hearing Wednesday, during which a federal judge said she would approve efforts to pay off creditors, Kelleher said itd been quite a task to find a resolution to the bankruptcy case of his company. Now, he was ready to move forward with the project, possibly even this year. Im very pleased with the settlement. Its good for all, Kelleher said in an interview. We prefer to pay fees to architects and consultants, not lawyers. On Wednesday, U.S. Bankruptcy Judge Janet Baer said she would approve a bankruptcy settlement agreement that gives Kelleher and a new majority partner time to pay claims tied to the case and then proceed with the long-stalled project that would bring 1,194 condos and 1,420 parking spaces to 400 N. Lake Shore Drive. Under the plan negotiated between Kelleher's Shelbourne North Water Street LP, Atlas Apartment Holdings LLC and Related Midwest, Atlas and Kelleher have at least six months, and possibly a year, to resolve bankruptcy claims. Atlas, an apartment developer and manager, is required to provide up to $135 million either from its own funds or with lenders and investors, to pay those claims. That planned investment agreement, which Shelbourne considers its 'pathway to a confirmed plan of reorganization,' would also be approved, Baer told attorneys. It's a very good deal for essentially all the parties in the case," Joseph Frank, an attorney for Shelbourne, told Baer. In return for its participation, Atlas becomes the majority owner of the Spire site. In interviews, Atlas CEO Steve Ivankovich has said his intention is to develop the Spire as it was originally planned, a twisting, 2,000-foot condominium tower. Kelleher echoed that sentiment Wednesday, noting that before the housing crisis contracts were written for a third of the condos in the 150-story, spiral-shaped skyscraper, half of them to international buyers. Kelleher said he has already been in touch with some of those would-be buyers. The housing market is significantly better than January 2008 when we launched the sale, Kelleher said. This will be as planned. This is an international project. Theres huge interest. There also are jobs to be created during the construction process, more than 15,000 of them, according to Kelleher. Related Midwest, which holds the debt on the project, is to receive by Oct. 31 $109 million, plus additional funds Shelbourne borrowed in bankruptcy financing. If Shelbourne chooses to, it can receive a six-month extension in return for a $22 million payment made to Related by Oct. 31 and then a $92-million-plus payment by March 31, 2015. If the payments are not made as scheduled, or if Shelbourne opts not to proceed with the payment plan, Related Midwest will take title to the property and can develop it however it chooses. Under that scenario, Related would pay to $2 million to Shelbourne and $500,000 to Atlas. The plan also erases the personal guarantees that Kelleher signed for the mortgage debt. Last summer, Related purchased, at a discount, about $93 million in delinquent debt on the project. The company successfully had the exact price redacted from court documents."
Chicago - I love it! Visited every 2 years for the last 30 years - I will be there in September at the Rosemont for the LabelExpo. Always stay downtown - normally at the Hilton on South Michigan Ave, but have stayed at the HardRock Hotel in the old Carbon Building. Highlights for me: Saturday on Navy pier, great atmosphere, Chicago Chop House, Howl at the Moon bar and Rush Street - Party time!!!
1061 West Van Buren north of the Eisenhower Expressway now under development: Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login
The Godfrey Hotel is finally finished!! Photo from skyscraperpage.com Image Unavailable, Please Login
Chicago Spire chapter 11 plan submitted: Chicago Spire Floats New Ch. 11 Plan With Lender Related - Law360
Hyde Park Vue53.................. At Long Last, Hyde Park's Vue53 Is Finally Moving Forward - Unarrested Development - Curbed Chicago Image Unavailable, Please Login
Fulton Market Google re-contruction and restoration well under way...... Image Unavailable, Please Login
More pictures of the "Chicago" to be built on the southeast corner of Michigan Avenue and Roosevelt Road: New Renders For Long Planned South Loop Tower Surface - Development Update - Curbed Chicago Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login
Another new supertall for Chicago partly owned by Chinese investors: Supertall Skyscraper Planned Along Chicago River at Lakeshore East | The Chicago Architecture Blog Wanda announces $900 million investment in Chicago hotel project-Dalian Wanda Commercial Properties Co Ltd Image Unavailable, Please Login
Gorgeous. We went to Skydeck this morning. I heard the Wanda building will be the tallest residential building in America.
Lucas Museum architects chosen: George Lucas to name architecture team for museum - chicagotribune.com
Not a skyscraper but a big part of downtown. Northerly Island is being landscaped and updated in a big way with a new large lagoon and soon a bridge connecting it to the lakeshore(lower left). Should be finished next year. Also next June the first Chicago Automobile Concours will be at this site!! Image Unavailable, Please Login
Also an article on the Lucas Museum and bridge that will connect it to Northerly Island. George Lucas to name architecture team for museum - Chicago Tribune
Chicago Spire Bankruptcy plan timeline: Deadlines near in Chicago Spire bankruptcy case - Chicago Tribune "During hearings in U.S. Bankruptcy Court last week, Judge Janet Baer approved the distribution of Shelbourne North Water Street LP's proposed bankruptcy plan to creditors for voting. She also established the timetable for how events will unfold this fall to determine who will control the future of the coveted site at 400 N. Lake Shore Drive. By Sept. 29, creditors must submit votes on the plan and all objections to it myst be filed. A hearing on the plan’s confirmation is scheduled for Oct. 7. "
Very cool pfd with info showing late 1800's-1930's automobile dealer buildings on Chicago's southern downtown. Many old classic car companies had large buildings and even mini skyscrapers as showrooms. Go to the bottom section to see the buildings that still survive and how they looked then and now. Number 24 is the 1910 FIAT Automobile showroom with the way it looked back in 1910. FIAT had 2 showrooms, also number #39!! I like the #24 all glass terracotta FIAT dealer alot in it's original form. https://www.cityofchicago.org/content/dam/city/depts/zlup/Historic_Preservation/Publications/Motor_Row_District.pdf
Try page 19 and page 48. Very nice looking FIAT dealer built in 1910. Lots of glass, and the building is still there landmarked.. I hope they restore it back to original someday..
I found a photo today of the old FIAT dealer on wilkipedia. This was built new in 1910 as a FIAT dealer. That has to be the oldest surviving FIAT store in North America if not the world(maybe not Europe). The tile roof has been removed and lower showroom changed. Also the big vintage FIAT signs and side windows are gone. It is the green roofed building. Image Unavailable, Please Login
