Spire Revival

Midwest
Wednesday, December 9, 2009
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(image courtesy Shelbourne Development)

First reported in the Chicago Tribune, and today in the Wall Street Journal, officials at a group of union pension funds are vetting a plan to lend $170 million to restart construction on the stalled Chicago Spire. Designed by Santiago Calatrava, the 150 story residential tower would be the tallest building in the US. The Journal piece points out that with a drastic drop off in condo construction downtown predicted for 2010 and 2011, the completion of the Spire could actually come at a time when there is pent up demand for housing. Blair Kamin previously pointed out that unions have made similar loans in previous downturns, notably providing loans for the construction of Marina City.

According to the Journal, Chicago’s failure to win the 2016 Olympics may have been the key to giving the Spire new life. The pensions had previously been looking to lend funds for the construction of the planned Olympic Village.

Dislocation, Dislocation, Dislocation

Other
Tuesday, May 5, 2009
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Twilight in the financial district. The view from the cupola at 48 Wall Street. (Photos: Douglas Back/Lower Manhattan Cultural Council)

The mood was decidedly anti-Wall Street among the crowd who gathered on April 28 for the final lecture in Access Restricted, a series sponsored by the Lower Manhattan Cultural Council exploring the relationship between finance and city design. We were packed into one of the Street’s oldest strongholds: 48 Wall St., the site where Alexander Hamilton established the country’s first bank in 1789, though the current building dates from 1928. As the sun set, we were told we would be taken up to the cupola for a rare view of “twilight on Wall Street,” prompting one audience member to call out, “Is that metaphorical?” to widespread titters.
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