According to Crain’s Chicago Business, major construction unions will not be loaning funds to restart the Chicago Spire, as many had speculated. The union pension funds are feeling cautious, much like other lenders, so the Spire, which was always an ambitious project, remains a high risk bet. Who will the developers turn to next?
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.
In the wake of the sub-prime mortgage meltdown, global warming, rising energy costs, and constant gridlock, you’d think the model of Suburbia isn’t faring to well. Well, you’re not alone. Dwell and Inhabitat are sponsoring a competition called Reburbia, dedicated to re-envisioning the suburbs. They’re asking entrants to design “future-proof” spaces, from small scale retrofits to large-scale restorations, to replace current types and systems like McMansions, cul-de sacs, big box stores, strip malls and car-centric communities. Ideas, they suggest, could come in the form of bicycle transportation hubs, energy generating freeway paving systems, and new housing prototypes (including a “McMansion farm rehab”, whatever that is). Enter here. And hurry, because entries are due on August 1! Winners will be announced on August 19 (Grand prize: $1,000).
Yesterday, President Obama made a visit to the Department of Transportation to applaud them and the rest of the nation for their work spending those stimulus dollars, marking the occasion of the 2,000th infrastructure project to be approved for Federal stimulus money. In his speech, the president joked that something unusual had happened at DOT and throughout the land: “We can utter a sentence rarely heard in recent years: This government effort is coming in ahead of schedule and under budget.” Read More
The collapse of Detroit has been a subject of fascination for artists, architects, and urbanists. In the current economic environment, the symbolism of the city’s decline threatens to overshadow the human and physical realities of the place. And while few would argue that the city will ever return to its height, it is nice to be able to show a project that disrupts the city-in-free-fall narrative, such as the new Mercury Coffee Bar, designed by Andrew Zago. No architect has been more closely associated with working on and thinking about contemporary Detroit’s plight than Zago. In his latest project, he’s created a bright, cheerful refuge in the city’s desolate landscape. Read More