Chicago Spire developer moves to settle bankruptcy, revive project

Development, Midwest, News
Friday, February 7, 2014
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spire

Chicago’s stalled supertall Spire could rise again, according to the Irish developer who went into foreclosure in 2010 after a protracted legal battle over the project.

Garrett Kelleher’s lawyers on Thursday filed papers in U.S. Bankruptcy Court seeking court approval to move ahead with the Chicago Spire, which remains a hole in the ground at 400 North Lake Shore Drive. Kelleher said a $135 million investment from Atlas Apartment Holdings would allow him to settle bankruptcy claims in full but, as reported in the Chicago Tribune, the court filings don’t say how much more money would be needed to fund the construction of the 2,000-foot-tall condo skyscraper.

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As Detroit Struggles With Bankruptcy, Auction House Appraises Prized Art Collection

Midwest
Thursday, August 8, 2013
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Detroit Institute of Art. (quick fix via flickr)

Detroit Institute of Art. (quick fix / flickr)

Even as Detroit’s municipal bankruptcy reverberates among residents and onlookers alike, the city’s art scene shines on.

Unfortunately for the Detroit Institute of Art, red ink may yet claim its city-owned collection. This week the museum confirmed Christie’s Appraisals had been hired to appraise a portion of the cultural institution’s holdings. But an appraisal is not a sale.

Continue reading after the jump.

Illinois Developer Plans To Buy Detroit’s Dilapidated Packard Plant

Midwest
Friday, July 19, 2013
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Preliminary sketch of a rehabbed Packard Plant. (Albert Kahn Associates)

Preliminary sketch of a rehabbed Packard Plant. (Albert Kahn Associates)

Detroit’s Packard Automotive Plant is one of Albert Kahn’s most well-known designs. But while this 3.5 million-square-foot behemoth remains iconic, it’s not exactly enduring.

Collapsed roofs, asbestos, and an ocean of debris (apparently navigable) are among the foreclosed property’s less attractive qualities. But Bill Hults thinks a $350 million renovation project could revive the plant, which closed in 1956, perhaps positioning it at the center of a metro-area rebound.

Continue reading after the jump.

SHoP Floats

East, East Coast
Thursday, April 8, 2010
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SHoP's plans for the South Street Seaport may be back from the dead. (Courtesy SHoP)

One of the many flashy architecture projects believed to have been killed off by the recession was SHoP’s highly impressionistic proposal for the waterfront portion of the South Street Seaport. The bankruptcy of mall owner and would-be developer General Growth Properties seemed to scuttle plans for the sail-and-net-inspired complex, but having emerged from court protection, GGP is evaluating what to do with its remaining properties and it appears SHoP may once again be in the mix. The company is being spun off into two pieces following its bankruptcy, with the one made up of mixed-use and development-worthy projects getting a $6.55 billion infusion from three outside investors. It remains up to this new person what to do with the Seaport, but a GGP spokesperson tells Downtown Express, “Presumably the new company would continue to pursue the highest, best use of that property, which we felt was the proposal we put out.” Should the project return, there is still the issue of appeasing the Landmarks Preservation Commission, which saw it as more barnacle than beautiful.

Another Gehry Ghost

West
Thursday, February 11, 2010
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Burdened by more than $3 million in debt, the Pasadena Playhouse closed its doors on Sunday. The nonprofit company intends to “explore viable options of financial reorganization, including bankruptcy, to determine a responsible solution for its ongoing operations,” according to a statement. While the theater’s fate is resolved, the Mission-style building itself, designed by Elmer Grey (who also designed much of CalTech’s campus) in 1925, will be protected, since it’s a California state landmark and owned by the city of Pasadena. But the situation doesn’t bode well for the two-phase project that Frank Gehry had agreed to undertake for the playhouse pro bono. That work included a renovation of its balcony performance space, the Carrie Hamilton Theater, and the creation of a new 300-400 seat theater across the street. Read More

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