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CRE: Chicago Eyesore

By Anonymous

Michael sent me this photo of the halted Waterview Tower project in Chicago.

Click on image for larger graph in new window.

Photo Credit: Michael C.

The development was halted at 26 stories - the plan was for a 90 story building with a combination of condos and a hotel.

Every CRE bust leaves what Crain's Chicago Business calls the Waterview: "a 26-story concrete monument symbolizing the excesses of the real estate boom" ... here are couple of recent stories on the Waterview.

From Crain's Chicago Business: Waterview Hotel project on the market

CB Richard Ellis Inc. is taking on one of the toughest jobs in today?s languishing downtown real estate market: finding a buyer for the stalled Waterview Tower and Shangri-La Hotel project on Wacker Drive.
...
The developer is tangling in court with the Bank of America, which is trying to collect on a $20-million loan, and construction firms that claim they?re owed a combined $85 million.

And from the Chicago Sun-Times: City wants high-rise crane removed

Impatient about the stillborn construction site on Wacker Drive, city officials are demanding the removal of the high-rise crane at the proposed Waterview Tower. No work has been done on the planned 90-story building since last year, and now it stands as a shell about 27 stories tall at the southwest corner of Wacker and Clark.

A spokesman for the city's Buildings Department said it is worried that an unused crane can pose a safety hazard.

Another CRE eyesore.

Full post as published by Calculated Risk on June 22, 2009 (boomark / email).