Mortgage crisis hits Spire schedule

Spire delay

Chicago Spire cannot escape the world wide real estate mortgage crisis either.

Shelbourne Development has just announced suspension of construction on the Spire until some time in mid-2009. This past week, a meeting of a number of other developers who were ready to start construction of new condo buildings disclosed that they have also delayed those projects. The reason? Banks do not currently have funds to lend for construction loans, especially with the severe decline in residential real estate sales.

Well, winter is not a good time for construction in Chicago any way!

We're finally drying out

The big tail of Ike just came through earlier this week. It dumped record rain fall in the whole Chicago area. I wonder what the water level is like in this big hole!

A site before any holes were dug

I found this from Google Map - satellite view. Must have been from last year. There is no construction equipment there yet. I am sure it will be quite different the next time this aerial view is taken again.

A Closer Look at the Big Hole

I walked by the construction site and got a closer look of the big hoe. . These photo was taken from the west side of Lower Lake Shore Drive. The hole is huge. I can't see how deep it goes. It would be great if some one lives at the high rise can take a picture and add to this.

Publish Post

It's a big hole

This picture is taken from the north. It is a big hole! Too bad I cannot see much from this angle. I'll try and get closer this weekend.

A ramp was built just to allow the construction traffic to get to the job site.