Robert Darrow, @properties

From the New York Times:

http://www.nytimes.com/2009/02/04/business/04chicago.html?partner=permalink&exprod=permalink

A concise update on the progress (or not) of two of the largest developments that broker ground, and soon after ground to a halt.

The second project was Waterview Tower, a 90-story mixed-use hotel and condominium building in the Loop, the central business district. It also was to be among the 10 tallest buildings in the city. The developer is Teng & Associates, a local firm.

Both projects got off to fast starts in terms of sales and construction, but both have now ground to a halt amid the many mechanics’ liens filed by subcontractors as the developers struggle to find additional financing.

At the padlocked lakefront site of the Spire, a seven-story-deep hole is ringed with 34 massive caissons that go down to bedrock.

The Waterview site on Wacker Drive, meanwhile, is even more unsettling. Workers had completed the first 26 floors of the building before they stopped work for good late last summer.

Taken together, the two are the most visible signs of the financing squeeze that has all but paralyzed the real estate market here over the last six months.

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