Comments on: Trib: Unions to finance Spire construction? http://yochicago.com/trib-unions-to-finance-spire-construction/8568/ New homes, apartments and condos for sale and rent in Chicago Mon, 22 Mar 2010 06:09:12 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Joe Zekas http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40863 Joe Zekas Wed, 25 Mar 2009 18:34:40 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40863 Gregg, The Trib article is the first and only reference I've seen to union investment in the Trump Tower. No detail was given as to the nature or size of the investment - or whether it was only in a commercial piece of the Trump project. The total assets of the fund refered to are $2.5B, with $1B of that in Chicago investments. Fund trustees have an obligatoin to diversify assets which would bar an investment that would be sizable enough to move the Spire forward. Gregg,

The Trib article is the first and only reference I’ve seen to union investment in the Trump Tower. No detail was given as to the nature or size of the investment – or whether it was only in a commercial piece of the Trump project.

The total assets of the fund refered to are $2.5B, with $1B of that in Chicago investments.

Fund trustees have an obligatoin to diversify assets which would bar an investment that would be sizable enough to move the Spire forward.

]]> By: Gregg http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40862 Gregg Wed, 25 Mar 2009 18:04:50 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40862 “Joe, the Unions are investors in Trump Hotel and Towers. Don’t you consider that one “Luxury”. Gregg “Joe, the Unions are investors in Trump Hotel and Towers.

Don’t you consider that one “Luxury”.

Gregg

]]> By: AMcA http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40861 AMcA Wed, 25 Mar 2009 14:40:58 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40861 That's not a smart thing to be doing with the union's seed-corn. Not at all. That’s not a smart thing to be doing with the union’s seed-corn. Not at all.

]]> By: Jeff http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40860 Jeff Tue, 24 Mar 2009 22:41:19 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40860 They missed out on their chance for the meters:) What a freaking racket that is. They missed out on their chance for the meters:)
What a freaking racket that is.

]]> By: Joe Zekas http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40859 Joe Zekas Tue, 24 Mar 2009 21:46:20 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40859 I'm obviously an outsider to any discussions between the Spire and the unions, but I'd be shocked if a nickel of union pension funds found its way into this project. Luxury condos have not been the type of projects that pension trusts have favored investing in, especially one as speculative as this. The projects have, typically, been rentals - which is how Marina City started. Check the <a href="http://www.aflcio-hit.com/wmspage.cfm?parm1=674" rel="nofollow">About us page</a> of the AFL-CIO HIT for a read on what projects it participates in. There are plenty of other local projects unions could finance. I’m obviously an outsider to any discussions between the Spire and the unions, but I’d be shocked if a nickel of union pension funds found its way into this project.

Luxury condos have not been the type of projects that pension trusts have favored investing in, especially one as speculative as this. The projects have, typically, been rentals – which is how Marina City started. Check the About us page of the AFL-CIO HIT for a read on what projects it participates in.

There are plenty of other local projects unions could finance.

]]> By: john j http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40858 john j Tue, 24 Mar 2009 21:20:54 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40858 its awesome......hope it will happen, would be great to see the same thing over at waterview tower also!! its awesome……hope it will happen, would be great to see the same thing over at waterview tower also!!

]]> By: SheridanB http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40857 SheridanB Tue, 24 Mar 2009 21:11:08 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40857 What's so new or shocking about this? Marina City was built to make work for the janitorial union (seriously). What’s so new or shocking about this? Marina City was built to make work for the janitorial union (seriously).

]]> By: Attrill http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40856 Attrill Tue, 24 Mar 2009 19:17:38 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40856 This makes a lot of sense on many levels. Any long term investor with cash on hand (i.e. a pension fund) could do a lot worse than investing in real estate right now. There is also the additional benefit of creating work for their members, which sends some of the money back to them as dues. This makes a lot of sense on many levels. Any long term investor with cash on hand (i.e. a pension fund) could do a lot worse than investing in real estate right now. There is also the additional benefit of creating work for their members, which sends some of the money back to them as dues.

]]> By: marco http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40855 marco Tue, 24 Mar 2009 19:13:41 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40855 Does anyone think there are buyers willing to pay 1500/sf anymore for this product. Even if this is completed with pension money in 5 years or so, buyers will still be hard to come by at these price points. Does anyone think there are buyers willing to pay 1500/sf anymore for this product. Even if this is completed with pension money in 5 years or so, buyers will still be hard to come by at these price points.

]]> By: Jeff http://yochicago.com/trib-unions-to-finance-spire-construction/8568/comment-page-1/#comment-40854 Jeff Tue, 24 Mar 2009 17:18:16 +0000 http://yochicago.com/high-rises/trib-afl-cio-to-finance-spire-construction_8568/#comment-40854 Not surprising; I believe the cement companies like Ozinga and Prairie have been investing in several loop area projects for years, so indirectly some of the crafts have already been doing some of this. But, let's hope some economic risk assessment backed judgement is used. What's to stop these guys from using their influence to come crying for a bailout later? Not surprising; I believe the cement companies like Ozinga and Prairie have been investing in several loop area projects for years, so indirectly some of the crafts have already been doing some of this. But, let’s hope some economic risk assessment backed judgement is used. What’s to stop these guys from using their influence to come crying for a bailout later?

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