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economic mess

Home Tag economic mess

How to fix america's trade deficit.

Nov 17, 2010

jim dyson promotes innovation to cure economic woes.
Jim Dyson, legendary design engineer, in a piece for The Daily Beast, that whatever deficit fixes Washington comes up with near term, only expanding exports will grow the economy and keep deficits manageable in the long-run. Dyson encourages Congress to adopt Obama’s deficit-reduction commission’s recommendation to permanently extend the current temporary R&D tax credit. Dyson notes that China already surpasses the US in high tech exports but concludes that US companies are well-positioned to develop – with incentives that match their risk –  the innovative technologies and new products of the future. more via daily beast

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Economists encourage businesses to think design.

Feb 16, 2010

economists encourage businesses to think design for post-recession recovery.
a heads up… the redesigning business summit on march 11th and 12th in london will bring together 250 senior business leaders with some of the most influential thinkers in innovative new business models and design-led innovation. via dexigner | designcouncil [RK]

Chicago spire twists in wind.

Dec 22, 2009

spire3Chicago’s AFL-CIO investment trusts take a pass.
When Chicago was in the running for the 2016 Olympics, the local AFL-CIO Investment trusts signaled interest in helping foot the bill for an Olympic Village in Chicago. The trusts represent 24 trades.

But two union funds identified by a local labor leader and a Spire spokeswoman as having expressed interest, the AFL-CIO Building Investment Trust and the union-backed life insurer ULLICO Inc., are taking a pass, according to top executives there. Representatives of two others, the AFL-CIO Housing Investment Trust and the Multi-Employer Property Trust, say the Spire isn’t a suitable investment for them.

“It’s not something we’re able to do,” says Edward Smith, president of ULLICO. “Unfortunately, these are just very difficult markets.”

The idea of putting union funds to work, to provide work not as popular in Chicago as one might think. The boo birds vocal on this one.

spire1
below: the 2,000-foot-high 150-story condominium tower has remained a large hole in the ground for over a year ever since financial woes stopped construction work.
spire2

below: the latest 3D renderings.
spire4
spire5
For $40,000,000 you can get the 10,000 square-foot penthouse condo, which by-the-way was bought by Ty Warner, creator of the Beanie Baby toys; for $750,000 a bottom-end 543-square-foot starter unit. The average per-square-foot cost of a bit under $2,000 marks a new top price point in Chicago.

below: the latest 3-D interior renderings.
spire7
spire8
spire9
spire10
spire6
above: santiago calatrava, the architect, in the Chicago Spire sales office in NBC Tower.

The Spire was supposed to be finished by 2012 and the Irish developer staged a global marketing campaign. Buyers have snapped up a third of its 1,194 luxury condominiums to date.

Calatrava has placed a lien on the building, claiming that he was owed $11.34 million. But while in Chicago last month, he said it was his “personal wish” that the four-year-old project “was not dead,” noting that some of his projects have taken up to 13 years to complete.

Full story…

Resources:
the chicago spire
blair kamin – not DOA yet
chicago architecture info
chicago real estate daily
lynn becker
savills
NYC’s top 10 crazy things that didn’t get built

Chicago spire. Case reopened.

Dec 1, 2009

spire3the Chicago Spire was under a shadow of the 2016 Olympics until a few weeks ago.
When Chicago was in the running for the 2016 Olympics, the local AFL_CIO Investment trusts signaled interest in helping foot the bill for an Olympic Village in Chicago. The trusts represent 24 trades. Now that the Olympic bid is lost the trusts have another investment opportunity. The Chicago Spire.

Though it appears today, 12/1, that a meeting between the Chicago & Cook County Building & Cosntruction Trades Council which represents the trades, and the Spire’s developer, Shelbourne Development Group was uneventful, the issue of funding the restart of the project is still on the table. Under discussion is a potential $170 million land loan that would payoff liens and restart work on the dormant project.
spire1
below: the 2,000-foot-high 150-story condominium tower has remained a large hole in the ground for over a year ever since financial woes stopped construction work.
spire2

below: the latest 3D renderings.
spire4
spire5
For $40,000,000 you can get the 10,000 square-foot penthouse condo, which by-the-way was bought by Ty Warner, creator of the Beanie Baby toys; for $750,000 a bottom-end 543-square-foot starter unit. The average per-square-foot cost of a bit under $2,000 marks a new top price point in Chicago.

below: the latest 3-D interior renderings.
spire7
spire8
spire9
spire10
spire6
above: santiago calatrava, the architect, in the Chicago Spire sales office in NBC Tower.

The Spire was supposed to be finished by 2012 and the Irish developer staged a global marketing campaign. Buyers have snapped up a third of its 1,194 luxury condominiums to date.

Calatrava has placed a lien on the building, claiming that he was owed $11.34 million. But while in Chicago last month, he said it was his “personal wish” that the four-year-old project “was not dead,” noting that some of his projects have taken up to 13 years to complete.

More… spire not spared — spire news

Resources:
the chicago spire
blair kamin – not DOA yet
chicago architecture info
chicago real estate daily
lynn becker
savills

A few hoteliers forge ahead in down economy.

May 29, 2009

Even as other hotel and resort projects conceived and started in better times get scaled back, postponed or canceled, several luxe sites are not slowing down. via marketwatch [CM]

Libeskind. Creativity meets commerce.

Apr 23, 2009

libeskind-1How do you innovate in a recession? Architect Daniel Libeskind shares his thoughts.

Scottish architects play to win with legos.

Mar 26, 2009

The economy is so bad…five top firms participating in a challenge to design structures built out of Legos. Reminds me of Russian exhibit of buildings never built. via artinfo [PR]

Within the product of no product.

Mar 25, 2009

What if…if the strongest consumer impulse becomes not buying? John Hockenberry poses the question. The design community ponders today’s economics. via surfstation [PR]

Spire news.

Mar 24, 2009

The Spire from starchitect Santiago Calatrava may rise after all, if the developer can make a deal to have the AFL-CIO’s pension fund pay for it to secure five years of construction jobs.

Representatives from AFL-CIO Housing Investment Trusts are meeting with Chicago Spire developer Shelbourne Development Group on Tuesday to advance preliminary discussions that could have the deep-pocketed pension fund help pay for construction of the stalled skyscraper.

Discussions between the trusts and Irish developer Garrett Kelleher began in January, but the talks are in the “embryonic stage,” said Tom Villanova, president of the Chicago and Cook County Building Trades Council, which represents 24 trades locally.

“The main thing is jobs,” Villanova said. “We can use our own funds to benefit members. The Spire is going to be five years of construction, which is just phenomenal for us. It’s thousands of jobs.”

An investment by the pension fund would make the project a 100 percent union job.

“Obviously, the idea of pulling the unions together and making this a ‘Made in America’ project is very positive,” said project spokeswoman Kim Metcalfe, who confirmed ongoing discussions with the union.

“We’re exploring all of the financial options with the economy as challenging as it is, but clearly this is long-term,” Metcalfe said. “We’re working toward the success of the building. We continue to actively market the building. Clearly, the construction of the building is on pause, but nothing else about the building has stopped.”

The break in construction has left a hole 110 feet wide and 76 feet deep at 400 N. Lake Shore Drive, making the Spire a worldwide symbol of the recession and shut-down credit markets. It has had numerous liens filed against it as consultants and contractors involved in the initial work sought payment for their services. Architect Santiago Calatrava, who designed the twisting building, filed liens against the project in October for more than $11 million.

The union has three investment trusts, including the Building Investment Trust, a pooled real estate fund with more than $2.5 billion in assets as of Dec. 31. It was created in 1988 as a vehicle to provide competitive risk-adjusted returns for its participants, as well as a way to create jobs in commercial real estate projects for its members.

The Chicago market has proved to be the biggest beneficiary of the fund, with more than $1 billion invested in local projects, including senior and affordable housing and Trump International Hotel & Tower, Villanova said.

The trust, Villanova added, also is interested in investing in the construction of an Olympic village, should Chicago win the 2016 Games.

[via Chicago Tribune’s Mary Ellen Podmolik]

Chanel slams bling-bling in paris.

Mar 12, 2009

Chanel designer Karl Lagerfeld said it’s time for a big cleanse after years of indulgence. Christian Lacroix, Stella McCartney ignore economic crisis. via reuters. [PR]

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