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Developers for the Chicago Spire failed to pay over $400,000 in property taxes. A spokeswoman blamed a mailing problem, saying the tax bills had gone to the wrong address...but is it a symptom of a bigger problem?
From Crain's:
[T]he failure to manage a routine task like property taxes raises questions about [developer Garrett Kelleher]’s ability to complete a multi-billion dollar project that demands the highest level of concentration.
...
The tax gaffe is one of several missteps for Mr. Kelleher as he endeavors to build the 1,194-unit skyscraper. In November, he abruptly learned that he did not control a key parcel where he had intended to build.While Mr. Kelleher has altered the below-ground plans for the project, a lawsuit filed by neighbors in Cook County Circuit Court is still pending.
In September, Mr. Kelleher pushed back the start of condo marketing until January because of a delay with regulatory filings required by the federal government.
Sales teams for the Spire have been traveling the world looking for people who want to buy units. Currently, reps are in China looking for prospective buyers. [Crain's, China View, rendering from the Spire site, which plays music]
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The commercial mega-developers' version of "The check is in the mail..."?
"uh... my cougar ate my checkbook."
Oh, but I want them to build this.
Because they should totally owe $400,000 last year, just for owning a nice piece of land.
joe - if you want zoning for a 1,200 unit condo building, you're going to have to pay for it. it's just the way it works.
...a little bit for Todd Stroger, a little bit for Todd Stroger's family, a little bit for Mayor Daley, a little bit for Todd Stroger's friends, a little bit MORE for Todd Stroger, a little bit MORE for Mayor Daley, a little bit MORE for Todd Stroger...
Because they should totally owe $400,000 last year, just for owning a nice piece of land.
Well, yes, yes they should. They get a discount (a huge one) because they have no occupancy. Look at it this way, if someone went and plopped a building/buildings half the size (600 units) for which the annual taxes averaged $5k, then the city is losing $2.6MM a year while the development firm is globe hopping looking for tenants.
But the city is losing much, much more than this in opportunity cost.
But property taxs are assesed based on whats on the property not what could be built there. Every parking lot downtown could have a high rise but they are taxed on there current use. Its nothing more than a vacant lot. I would like to see this get built but I doubt it will ever happen.
No, totally true. If you own something, you should have to pay up. Shame on you for owning a nice piece of property. Pay money.
Looking at these Chicago pictures
the spire just doesnt seem to fit into our skyline. Just my opinion.
somebody has got to pay for all the property taxes the tribune company evades by having wrigley field appraised for barely a million bucks.
Apparently it's Mr Kelleher
chimusic, don't be a whiner. none of the existing buildings "fit" into the skyline before they were built.
what made our skyline what it is today is vision. have some, please.
santiago claratrava is the most exciting architect of our age, and it just totally burns me that milwaukee - MILWAUKEE! - has one and we don't.
also, to any developers out there with a couple hundred thousand burning a hole in their pocket: we need a zaha hadid. preferably a public use building. please and thank you.
Looks like the sharp end of a nail (minus the spiral). Would be interesting to see the other part of this building on the opposite side of the earth except shaped like a electrical drill, or hammer, or nail head or some ridiculous thing. Possibly a band saw... thats just silly, stop it!
$400,000 is NOTHING to this man!
He literally probably just forgot to pay it.