Officials Demand High-Rise Crane Come Down
City officials in Chicago are demanding the removal of a high-rise crane which stands at the half-built Waterview Tower, a monument to the economic downturn.
Waterview Tower, which on paper is supposed to be a 90-story building, now stands as a shell about 27 stories tall at the southwest corner of Wacker and Clark. No construction work has been done on the building since last year.
"The developer, Teng & Associates Inc., did not return calls. In March, Shangri-La Hotels and Resorts withdrew from an agreement to open a posh hotel in the building, citing global economic difficulties. The property is deep in liens and foreclosure because Teng President Ivan Dvorak started construction before he had loans to finish it."
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Published on Wednesday, June 17, 2009 in
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