Waterview Tower gets loan, approaches one–third–way point

15-Apr-08 – The developer of Waterview Tower says the Marina City neighbor is approaching the 27th floor, which will be the top floor of the five-star Shangri-La Hotel. It’s where the Presidential Suite will be located. A luxury condominium will also be located in the building.

According to Teng Real Estate Services, concrete for the 26th floor was poured recently. Installation has started on supports for the glass and granite curtain wall on the exterior of the building.

“Despite recent negative speculation by the press,” says Dorrie Freiman, Director of Marketing & Sales, “come 2010 there will be a Waterview Tower and Shangri-La building.”

An April 9 article by the Chicago Sun-Times described progress on the building as “excruciatingly slow” due to problems obtaining $320 million in financing. Since January, according to the article, five contractors have filed liens on the property.

However, on April 15, Teng announced that Beijing Construction Engineering Group and its American subsidiary had arranged for more than $300 million in financing to complete the project. BCEG expects the loan to close in June.

Construction started in 2006. When completed, Waterview Tower would have 89 floors above ground, topping out at 1,047 feet.

Shangri-La Hotels and Resorts was recently voted Asia’s Best Hotel Brand for Business and Vacation in a poll by Asiamoney magazine. Additionally, eight individual Shangri-La Hotels were named “best hotel” in the survey.

Besides Waterview Tower, Beijing Construction Engineering Group is also working on facilities for the Beijing 2008 Olympic Games.