Wednesday, April 1, 2009

Can the unions save the Chicago Spire like they saved downtown and built Marina City?





CBS2 Chicago has an interesting article on the Chicago Spire. There is some talk about a major union is considering using its pension fund to finance construction of the building and secure jobs for members.

Below is a picture of the current state of the building's stalled construction. The developer has completed most of the foundation work, including caissons and the very obvious circular building core.



This story caught my attention because it parallels the construction story behind Marina Towers 50 years ago. On marinacityonline.com, you can read the entire genesis of Marina City. I have enclosed a little here:

"William McFetridge, president of the Building Service Employees International Union (now known as the Service Employees International Union), was concerned about his union members not being able to get jobs in the suburbs. He wanted to persuade people to live in town, where wages would be higher.

According to Howard Swibel, son of real estate developer Charles Swibel (1927-1990), all William McFetridge knew was that he wanted to invest his union’s pension fund not so much in stocks and bonds, but in something progressive – something that would help people. He mentioned this to Charles Swibel, who suggested the union invest in housing"



It would be great to watch the building rise while sitting on my balcony this summer!

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