Aqua project delayed

I bet the Aqua doesn’t delay too long, it has gotten so much publicity¹

The ongoing credit crisis is putting the brakes on a significant Chicago building project.

Chicago-based Strategic Hotels & Resorts, Inc. said it is scrapping plans to purchase the hotel development at the Aqua Building, currently under construction and adjacent to the company’s Fairmont Chicago Hotel.

“Despite the opportunities this property presents, the financial markets and economic operating environment have changed significantly since we first entered into the agreement to purchase the space in 2006,” said Laurence Geller, president and chief executive of Strategic. “We remain committed to our thoughtful and disciplined business approach which, given the higher cost of capital, escalating total project costs and our dedication to maintaining sufficient liquidity for all market conditions, makes it imprudent for the company to proceed at this time.”

[From Financial crisis fallout: Strategic Hotels pulls out of Aqua project — chicagotribune.com]

A couple of photographs of Aqua I took earlier this year²

[other versions of these same photos found here]

Footnotes:

1. due mostly to its out of the ordinary design [↩]
2. July 5th, 2008, apparently [↩]