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At least $300 million more funding required. This takes total project to $880M so CHALs $3M contribution equates to 0.34% of the project. Does anyone know what the expected annual net profit of the project is?
https://www.silive.com/news/2018/09/source_heres_where_400m_in_ny.html#incart_river_index
Doubt there will be an RNS on Odyssey any time soon, the approval was just the zoning application and I expect it now has to go through full planning. Key thing is though that Dallas city is behind it. I'm expecting the next RNS will be the half year accounts around the end of Sept which should make interesting reading!
deltalo this was just posted on SiLive last night so not old news... you git... and I don't post on ADVFN so get your facts right.
https://www.silive.com/news/2018/09/ny_wheel_to_nycedc_we_remain_c.html#incart_river_index
STATEN ISLAND, N.Y. -- A day after the city announced it will not provide financial support for the New York Wheel, the project's developer said it is still in active negotiations in hopes of moving the 630-foot tourist attraction forward.
"The Wheel remains committed to pursuing this project, which is the cornerstone of the entire North Shore waterfront redevelopment, and which will generate significant tax revenues for the City, generate thousands of good-paying jobs and represent a new iconic tourism landmark for New York City, drawing millions of visitors to the Island," a NY Wheel spokesperson said.
https://twitter.com/ChadWestPLLC/status/1038066880127422466
No doubt many more hurdles to go but positive start here.
Deltalo, there may have been a lot of work gone into the site in the past but not anytime recently... try looking at the panorama view now and then scroll back a year. Spot any progress at all?
Fingers crossed we hear some positive news soon and things can get back on track.
Typical, just when some workmen turn up. See last captured image on cam2, bottom right. Could they be AB, probably not. More likely bailiffs to remove the wheel parts!
If you think your investment in CHAL is bad, I work out that MG has 4,150,000 shares @ an average of over 7p. The last average down being in May 2018. If he'd lost faith in his own company surely he'd be selling up which would need to be RNS'd?
15 days until NY Wheel deadline; will the project move forward?
https://www.silive.com/news/2018/08/15_days_to_ny_wheel_deadline.html#incart_river_index
The countdown continues, still without any indication of how the funding is going. 15 days puts this at 5th Sept.
Note its mg@challengeracquisitions.com - (second "s" missing from above post)
Just sent him a message there, not that I'm expecting a reply but on the off chance he does give me a heads up I'll let the board know (after I either sell up or load up of course!)
Good question, everyone simply assumes/hopes that at 120 days there will be an RNS saying financing is sorted and construction will begin the following week. Chances of that happening?
Silive "50 day.." article was posted on 28th June which puts 120 days at around 6th September. I'd expect an RNS by mid Sept with an update.
My personal feeling is that they will need more time to sort the financing and will be looking at Q4 for that to get resolved with construction restarting Q2 2019. Hope I'm wrong and we get the news PI's want, don't want to think about what will happen if it goes back to court!
No problem Dan, there is so little info on anything CHAL related out there I'm happy to share when I find something even if it seems insignificant.
Laurel and Hardy - pmsl. Its Jetxie whichever one that is. He/she had me thinking I must have posted on the wrong board.
I don't understand what you don't get? CHAL is investing in the proposed Texas Odyssey Wheel. This hearing is to do with the zoning application for the wheel and associated buildings parking etc... kind of like a planning application. If refused it could delay things or even put an end to the project. If approved then its on to the next part of the planning stage. Still very early days but this is the first hurdle and looks like Dallas City are behind the project. Hopefully find out end of the week.
You do know that CHAL don't just have the New York Wheel project on the go, don't you? They've loads of other stuff like this other wheel in Dallas and …err... ehh… oh yeah, that loan we paid out to Star Sanctum, where after fees and interest we make... ehh... our money back, well some of it anyway.
Isn't it obvious? The next hearing is on Thursday and this could be approved or on the other hand be dragged out to next months hearing.
STAFF RECOMMENDATION: Approval subject to a revised conceptual plan and staff’s recommended conditions.
See pages 9-1 to 9-52
https://dallascityhall.com/government/meetings/DCH%20Documents/plan-commission/8-16-2018_CPC_Docket.pdf
Aug. 16 Cases to Watch - Z178-265 (D2) - Odyssey Wheel project - last month, CPC asked the developer to talk with neighborhoods (such as Lake Cliff) that will be impacted by this wheel.
https://twitter.com/ChadWestPLLC/status/1029015997091651587
Been nothing for weeks happening on site other than the odd hi-vis man going to the portaloo. Looks like a generator? or something being delivered - see cam 1 @ 8:47
Probably nothing to get excited about but keep an eye out for a big wheel getting rolled on site. More chance of that happening than Mark actually telling us what is going on.
This might explain the delay in news on the zoning application, suggests the decision will now be in August.
https://www.facebook.com/chad.a.west/posts/10155876639948163
Z178-265 (D2) - Odyssey Wheel case - this wheel would be larger than the famous wheel in London, with plans to include an educational component, retail and restaurant features, and other tourist attractions. The wheel will be directly between the view of the Oak Cliff Gateway/Lake Cliff and downtown/the Cedars, so it's important to have clear understanding of what this will look like. I encourage Cliff Dwellers to review the docket starting at page 560, and send comments to me at CPC-D01@dallascityhall.com or to Yolanda. I'm going to follow up with the developer about the signage allowances mentioned on p. 566 of the docket. See article below. **HELD UNDER ADVISEMENT UNTIL 8/16/18 - CPC ENCOURAGED THE DEVELOPER TO MEET WITH NEIGHBORHOODS, INCLUDING LAKE CLIFF NA, TO DISCUSS THE PROJECT**
Chad West ***UPDATE: I spoke with the developer for the Odyssey Wheel last night. He is going to ask the Plan Commissioner for D2 to hold the case over to (at least) early August so that he has time to speak with Lake Cliff NA (the Oak Cliff neighborhood whose view to downtown will be directly impacted) and to address issues on signage.****
More traffic / zoning stuff related to the EOT site...
Z178-265 TIA 20180523 - Volume 2.PDF
Z178-265 TIA 20180523 - Volume 1.PDF
Z178-265 Existing conceptual plan.pdf
Z178-265 Proposed conceptual Plan.pdf
Z178-265 Proposed Exhibit 800B.pdf
Z178-265 Existing 800B.pdf
http://dallascityhall.com/government/meetings/Pages/7-19-18-plans.aspx
18. Z178-265(SM)
Sarah May
(CC District 2)
An application for a new subdistrict to allow additional retail and
personal service uses on property zoned Blocks 12 and 13 within
Planned Development District No. 800, on the southwest line of South
Riverfront Boulevard, north of South Houston Street.
Staff Recommendation: Approval, subject to a revised conceptual
plan and staff's recommended conditions.
Applicant: David Taggart, EOT Odyssey, LLC dba Eye of Texas, LLC
Representative: William S. Dahlstrom; Jackson Walker, LLC