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It seems there's trouble brewing for Mr. Trump's new hotel, the supposed new "jewel" of the Chicago skyline. According to the Wall Street Journal:
So far, Mr. Trump has lined up buyers for a bit less than $600 million of condo units and condo-hotel units in a residential market that has virtually seized up. Yet he owes lenders as much as $1 billion when the loans are due, according to public records and several people familiar with the project. He has closed around $200 million in sales so far, with roughly $380 million still in contract. The retail portion of the giant building is for sale, at a time of rising vacancies for retail space in Chicago and one of the worst eras for retailers in years.Yikes. The story runs down some of Trump's trouble with specific loans and how he's scrambling to make sure he's covered as this time around, Trump isn't operating with partners; he's going to sink or swim on his own.
Another bit of news on the tower: the installation of the spire atop of the building has been delayed for the second time. Originally scheduled to happen last weekend, the installation was to happen this weekend instead. But several safety concerns have pushed it back to mid-November at the earliest. One of the reasons is this weekend's "boat run" when owners move their boats from the harbor to storage locations for the duration of the winter. Brian Steele, a spokesman for the city's Department of Transportation, said, "The Coast Guard doesn't allow lifts for construction over an active navigable waterway without the river traffic being halted." The tentative new dates for the installation are November 15 and 16.
Image of Trump Tower by JOE M500
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He is screwed now. His wealth is about to be spread around. He won't ever have the money.
I hope that eyesore gets taken down piece by piece.
Trump will survive. Cockroaches always do.
"I hope that eyesore gets taken down piece by piece."
as opposed to the "barge" that was the old suntimes building?
I think it's much better than what was there, though I don't like what this new building does for the IBM building (is it still called that?).
I actually think it's a beautiful building. If you want to talk about skyscraper eye-sores just take a look at the Hancock...eish!
"So my only option is 'or death'?"
Well you could choose cake
Brian Steele, a spokesman for the city's Department of Transportation, said, "The Coast Guard doesn't allow lifts for construction over an active navigable waterway without the river traffic being halted."
I LOVE the Chicago River and all its quirks. I love that you can walk over to LaSalle and Wacker during lunchtime in the summer and see people on sailboats getting bridge priority over all the cars. I've never lived anywhere else where something like that takes place, especially in a big city. Ding ding ding ding ding ...
"Well you could choose cake"
"I’ll have the chicken then, please."
“Taste of human, sir."
Being a neighbor to the tower I have to say it's grown on me. I do hope that the ensuing depression reduces it to public housing though. Any hotel that charges $6,500 for a bottle of Cognac in this economy is itching for insolvency:
http://www.trumpchicagohotel.com/_files/pdf/Rebar_Cocktail_Menu.pdf (bottom of page)
yaou're fired! Trump
Speaking of completed towers, set the wayback machine to 1974:
http://searstower.org/articles.html
Good, downtown doesn't need to be turned into another Manhattan. Go make your millions elsewhere Trump.
I can't stand that mutant egomaniac either, but I think that this is a terrific building. And you have to give the guy credit for getting it built.
If only it didn't have Trump's name on it!
"Good, downtown doesn't need to be turned into another Manhattan. Go make your millions elsewhere Trump."
Could you explain that view further?
Both the filling of vacancies and filling of retail spaces will do nothing but help this city with tax revenue.
I hope it fills up and blossoms into a profitable, long lasting Chicago success story. Regardless of who owns it.
JoeM500:
I'll take a crack at explaining my point of view. Sorry if I was a little brief in my initial post.
Trump's Chicago building's lowest asking price is $583K-$713K for a 580 - 730sf studio. The highest asking prices range from $3.3m - $9.6m for the penthouse condos.
While I'm sure that these are all beautiful condo's, do we really want to start pricing everyone out of living downtown? I can only what the taxes and monthly assessments are in this building! It's becoming harder and harder for a person or family making under $150k a year to live in alot of neighborhoods in Chicago.
Being a member of the trades and making a good living wage, this terrifies me. With the economy the way that it is now, how do families starting out afford to buy a starter home/condo in areas that they find desirable?
By the way, I think that it is a beautiful building and a great addition to the best skyline in the world. Just tone down the prices a little bit.
If he needs money, he could always auction off his hair.
That should be good for $10-$20.