Count One Out for Worst Building in Your Neighborhood Contest
By Olivia Leigh in News on Oct 4, 2006 5:25PM
In what may be another effect of the softening housing market we discussed yesterday, the Falor Corporation, an aggressive condo conversion company, pulled the plug on Nicky Hilton’s much-discussed condo-hotel project at 500 S. Dearborn St. Paris’ little sis was to help Falor convert the Printers Row’s Hotel Blake into a “calmer version” of her South Beach prototype.
Condo-hotels, in which investors buy individual hotel rooms to use as a residential condo, and then allow the hotel operator to rent out the room when they are away, have been less than successful in the past. In fact, Falor’s other condo-hotel, the Aldens at 202 S. State St., went under last year.
A Florida condo investment firm that had signed on to buy more than half of the property’s rooms is now suing, saying that Falor breached the contract when they abandoned the project.
Falor attributed the booming hotel industry and softening condo market to the failure of the project, while also stating that he was frustrated by the fact that Ms. Hilton "didn't want to give up control of the rooms.” And honestly, if the rooms were going to look even remotely like whatever the hell this is supposed to be, well, we aren’t too sad to see it go.
Speaking of questionable buildings, the Chicago Journal wants you to help them find the ugliest ones in your neighborhood. Our last little discussion on this topic prompted quite the response, especially in regard to a certain “cruise ship” condo in Wicker Park. The Journal’s website also has a snazzy map, so you can go see for yourself all the fugly this city has to offer.
We certainly have a few buildings that we love to hate, so come on kids, spill the beans. What buildings can’t you wait to see replaced?
Image from Zilbert Realty Group.