Page 4 of 45 FirstFirst 1234567814 ... LastLast
Results 46 to 60 of 661

Thread: Trump International Hotel and Tower - Chicago - by Skidmore, Owings & Merrill

  1. #46
    Senior Member
    Join Date
    Apr 2003
    Location
    Chicago, Illinois
    Posts
    137

    Default

    Trump's power play

    September 24, 2003

    BY DAVID ROEDER Business Reporter Advertisement

    Donald Trump, master of real estate showmanship, plied his art in Chicago on Tuesday.


    He and an entourage flew into town, served comments to the media and wine to some 500 guests in the posh confines of the Peninsula Hotel, all to announce that what was inexorably coming is here: the start of condominium sales for his 90-story tower on the site of the Sun-Times building, 401 N. Wabash.

    He's going to take down the old building on the river, home of the Sun-Times since 1958, and replace it with what he said would be the largest building constructed in North America since the Sears Tower in 1974.

    At 2.4 million square feet, it is Trump in its elegance, scale and audacity. While paying homage to Chicago's architectural tradition, he wants to embellish it. He didn't need a PowerPoint presentation, just a 7-foot-tall model (the architectural kind) to announce his intentions.

    "With all due respect to New York,'' the New Yorker said, "Chicago has got the great architecture.'' His Trump Tower Chicago, he said, "will be a very, very special building and we have spared no expense'' in the design. He added: "We're looking to make a statement that's top-of-the-line.''

    A condo prototype that hints at the city and river views is open on the top floor of the Sun-Times building.

    He promised not to scale back on materials if the profit margins get tight, pointing to the fits and finishes of projects that have redefined high-end construction in Manhattan, such as his Trump Tower and his Trump International Hotel & Tower. For Chicago, he hired Adrian Smith of the firm Skidmore, Owings & Merrill LLP, who designed a curtain wall of stainless steel and glass, with gentle curves and strategic setbacks.

    "We strive to have a building that both fits in and stands out,'' Smith said.

    Speaking to an audience of brokers, Trump elicited gasps when he said he's been able to drive Manhattan residential prices to as high as $5,000 a square foot. In Chicago, the most expensive condos go for about $800 a square foot, a price level Trump is testing.

    Ultimately, he hopes to push that to more than $1,000 a square foot. He talked of higher prices a couple years ago, but is now bowing to the reality of Chicago prices without acknowledging disappointment.

    Lower land prices here make the venture still workable, and Chicago's high-rise builders know how to meet a budget, Trump said. "I think this building will create a whole new set of numbers [for the market] because it's going to be so good,'' he said.

    Around Chicago real estate, there are plenty of doubters that Trump can pull it off. He has to sell 326 condos plus 174 units that'll be part of a Trump International Hotel here. There's some 351,000 square feet of office space in the package, too.

    The Chicago condo market is steady but not robust, while office leasing remains in a slump. To questions prefaced by those observations, Trump bore down on the bravado.

    He said he expects to begin demolishing the seven-story Sun-Times building in summer 2004 and to deliver condo units sometime in 2007. "We're talking a lot of years away yet,'' he said. "Markets will change three or four times by then.''

    Trump insisted interest from buyers and tenants is extremely strong. He wouldn't specify sales or leasing thresholds required for financing, but said he expects little trouble clearing them. "We're going to do a lot of pre-sales'' of units before construction begins, he said.

    "Every major financial institution wants to get involved in this deal.''

    Trump is known to be talking with the law firm Jenner & Block, currently in the IBM Building at 330 N. Wabash, as a potential lead tenant. And the Sun-Times could move back to the site, which Trump owns in a joint venture with the paper's owner, Hollinger International Inc.

    Talks with the Sun-Times continue, and the paper's publisher, F. David Radler, said he's looking at other space to either lease or buy in the River North area. Radler said the paper's space requirements range from 70,000 to 120,000 square feet.

    Trump said he'd like to have a paper as a tenant, but joked about Radler when first asked about it. "I deal too much with David, and he doesn't want to pay the rent,'' Trump said.

  2. #47
    Senior Member
    Join Date
    Apr 2003
    Location
    Chicago, Illinois
    Posts
    137

    Default

    TRUMP TOWER CHICAGO

    The numbers
    Projected delivery: 2007
    Area: 2.4 million square feet
    Height: 1,125 feet with 90 stories
    Residences: 326 super-luxury condominiums, including five penthouses
    Trump International Hotel: 174 condominium guest rooms and suites
    Initial prices: $470,000 to $1.8 million for residences, $3.6 million to $8.7 million for penthouses, $425,000 to $932,000 for hotel rooms
    Health Club and Spa: 60,000 square feet
    Offices: 351,000 square feet
    Parking: 1,150 indoor spaces with deeded residences-only section
    Retail: 60,000 square feet of boutique shopping and fine dining
    Riverfront park: 1.2 acres with 500 lineal feet along Chicago River

    the players
    Owners: Donald Trump and Hollinger International Inc.
    Architects: Skidmore, Owings & Merrill LLP
    Construction manager: Bovis Lend Lease Inc.
    Residential marketing agent: Koenig & Strey GMAC Real Estate
    Commercial marketing agent: U.S. Equities Realty LLC

  3. #48
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default

    Sounds like the project has been altered. There was no hotel in the initial proposal, and "only" 86 floors.

  4. #49

    Default

    ChicagoBusiness.com

    Trump tower beckons the well-heeled

    By Alby Gallun
    September 24, 2003


    Artist's rendering of the proposed Trump International Hotel & Tower

    Donald J. Trump jetted into Chicago Tuesday to crank up the marketing machine for his planned trophy tower along the Chicago River.

    At a news conference announcing the opening of a sales center for the high-rise, the celebrity developer and his associates disclosed that the 2.4-million square-foot tower planned for the site of the Chicago Sun-Times is expected to cost $550 million to $650 million. Its 90 stories include four more than were outlined under the most recent plan.

    Mr. Trump said he aims to begin razing the Sun-Times building, at 401 N. Wabash Ave., next summer and expects the new 90-story mixed-use building to open by 2007, an ambitious schedule given current market conditions.

    “I really think we have the best site in Chicago,” Mr. Trump said.

    Although the Sept. 11, terrorist attacks forced Mr. Trump to scrap plans to construct the world’s tallest building on the site, he said his new tower will still be the largest building erected in North America since completion of the Sears Tower in 1974.

    The proposed Trump International Hotel & Tower, designed by Chicago-based Skidmore, Owings & Merrill LLP, will have 60,000 square feet of retail space and 351,500 square feet of office space—an amount Trump scaled back amid the weak leasing market. It also calls for 326 condominium units and 174 hotel units. The hotel units will be sold off individually, like condos.

    Market challenges

    Yet the developer faces some significant hurdles, including lining up tenants for the office portion of the building. Mr. Trump claimed interest in the space is high, noting that the development group—which includes Sun-Timesparent Hollinger International Inc.—will announce some office tenants in the next quarter.

    Koenig & Strey GMAC Real Estate, the brokerage firm hired to sell the condo and hotel units, also must contend with a downtown condo market that many believe is overbuilt. Mr. Trump brushed off those concerns, saying the tower’s sales staff has plenty of time to sell the units.

    “We’re talking about years away, really,” he said. “The markets will change three or four times before (2007).”

    Interest in the units is there, he said, noting the sales center has already booked 97 appointments. The center, which reflects a model condo unit, now sits atop the Sun-Times building, next to a large banner with the development's phone number.

    Another hurdle—securing a construction loan—won’t be a problem either, according to Mr. Trump. “Everybody wants to finance this gem,” he said. “That’s probably the easiest part.”

    Wooing the well-heeled

    Mr. Trump is aiming for the high end of the market, with one-bedroom units starting at $470,000 and half-floor penthouses on the 86th and 87th floors starting at $3.6 million. A full-floor penthouse on the 88th floor lists for $8.7 million.

    The units feature expensive finishes, such as Sub Zero refrigerators and Italian wood cabinetry.

    “We have spared no expense,” Mr. Trump said.

  5. #50

    Default

    The hotel units will be sold off individually, like condos.
    I don't get that.
    What kind of a hotel is that ?

  6. #51
    Member
    Join Date
    Sep 2003
    Location
    HONG KONG (ORIGINALLY FROM THE PHILIPPINES)
    Posts
    57

    Default

    It looks like a contemporary version of the Sears Tower but the archetecture doesn't fascinate me! I would rather see the Sky Needle than this! If not, build the Sky Needle in NY!

    By the way, any Simcity 4 players in here?

  7. #52

    Default

    I don't get that.
    What kind of a hotel is that ?
    Its a timeshare property, and its probably the first of its kind in Chicago.

  8. #53
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default

    Or a residential hotel, like the Ritz Tower. I'm guessing that the hotel rooms wouldn't have amenities like a full kitchen or laundry machines, unlike the condos.

  9. #54
    Senior Member
    Join Date
    Apr 2003
    Location
    Chicago, Illinois
    Posts
    137

    Default

    Yeah you're right. It basically means that the units will not have full kitchens and will not be for long-term stays.

    It is interesting that Trump is doing the same thing in Toronto for his project there.

    Some of the lower units in TIHT at 1 Central Park West are similar. The best thing about it is that you get to enjoy all the services of a hotel.

    NEAT!

  10. #55

    Default

    I think it'll be great for Chicago to have a new thousand footer. Especially its first thousand footer that has an all glass facade. The Sears Tower, John Hancock Center, and Aon Tower are all nice thousand footers, but this will be a much more modern looking thousand footer. And 90 stories!! I can't wait. It's going to be great, maybe they can put one in NYC. Hehe.

  11. #56
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default

    Though I'd balk if a development like that in New York had Trump's name on it.

  12. #57

    Default

    Why? You don't trust him after his last NY project? It wasn't his fault, it was the NIMBYS.

  13. #58
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default

    Welllll...if something like that were built at Trump Place as opposed to the current, mediocre development...then definitely. Otherwise, I wouldn't want one anywhere else in the City.

    $^&# those NIMBYs.

  14. #59

    Default

    Quote Originally Posted by Stern
    Its a timeshare property, and its probably the first of its kind in Chicago.
    Like 425, 5th Ave that contains extended-stay residences ?

  15. #60
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default

    Who's your avatar, Fabb?

Page 4 of 45 FirstFirst 1234567814 ... LastLast

Similar Threads

  1. Does Donald Trump have a size problem?
    By Edward in forum New York Real Estate
    Replies: 7
    Last Post: January 24th, 2017, 06:12 PM
  2. A triplex in Trump International for sale
    By noharmony in forum New York Real Estate
    Replies: 7
    Last Post: March 18th, 2005, 08:49 AM
  3. W New York - Times Square Hotel
    By hyperfine in forum New York City Guide For Visitors
    Replies: 9
    Last Post: January 18th, 2005, 08:55 PM
  4. Skyline Hotel 10th Avenue - How is the area?
    By Annie Wood in forum Questions and Answers about New York City
    Replies: 3
    Last Post: August 31st, 2003, 04:56 PM
  5. Pictures of luxurious W Hotel - Times Square
    By Edward in forum New York City Guide For Visitors
    Replies: 0
    Last Post: December 29th, 2001, 12:36 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software