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Trump International Hotel & Tower


josita

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when does the trump tower begin construction?

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Actually, I heard that the plans haven't even passed through City Council yet. I could be wrong.. just heard through the grapevine.

The Sun-Times was asked to move out so the space is Trumps, I think that they are still working out the details of the design. Here in Chicago, all new city construction is mandated to follow green guidelines in the construction. Our Mayor is big on environmental initiatives here. So for example, the new library that is opening up down the street from me will have a rooftop garden and other energy saving elements.

The Walmart controversy and negotiations is complex, but they are also mandated to make 30% or something like this of their rooftop a garden. This bumps up the costs of construction.

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Here is an update on the Trump tower in Chi-town.. this just came out today.

Also, here's the link (you'll have to register w. the trib, it's free)trump tower .

Click on the left panel labeled Photo Gallery to see a history of the proposal designs for the tower. It's interesting...

_______________________________________________

Big names back Trump tower

Soros, Deutsche Bank said to be in on 90-story building

By Thomas A. Corfman

Tribune staff reporter

Published October 28, 2004

Donald Trump has lined up three New York hedge funds, including money from billionaire George Soros, to invest $160 million in his Chicago skyscraper, a key piece in perhaps the largest construction financing in the city's history, according to real estate sources and public documents.

Despite reports about the project's record-breaking sales, most of them from Trump himself, many Chicago real estate developers and lenders have expressed doubts about whether the 90-story tower would ever be built.

"It is such a huge project, and the prices he said he was getting were so outside the norm," said Robert Glickman, president and chief executive of Chicago-based Corus Bank.

"It was reasonable to say, `Is this real?'" he said.

Much of the skepticism springs from Trump's own hype. "Chicago developers are much less flamboyant," said Glickman.

The massive financing, which sources say also will include a $650 million construction loan from Deutsche Bank, should quell those doubts.

Trump flies to Chicago Thursday morning for a ceremonial demolition of the former home of the Chicago Sun-Times, 401 N. Wabash Ave., which will be replaced by his 2.5 million-square-foot tower. The demolition is expected to begin for real in January.

On Wednesday Trump declined to comment on the financing, emphasizing instead the luxury project's record-breaking sales.

The chief executive of New York-based Trump Organization said he has agreements to sell three-fourths of the 461 condominiums and 227 hotel-condo units for a combined $515 million.

"Nobody to my knowledge anywhere in the United States has ever sold more than $500 million worth of apartments prior to construction," he said. "It's a great tribute to Chicago, to the location and to a great design.

"And, I guess, to Trump, when you think of it," he added.

The investor trio is led by Fortress Investment Group LLC, according to a financing statement filed Oct. 19 with the Cook County recorder's office.

Fortress, which manages more than $10 billion in investments, is familiar with the downtown Chicago condominium market after providing a key $26 million loan on the River East mixed-use development last year.

The document does not identify the other participants, but a key member is Grove Capital LLP, according to sources familiar with the transaction.

The firm manages most of the multibillion-dollar real estate portfolio of the $13 billion Soros Fund Management, from which Grove Capital was spun off last month.

The third investor is Blackacre Institutional Capital Management LLC, the real estate arm of hedge fund Cerberus Capital Management LP, which manages assets totaling $14 billion.

Executives with the three hedge funds could not be reached for comment.

The $160 million investment is in the form of a mezzanine loan, a kind of second mortgage that typically charges a much higher interest rate than a first-mortgage construction loan.

Unlike the mezzanine loan, which has closed, terms of the $650 million construction loan have not yet been finalized, sources said.

Frankfurt, Germany-based Deutsche Bank, an active commercial real estate lender in the U.S., is expected to split up the loan with other banks.

Chicago developer Steven Fifield admits he was a "total skeptic" about the project, which initially included a large portion of office space.

But the elimination of the office space and the steadily climbing condo sales helped change Fifield's view about Trump's chances to get financing.

"I thought it was a given with the number of presales he had," said Fifield, president of Fifield Cos.

After 13 months of marketing, condo prices at Trump International Hotel & Tower Chicago have exceeded $900 a square foot, while hotel-condo units cost nearly $1,100 a square foot, according to an analysis of 53 units by Appraisal Research Counselors, a residential consulting firm.

Trump's marketing firm recently put those units, including six hotel-condo units, on the Multiple Listing Service of Northern Illinois.

Almost two weeks ago Trump completed a buyout of his former joint venture partner in the project, Hollinger International Inc., the troubled parent of the Sun-Times.

Although lining up the financing was a big step for Trump, he still has hurdles to overcome, including avoiding construction delays and cost overruns.

Still, he expressed no concern about the doubts harbored by some local real estate executives.

"It's a very expensive building to build because of the quality we are putting into it," he said. "So people of course would say, `Gee, that's a lot of money to raise.'

"But for me, it's not a lot of money. You understand," he said.

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The Trump Tower is going to nicely terminate the vista looking north up Wasbash from within the Loop.

I actually really liked the old Sun-Times building.

A photo thread I did in January 2005 about the demo of the Sun Times building:

The following charts a day in the demolition of one of Chicago's most prominent and (mostly) disliked buildings

The Chicago Sun-Times building

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1418ChicagoSun-Times-001.jpg

Since it was MLK day and I am a government worker, I had the day off. I decided I needed to do some exploring and touring of downtown Chicago. Well, I got some good pictures of stuff along State St. and up Michigan Ave, but I was surprised to see the demolition of the former Chicago Sun-Times building in progress.

So, being an amateur historian, I had to document this for myself and everyone.

One of Chicago's ugly duckling's (like the Thompson Center, yuck) will be gone soon.

1418Chicago_20050117_021.jpg

1418Chicago_20050117_022.jpg

From the State St. bridge

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From across the Chicago River on Wacker Drive

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From the north and east - right next door

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From Rush Street

Once the former Chicago Sun-Times building is gone this will be its replacement:

1418chitrump.jpg

Trump Tower Chicago - another mega-project from our comb-over friend from NYC.

As for the end of the Chicago Sun-Times building, I am a bit saddened by it. Architecturally, its a pretty good example of the 1960s era modernism. I like the squat, low lines of the mass, the silvery quality of the metal facade, and the spacing and repetition of the windows. That last quality is one of the nice features - the ratio of window void to wall seems harmonious and the silvery facade punctuated by the black window voids has a nice balance of light to dark, as opposed to the black monolithic IBM building slab behind it to the west.

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^ Probably because it's made of glass. :thumbsup:

Just kidding, I know what you mean. I noticed the facade doesn't tend to be very photogenic at times. This is due to the high specular coating on the windows. It might have to do with the buildup of heat inside the building from sunlight getting trapped. It's tends to be an issue in highrise office buildings, but hotels? Hmm, I don't know. But it real life it looks way better, believe me.

Taken Saturday.

trump01.jpg

trump02.jpg

trump03.jpg

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I believe it's more popular today than past highrises. The reason why is the windows that were strictly tinted allowed a lot of solar energy inside that heated the tower. That's good and all, but there's also the heat of the people and computers inside that would heat the tower as well. As a result, air conditioning systems would be running non-stop, even in the winter. The specular coating helps reflect some of this sunlight.

But with the Trump tower, I'm not sure if this is entirely the case, it's a different type of building. It could be strictly architectural from a design standpoint, I don't know.

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It looks like the pano above includes the new "twisted" skyscraper. Im surprised that the Trump tower isn't in there as well. But I had thought that it was pretty close to the middle being an anchor of sorts between the John Hancock & the Sears Tower.

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From the panoramic, it would be right center of the Prudential Building. If you were to take that same shot today, you still wouldn't see it. I doubt it will rise just above the pru from that perspective for a few months yet.

I have a few updates on the camera that I can post when I get home from work.

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I was in Chicago this weekend and got some shots of Trump Tower. Overall, I think it is going to be a fantastic addition to the skyline. Not only that, but it is so open with the bridge, river and Wacker that I think it might become a signature shot for Chicago. The only thing that stands out to me is the rippling effect on the glass. The rendering looks so smooth and sleek but you don't get that impression close up. If I'm not mistaken, they are only on the 30th right now. this will look pretty massive when it is topped out.

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Joe

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