January 31, 2008 - One of the first buildings granted landmark status in 2008 could be the IBM building, but the distinction comes with a condition. Even though the City Council Landmarks Committee approved the tower’s status, Alderman and Landmarks Chairman Anthony Beale vowed to hold up the final designation in committee unless developer John Rutledge agrees to unionize the proposed hotel portion.

The fate, or at least facade, of the 52 story tower on 330 North Wabash hangs in the balance of Rutledge’s decision. According to a Sun Times article the tower, constructed in 1972, is currently 30 percent vacant and could use some renovations especially now that new neighbor Trump is open for business.

Rutledge had planned to build a luxury hotel with 335 rooms on floor 2 through 14 of IBM. Being granted landmark status would qualify the project for substantial tax breaks. The battle at the Congress Hotel on South Michigan is a prime example of what all parties want to avoid. That hotel has been entangled with striking union workers for four years and beset with complaints of poor service. A recent request to expand the hotel was knocked down by the Plan Commission.

Right now Rutledge isn’t saying yes or no to the stipulation, only pointing out the obvious that the project would benefit the city by adding construction jobs, long term hotel jobs and millions in taxes. It could end up being a battle of wills, but if neither side can come to an agreement the end loser is both the IBM building and Chicago. Condo Builders in Chicago rarely get to take advantage of landmark status for a project, and it seems a fair trade for restoring a historic building.

Technorati Tags: IBM Building, Chicago Condos, Chicago Real Estate

January 30, 2008 - Construction may be in full swing on the 60th floor, but 125 of the 339 hotel rooms on four of the levels 14 through 27 are open for business at Trump Tower Chicago. The starting price for the Trump experience is $325, which is less than the regular rates of $425 to $2,300 per night, depending on the suite size. Discounted rates will be in effect for the first year.

The $325 per night rate gets you a 600 square foot room furnished with a king sized bed and kitchen, according to Crain’s and the Tribune. The 600 square foot room is actually the smallest unit available. $1,425 rates a two bedroom, three bath unit measuring 2,140 square feet with a dining room and furnished kitchen.

The interior finishes are what you’d expect from Trump. Imported Italian limestone, zebra wood, custom Italian cabinets, French china, large soaking tubs and flat screen televisions in the bath mirrors are just a few of the luxury signature touches.

The restaurant Sixteen, with its curved windows and 19,000 crystal chandelier, is already serving breakfast and will expand its meals to include dinner soon. A wine rack with 900 bottle capacity will hold a selection for virtually every preference. And if you’re in the mood to dine in, you can request that a meal be prepared in your own room.

The entire hotel portion is expected to have a grand opening on March 17th, with Donald Trump in attendance. At that time the rest of the hotel units, along with the spa, lounge and health club will be fully functional. Construction on the 92 story, $800 million high-rise should be complete by April of 2009, ushering in a new selection of Chicago Luxury Condos.

Technorati Tags: Trump Tower, Chicago Condos, Chicago Real Estate

January 29, 2008 - A proposed 50 story high-rise on 150 East Ontario Street that has been in the planning stage for some time may finally get off the ground later this year and become home to a new Marriott Hotel brand. Monaco Development LLC first intended for the building to primarily house condos, but company president Neil Gehani was quoted in both the Chicago Tribune and Crain’s as saying current market conditions caused the change.

The project is estimated to cost roughly $240 million and will still contain around 20 luxury condos. But the main focus of the development will be the 250 room boutique hotel, dubbed Edition. Hotel developers Ian Schrager and Marriott International have plans to eventually open 100 Edition hotels in countries all over the world, including Madrid, Costa Rica and Paris. Chicago is among the first nationally, with other locations in Miami, Washington, D.C., Los Angeles and Scottsdale to follow.

Financing for the tower still has to be secured, but the stellar location close to Michigan Avenue and the increased demand for boutique hotels are a definite plus for the project. The City Planning Commission has already approved the tower, but a zoning change must still be made to accommodate the hotel rooms. If all goes well, the tower is expected to be complete in 2011.

The recent influx of hotel projects has certainly been above the norm, but it remains to be seen if developers continue to favor building hotels and apartments over new Downtown Chicago Condos.

Technorati Tags: 150 E Ontario, Chicago Condos, Chicago Real Estate