Suntimes
May 22, 2006
Carley tired of Trump's put-downs
BY DAVID ROEDER
Christopher Carley has had it with Donald Trump and any other skeptic
out there.
Trump, the New York developer building a skyscraper in Chicago, has
belittled Carley's proposal for a 124-story building that would contend
for the title "world's tallest." Trump questioned Carley's finances and
ability to complete the project.
Carley fired back in an interview last week, saying potential buyers
have reserved 92 out of the total 300 units in just about two weeks of
marketing, with the latest deals near new highs for Chicago in prices
per square foot.
The developer insisted business has been so brisk that he's had to
suspend the marketing, lest he tie up too many sales at prices that
later seem too cheap.
"The demand has been incredible. It's like it's price insensitive,"
Carley said. The deals are accompanied by $20,000 as a refundable
deposit. "They're going for larger units, higher up in the building," he
said.
Carley cannot take nonrefundable deposits until he completes legal
paperwork for the condominiums. Designed by the renowned Santiago
Calatrava, the spired building proposed for the lakefront at 420 E.
North Water St. has passed city zoning review.
Whether it gets built depends on the sales pace and financing
agreements that remain to be completed.
Carley said the unit reservations started at well over $1,000 per
square foot, and most recently topped $1,250 a square foot. That would
put him slightly above the level Trump claimed during a promotional stop
in Chicago May 10. The Trump International Hotel & Tower is going up at
401 N. Wabash.
Carley said his prices slightly beat those of such exclusive projects
as a condo conversion at 900 N. Michigan and new Ritz-Carlton-managed
condos planned at 664 N. Michigan.
He's closely watching volatile commodity prices, which affect
construction costs, and has increased his estimated budget for the
building to $600 million from $550 million.
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