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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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