Quote:
Originally Posted by Mojava
This is certainly not a very positive story in my eyes. It shows desperation from a developer. These are the same practices that Invesco has done over the years and all of their buildings lead the city in foreclosures. Look at Invesco's reputation now. It's also telling me that the developer is saying that their condos are severely over priced and they will reimburse you over the next two years. This is a way of reducing price without actually doing so. But yeah, if it can get the spire built, more power to them.
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I see your point and I tend to agree, however (and correct me if I am wrong) but I believe that this has been their plan since the inception. I recall reading about this strategy (or at least mention of the guaranteed 7.5% return) way back when he got started. I don't think this was necessarily a act of "sudden" desperation at least.
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"Chicago doesn't need Bryant to feel like a big-time player, just as it doesn't need Donald Trump to build a tower downtown to feel adequate. Nice that Trump's doing it, but when you have the Sears Tower and the Hancock building, you're pretty secure with who you are. And when somebody named Michael Jordan has graced your presence, somebody named Kobe Bryant isn't going to shake your world." Rick Morrissey, 2007
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