ChicagoDowntown / Loop

Ritz-Carlton gets its financing

by Joseph Askins on 12/28/09

Ritz-Carlton ResidencesIt’ll be a happy new year for the Ritz-Carlton Residences after all. Arabian Business reports that Kuwait Finance House, which has a 95-percent stake in the project, has signed an investment deal for $242 million. That should pave the way for construction of the 40-story tower at 664 N Michigan Ave.

Ritz-Carlton most likely will be the only new condo tower to start rising in 2010 and will be the only downtown project that starts delivering homes in 2011. More than 40 percent of its 86 homes are under contract, according to Arabian Business. Prices start around $1.4 million for a two-bedroom unit and go all the way up to $13 million for a penthouse.

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{ 7 comments… read them below or add one }

the urban politician December 28, 2009 at 10:55 AM

For some reason I thought this project already had financing.

Looks like there’s still some money out there. Are you listening, Kelleher? Okay, maybe not THAT much money..

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the urban politician December 28, 2009 at 11:30 AM

Here’s a nice little blurb from the article, reflecting just how well-known & recognized Chicago’s brand is around the world:

“The project, which is located in the heart of Chicago City on Michigan Street, or Miracle Mile, includes..”

^ Hmmm…. Where’s the ‘Miracle Mile’ again?

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Joe Zekas December 28, 2009 at 11:43 AM

tup,

Last time I was there it was a raggedy stretch of Wilshire Blvd just west of Koreatown in LA.

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Mr.Okojie December 28, 2009 at 11:57 AM

Well this is a nice addition. This will certainly help Chicago’s brand

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the urban politician December 28, 2009 at 12:06 PM

^ HA!

Nothing will help Chicago’s “brand”. It’s the big city that sulks in shadows. That IS Chicago’s brand, I would argue.

And I’m fine with that, although the “Michigan Street” thing kinda hurts…

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Mr.Okojie December 29, 2009 at 10:23 AM

So what do you think would help then? I’ve always wondered why Chi isn’t recognized as much on the world stage.

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the urban politician December 29, 2009 at 12:15 PM

Chi isn’t recognized on the world stage because its business leadership has shunned the world stage, for the most part.

Daley’s efforts for the 2016 Games have probably been the only big, concerted effort for global branding in Chicago since the 1893 World’s Fair. For the most part, Chicago is a city that is oriented around business & finance with an impressive array of cultural institutions–something that can be said about a 20 or so of the world’s other cities. But it doesn’t stick its neck out above the crowd the way, say, NY, Tokyo, London, and even LA do.

Chicago’s horrible leadership is also an encumbrance on the city. There is a “corruption” tax that everybody has to pay, and everyone also has to ante up to pay off its powerful black leadership that apparently wants to keep neighborhoods poor, underdeveloped, and hopeless (even though they say the opposite). Add to that a complete, utter disinterest in doing something to encourage mass transit usage outside of the daily commute downtown, and you simply do not have a formula for the type of success that will propel you to the next level.

Having said all that negative stuff, I still think Chicago is one of the world’s most fascinating global cities, and I absolutely love the place.

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