Trump Tower eliminates office space

Take a look at the lightning condominium sales in the planned Trump Tower, 401 N. Wabash, and then consider the sluggish office market and you don’t have to be a real estate kingpin to do the math.
Donald Trump reportedly has eliminated an office component that was to have totaled around 350,000 square feet from the glitzy Trump Tower development that will replace the Chicago Sun-Times building on the Chicago River. Instead, Trump will add about 200 condominium and hotel units to the 90-story highrise.

Trump began marketing condominiums in the tower during September and had sold more than 300 of the pricey units before yearend. The project includes both traditional condos, priced from the $510s to more than $11 million, and “hotel condos,” priced from the $420s for a studio to more than $1 million for a two bedroom.

The hotel condominium concept is a popular one in New York but is fairly new to Chicago.

“Hotel condominium buyers own their suite as a fee simple purchase of a deeded condominium,” said Tere Proctor, director of sales. “They can spend as much time in the residence as they like. When not using their unit, owners have the option of making it available for rent in the Trump International Hotel rental program.”

Trump’s new plan calls for about 500 condos and 200 hotel condos, bringing the total number of residential units to 700, up from 500.

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