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Trump in Trouble on Chicago Tower
Bleak outloook makes financing a tall order for 92-story skyscraper
By Rob Quinn
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Posted Oct 29, 08 6:16 AM CDT
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(Newser)
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Donald Trump's 92-story Chicago tower has been hit by a triple-whammy of the credit crunch, the housing slump, and sagging retail sales, making foreclosure a real danger, the Wall Street Journal reports. Trump, who developed the tower without partners, owes $1 billion on the project but has so far sold only $600 million in condo units and condo-hotel units. He's looking for an extension on a key loan due this Saturday.
Trump says the building—the tallest built in the US since the Sears Tower—can still be a success if he manages to sell the unsold units, which he estimates could be worth $475 million. "It could turn out to be a successful development depending on what happens in the market over the next two years," he tells the Journal. "The job is on time and on budget, and it's a beautiful job and will become an icon of the Chicago skyline."