X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-The Trump International Hotel & Tower, being constructed at 401 N. Wabash Ave., kicked off its retail leasing effort on Tuesday. About 120 real estate brokers and community members attended an event at the sales office to showcase the space, a spokeswoman said.

The cost of the 92-story tower is “approaching $1 billion,” Eric Trump tells GlobeSt.com. The tower will have 2.7 million sf of hotel and condo space, with approximately 100,000 sf of retail. The retail space includes the Rebar Lounge, Sixteen restaurant and The Spa at Trump,

Todd Siegel, an associate with CB Richard Ellis, says there will be approximately 80,000 sf to 85,000 sf of retail space available to lease, Siegel says. The retail space will be on the tower’s mezzanine, lobby, terrace and riverwalk levels.

There have not been any leases signed or negotiations for the space yet, says Sharon Kahan, first vice president with CB Richard Ellis. There has been a lot of interest in the building, particularly with international retailers, Kahan says. “There is a big European outpouring for the project,” she says. CB Richard Ellis and Trump have not initiated any negotiations yet to be able to pick and choose the retail, she says. Expected retail includes “several restaurants and other luxury style retailers,” Kahan says. However, “it will not be untouchable retail,” she says.

Eric Trump said the retailers will likely include a high-end grocer, sushi bar, high end coffee shop, a high end jeweler and designer apparel. Asking lease rates were not disclosed. Some of the retail space will open next spring.

The development will also have a 1.2 acre Riverfront Park and Riverwalk which will draw tourists and local residents to the tower and retail, Siegel says. The tower will have 339 hotel condominium units that are scheduled to open in December and 486 residential condominiums, with first deliveries scheduled for next spring. The hotel units are about 78% sold and about 80% of the residential units are sold, numbers relatively unchanged since Donald Trump held a media event at the site in May. However, the numbers have increased at about the same pace as the rest of the market. “It is a squirrelly market right now,” Siegel says.

Eric Trump said that he does not believe that the slowing unit sales will affect the retail leasing. The area has a vacancy rate of less than 2% and the tower is being constructed along the river, which makes the retail space more attractive, Trump says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.