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188 hotel condos became simply 188 hotel rooms. The late chef Charlie Trotter, lined up to run the hotel's dining room, backed out of the project. Investors who loaded up on high-priced condo's expecting to quickly flip them in a boom condo market often found themselves, after the crash, holding on to their investments far longer than they expected and selling out for far less than they had imagined.
Unfortunately, condo sales only paid back part of the Elysian's $263 million cost, so when the Bahrain-based investors who owned the project grew restless, the hotel portion of the building was sold in 2011 for $95 million to a group led by billionaire Sam Zell. The Elysian would not only not spawn a new chain of ultra-lux siblings, it's name was erased, taking on the branding of its new operators, Waldorf-Astoria, which has been much more successful leveraging a storied New York hotel whose name had become synonymous with luxury into a chain of over two dozen properties worldwide.
a four-story pavilion, complete with Mansard roof. The roof is supported by metal rather than wood, and covered not with felt but steel, making it look less like classic Paris and more like an extended Quonset hut, but it's the thought that counts.
Perchance. According to a report by Micah Maidenberg in Crain's Chicago Business, Perchance, in a lawsuit filed just this month, claimed their high-end space was beset with “leaking pipes, mold and a lack of heat.’ Then, early in January, as a numbing deep-freeze held Chicago in its grip, the store was flooded by a burst pipe. It closed, and has not reopened, leaving behind only stripped shelves and naked mannequins.
was acquired by Acadia Realty Trust for $44 million, translating to a whopping $6,530 for each precious square foot. Despite the sky-high price, Crain's reported that Acadia considered the purchase a safe investment. So it must have come as a bit of disappointed when Perchance, less than one year into their ten-year lease, stopped making payments on their $2.6 million annual rent. A day before Acadia fixed the pipe in March, Perchance gave notice it wasn't coming back. Acadia declared the retailer in default. Late this month, Perchance filed a countersuit, alleging the space had been incompetently constructed.
The Limp Building:Lucien in Dali-land, or The Persistence of Mediocrity.
I'm tempted to claim the building has become possessed by the Curse of Walton Street, but through it all, the