The Biography of Chicago’s Marina City
$2.5 million buys the lot and railroad tracks
December 17, 1959
Although there are conflicting accounts of who exactly “discovered” the under-utilized land on which Marina City was built – some say it was Bertrand Goldberg, some say it was Charles R. Swibel – it would have been hard to miss. The 135,000 square foot lot was the largest vacant property in downtown Chicago.
Bordered by North State Street, West Kinzie Street, North Dearborn Street, and the Chicago River, the lot was empty except for a 34-foot wide strip of railroad tracks that ran through the north half of the site and extended west to Merchandise Mart. Goldberg initially recommended it as a location for a new headquarters for Building Service Employees International Union but the union decided that would be too expensive. As a housing project, however, it made more sense. 1959 marched on as the union, represented by Swibel, negotiated with L. J. Sheridan & Company, agents for Chicago & Northwestern Railroad, owner of the property. Swibel, president of the mortgage banking firm, Marks and Company, met with Frank Wells, who represented L. J. Sheridan & Company. The railroad wanted $3 million. Swibel got it down to $2.5 million. On December 17, 1959, at 9:30 a.m., BSEIU president William L. McFetridge showed up at the site with a railroad spike and a check for $250,000. The check was a down payment. The spike was a symbol of the railroad tracks being relocated to make the land available for construction. McFetridge signed a contract with Clyde Fitzpatrick, president of the railroad.
That was on a Thursday. On the following Tuesday, December 22, 1959, in the 111 West Washington Street offices of Chicago Title and Trust Company, which had done a title search and insured title to the property, a check for the balance was presented to close the sale. Marina City was Chicago Title and Trust Company’s five millionth title insurance policy.
|
Last updated 10-Jun-14 |
Next story: A mixed-use laboratory
PAGE | GROUP | Software & Web Development |