The Biography of Chicagos Marina City
A post-modern mess
November 21, 1990
The commercial property at Marina City was under the control of a bankruptcy trustee in June 1990, when another developer expressed interest in buying the property and making extensive changes.
Metal screens would be installed at the base of both parking ramps. Along the south edge of the property, next to the river, a landscaped walkway would be the first to conform to proposed city guidelines for riverfront development. At the base of the west tower would be a new restaurant. Ilene F. Goldstein, the court-appointed trustee, described this in 2011 as a lower frills hotel, rare in downtown Chicago at the time, that would get the benefit of being a high frills hotel...because there were restaurants there in the retail space. Although they had no control over the proposal, condominium unit owners at Marina City got a preview during the second week of June. The Chicago Tribune described residents as generally supportive of the plans, although concerned they would be asked to pay for construction of the new entrances. Said Mary Swain, a seven-year resident, It certainly would improve property values. Marina City has a worldwide reputation, and its image is deteriorated. It needs to come back. Developers applied to the Chicago Plan Commission to allow a hotel to replace the office building. They planned to take over the property from the bankruptcy court by the end of 1990 and have most of the construction completed within a year. Daniel G. Anderson, president of Hiffman Shaffer Anderson, told the Chicago Tribune in July 1990, The idea is to take what has become in recent years a rather drab and uninviting retail and office development within the complex and convert it into an exciting facility that will draw more people to the citys downtown riverfront.
However, again with little public comment, the purchase of the commercial property at Marina City by Hiffman Shaffer Anderson did not happen. Daniel Anderson would later blame Bertrand Goldberg for the deals collapse specifically, his objection to tearing down the theater building, which Anderson claimed hampered rezoning that was needed for the project. On November 21, 1990, Circuit Court Judge Richard L. Curry ordered the mortgage foreclosure judgment that had been pending since 1987. In early December 1990, it was announced the commercial property would go to the highest bidder at a sheriffs sale the following year, sometime after February 26, 1991. With interest, tax payments, and legal fees, the lien on the property had swelled from $12.5 million to $23 million. |
Last updated 23-Jun-15 |
Next story: Meet Ilene F. Goldstein, Marina Citys bankruptcy trustee