Chicago Spire Faces More Trouble

October 15, 2009

Daily Real Estate Updates

sudler-sothebys-logo15 October 2009 ? Chicago’s much challenged lakefront Spire project is facing yet another hurdle. The owner of NBC tower, where Shelbourne Development Group occupies the entire 18th floor in a $10 million sales center, is threatening eviction. The developer hasn’t paid rent since April 1 and owes more than $300,000. The 2000-foot skyscraper project site sits along the north bank of the Chicago River, just west of Lake Shore Drive. The NBC Tower owner joins a growing group of contractors allegedly owed money by the developer. Santiago Calatrava, the project’s architect, also claims that he is owed $11.34 million. A Shelbourne spokesperson claims the eviction threat is the result of a simple landlord-tenant dispute. But sources speculate that Shelbourne is trying to force a rent reduction, which currently stands at $488,714/yr through 2010.

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About Stacy Braack

Stacy is a seasoned real estate professional with a broad range of hands-on experience including first time buyers, investors, luxury homes, and distressed properties. While this may appear to be a scattered set of expertise, she believes the experience provides maximum effectiveness in today’s chaotic market, which requires extensive knowledge of all aspects of the industry. Stacy’s educational background includes a BS in Industrial Engineering from Stanford University and an MBA in Marketing and Finance from the Kellogg Graduate School of Management. Professionally, Stacy has done everything from operations consulting to city government before she found her passion in real estate almost eleven years ago. It is this passion that drives the most benefit to her buyers and sellers. She is fully committed to your goals – both financial and personal. Her clients describe her as extremely direct, honest, and responsive, and they repeatedly trust her to handle one of the biggest events in their lives. For buyers she works non-stop to find you both a home you will love to live in and one that is a smart investment. Many of her 2008 buyers have realized instant equity in their new homes through ‘pit bull’ negotiation skills. While the market has been tough for sellers, her listings have sold at a rate above that of the market. Extensive, constant, and extremely high-quality marketing, including both print and internet mediums, support every listing, from investment studios to luxury penthouses. She believes that your goals are her priority and her full-time job. She has built her business on referrals from satisfied clients, and she would love to add you to that list. You can contact her at 773-405-4431 or stacy.braack@sothebysrealty.com

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