Marina City featured in new book about commercial real estate
Author represented Marina City re-developer in early 1990s
21-Feb-09 – Marina City is discussed – and on the cover – of a new book about commercial real estate. “Intent to Prosper, Volume One, Commercial Real Estate” was released for sale on February 5. Written by real estate lawyer R. Kymn Harp, the book, according to its web site, “provides a witty and unique look into the world of commercial real estate, with strategies and insights useful to experienced commercial real estate professionals and newcomers alike.”
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Harp, a partner in the Chicago office of Robbins, Salomon & Patt, is part of Marina City’s history. In 1992, he represented John Marks as he successfully purchased and redeveloped the commercial property at Marina City.
The photograph was captured in August 2005 from the roof of Carbide & Carbon Building.
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Excerpt…
I remember back in 1992 when John L. Marks of Mark IV Realty Group walked into my office and said he wanted to buy and redevelop the Marina City Commercial Complex in downtown Chicago. At the time, the Marina City Commercial Complex was a rathole. Largely vacant. In foreclosure. Languishing in bankruptcy. Burdened with nearly $10 million in unpaid and delinquent real estate taxes. Physically decaying and needing tens of millions of dollars in repairs. The residential condominium owners occupying the top forty floors of the two landmark corncob-shaped towers were understandably hostile and uncooperative, having been burned in the past by broken promises of prior owners.
Yet in all this mess, John saw opportunity. He had a vision that this dilapidated, decaying behemoth of an eyesore could be transformed into an economically viable and thriving jewel.
We spent most of the next four years working on that project. The transformation was remarkable. We had a blast making it happen.
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