Waterview sales staff laid off

28-Nov-08 – The condominium sales staff at Waterview Tower has been laid off “pending financing,” according to the building’s Director of Marketing and Sales.

Dorrie Freeman declined to say exactly how many sales people were laid off and had no comment on prospects for the financing being completed.

Construction of the 90-story tower, part condo and part hotel, was expected to resume in October, thanks to a loan commitment of $400 million from China Exim Bank. The bank, however, has put the loan on hold until the U.S. economy improves.

According to Appraisal Research Counselors, 156 of Waterview Tower’s 233 condo units have been sold, and it has signed contracts for 80 of the 200 combination condo/hotel units. The condos are selling for an average of $800 per square foot, making them among the most expensive for new buildings in Chicago.

There is talk that Bank of America might move to foreclose on the property. LaSalle Bank, which was acquired by Bank of America last year, loaned developers $20 million to get the project started in 2006.

The tower, located on Wacker Drive diagonal from Marina City, is unfinished just short of the 27th floor. Construction firms have long since walked off the job, and liens for $32 million in unpaid bills have been piling up. (Left) Waterview Tower as it appeared on Monday afternoon.