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Trump seeks bottom buyer
Donald Trump is trying to unload the lower floors of the 92-story Trump International Hotel & Tower.The New York developer has hired a broker to market the building's four-level retail space overlooking the Chicago River, set to open next summer with room for 20 shops and restaurants.Mr. Trump won't disclose an asking price, but an offering memorandum obtained by Crain's suggests the space could fetch $115 million to $130 million.The move is a long shot given the condition of the real estate and financing markets, especially since Mr. Trump has no retail leases signed yet. And it's the latest signal of strain at the city's most high-profile new development, which will be the nation's tallest residential building.Typically, a developer leases retail space before selling it to increase the property's value and appeal to more buyers. But Mr. Trump may be willing to forgo future profits for cash now — particularly with condo sales stalled at his project and citywide."In this kind of slow residential market, he's got to be looking to get revenue to pay down his construction loan," says Daniel McLean, chief executive of Chicago-based MCL Cos., who has built condos, retail space and a hotel at nearby River East. ... more

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