Saturday, June 28, 2008

The World's Tallest Residential Tower With a Twist

Crain's Chicago Business reports:
The world's tallest residential tower is turning into rent-a-spire.

To boost condominium sales in the proposed Chicago Spire, Irish developer Garrett Kelleher is catering to investors by offering to rent out the high-priced units at a guaranteed 7.5% return for two years.
and this important quote:
Roughly half of the buyers are from outside the United States
I guess Chicago is being built for part time residents.