In 2004, the long vacant Arizona Bank Building, an 11-story building completed in 1961 on a small quarter of a city square block, was in the process of being remodeled into residential condominiums called Monroe Place Lofts. High demand quickly sold out the 60-unit project. In May 2005, Grace Communities announced the existing building would be razed and in its place a 34-story tower would be erected and named 44 Monroe, the site’s address. In late September 2005, demolition of the Arizona Bank Building began. Construction on the tower began in November 2005. On April 16, 2006, Grace communities hosted a “Going Vertical” party signaling the tower’s foundation was complete and construction would now be above ground. In the summer of 2007, 44 Monroe topped out. Fall 2008 saw the completion of 44 Monroe.
As of August 2009, the completed project was 5% occupied. In September 2009, its primary lender, Corus Bank, based in Chicago, was taken over by the FDIC, and in January 2010 the project was headed for a trustees' sale and likely foreclosure. Spring 2011 saw a different side of the market as the tower's units were converted into rental apartments. As of October 2011, 86% of the tower's units had been filled. A strong rental market and high demand in the downtown area has further improved the tower's troubled history.
Read more about this topic: 44 Monroe
Other articles related to "history":
... The history of computing is longer than the history of computing hardware and modern computing technology and includes the history of methods intended for ...
... The breakup of Al-Andalus into the competing taifa kingdoms helped the long embattled Iberian Christian kingdoms gain the initiative ... The capture of the strategically central city of Toledo in 1085 marked a significant shift in the balance of power in favour of the Christian kingdoms ...
... form or another has been seen in almost every society in history ... and Romans to Napoleon's France and Elizabethan England, much of history is filled with stories of entertainment based on games of chance ... In American history, early gambling establishments were known as saloons ...
... The Skeptical School of early Chinese history, started by Gu Jiegang in the 1920s, was the first group of scholars within China to seriously question the traditional story of its early history "the ... early Chinese history is a tale told and retold for generations, during which new elements were added to the front end" ...
... History of Charles XII, King of Sweden (1731) The Age of Louis XIV (1751) The Age of Louis XV (1746–1752) Annals of the Empire – Charlemagne, A.D ... II (1754) Essay on the Manners of Nations (or 'Universal History') (1756) History of the Russian Empire Under Peter the Great (Vol ... II 1763) History of the Parliament of Paris (1769) ...
Famous quotes containing the word history:
“In the history of the United States, there is no continuity at all. You can cut through it anywhere and nothing on this side of the cut has anything to do with anything on the other side.”
—Henry Brooks Adams (18381918)
“The history of reform is always identical; it is the comparison of the idea with the fact. Our modes of living are not agreeable to our imagination. We suspect they are unworthy. We arraign our daily employments.”
—Ralph Waldo Emerson (18031882)
“The history of this country was made largely by people who wanted to be left alone. Those who could not thrive when left to themselves never felt at ease in America.”
—Eric Hoffer (19021983)