History
In September 1999, the Chicago City Council approved the project.
In October 1999, Donald Trump offered to join European-American Realty in the project. They declined, so Trump began looking for other sites to invest in Chicago. Later, his efforts would culminate in the construction of Trump Tower Chicago, which used a design that borrowed much from 7 South Dearborn.
After being approved, Scott Toberman, CEO of European-American, faced difficulties in obtaining financing for the construction. In April 2000, after several failed financing attempts, the media companies backing the antenna aspect of the proposal backed out. European-American then defaulted on payment of a $22 million mortgage on the land, forcing Toberman to return the land deed to Banque Worms Capital Corp, a representative of his lender.
Read more about this topic: 7 South Dearborn
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