History
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
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Famous quotes containing the word history:
“History is more or less bunk. It’s tradition. We don’t want tradition. We want to live in the present and the only history that is worth a tinker’s damn is the history we make today.”
—Henry Ford (1863–1947)
“When the landscape buckles and jerks around, when a dust column of debris rises from the collapse of a block of buildings on bodies that could have been your own, when the staves of history fall awry and the barrel of time bursts apart, some turn to prayer, some to poetry: words in the memory, a stained book carried close to the body, the notebook scribbled by hand—a center of gravity.”
—Adrienne Rich (b. 1929)
“We are told that men protect us; that they are generous, even chivalric in their protection. Gentlemen, if your protectors were women, and they took all your property and your children, and paid you half as much for your work, though as well or better done than your own, would you think much of the chivalry which permitted you to sit in street-cars and picked up your pocket- handkerchief?”
—Mary B. Clay, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 3, by Susan B. Anthony and Ida Husted Harper (1902)