Ownership of Marina City in 1964

The executive board decides

Building Service Employees International Union president David Sullivan had said he did not want the union to be in the real estate business.

On July 10, 1964, Marina Management Corporation, led by Charles Swibel, purchased from the international union and two affiliates full control of Marina City for $2,625,000 ($18.9 million in 2010 dollars). They made a down payment of $750,000 and would pay the balance over five years at three percent interest.

William McFetridge’s BSEIU Local 1 would retain one-third interest in the project. Marina Management Corporation would get two-thirds. It would also get to make the payments on the $17.8 million mortgage.

In time, Swibel would purchase the entire union stake in Marina City.

Howard Swibel, son of the developer, recalls that at the time, McFetridge “was being pushed out, and he wanted more money to be invested by the unions to save the project. The other unions said no, not only do we not want to invest more money, we want to get out.”

“My father gave me little bits of philosophy along the way, and one of them was that people who are older and in power often do not voluntarily relinquish their power. And Bill [McFetridge] was older, he wasn’t really vigorous, and instead of making room for younger people coming up in the union, he wanted it more.” (Left) Photos of Charles Swibel in 1964.

The stress, says Howard, was contagious. “I think my father was stressed because his friend was stressed out, and he was sad for his friend, and his friend wasn’t going to be able to stay in power.”

Swibel believes his father may have felt responsible because he had recruited the unions to make the investment in the first place. “So, it was stressful because he didn’t want them to get hurt. He wanted to make it all work.”

A refinancing, meanwhile, by Continental Illinois National Bank and Trust Company shook loose five million extra dollars to complete the office building, recreational facilities, and plaza.