In August 1961, Charles Swibel negotiated a 25-year lease of the 16-story spiral parking garages for $200,000 per year. Managing the 900-car garages would be Marina City Garage & Parking Corporation. The president of this newly-formed company was Samuel Burke, a partner in the law firm of Burke, Russ & Rawson. Company officials also included Russell and Jerome Bernstein, who operated the Washburn-Monroe Garage & Parking Corporation.

Swibel said the lease would allow him to review financial records of the garage each year and make sure parking charges were held at moderate levels.

All of the parking would be done by attendants, who would use manlifts to get quickly to the various floors. Holding areas on two floors of each ramp would accommodate as many as 100 cars awaiting parking during peak periods.

By July 1964, Jerry Bernstein had become part owner of Marina City Garage & Parking Corporation. He announced a deal with Hertz to offer rental cars to Marina City residents, with just 15 minute notice. At the time, only 25 percent of residents had a car – or more accurately, parked a car at Marina City.

Said Bernstein, “The original concept of Marina City having been the convenience of living in the heart of the city and within walking distance of offices, shops and restaurants, we did not expect all of the residents would be car owners.”

The garage was open 24 hours a day, and provided gas, oil, lube and washing. Leonard Goldin was the manager during the day, Ben Martin was the night manager.

Financing completed

Financing was not completed until September 1, 1961, when it was announced that Continental Illinois National Bank and Trust Company would loan the project $5 million toward the $10 million office building. Construction of the office building would start the next month.

By obtaining from private investors the $17,819,100 mortgage for the residential towers, the project saved $800,000, according to Charles Swibel, himself a mortgage banker. This is because of a commitment by 19 financial institutions in the eastern U.S. to purchase the mortgage. They were originally to get a seven percent discount but because of the private investment this was lowered to three percent.

Participating in the union’s investment were the international union, Chicago Local 1, Local 32B in New York, and the union’s pension trust, which had headquarters on the west coast.

The group buying the mortgage was led by Institutional Securities Corporation.

Long days, short schedules

The construction schedule was accelerated, with one floor per day being completed by September 1961. The days were long, with crews working on the central cores from 4:30 a.m. to as late as 10:00 p.m. By having apartments ready by February 1962, developers could start renting them and paying off loans.

“The added costs from such an accelerated construction program,” said Charles Swibel, “will be offset by the effects of earlier occupancy and a reduction in interest paid on loans during the construction period.”

For two months in early 1961, construction of the west tower core was delayed because of work by the city on the nearby Dearborn Street bridge. But by the end of August, concrete had been poured for the 40th floor of the east tower core.

The goal was to have all of the apartments ready by September 1962.