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Donald Trump is trying to unload the lower floors of the 92-story Trump International Hotel & Tower.

The New York developer has hired a broker to market the building’s four-level retail space overlooking the Chicago River, set to open next summer with room for 20 shops and restaurants.

Mr. Trump won’t disclose an asking price, but an offering memorandum obtained by Crain’s suggests the space could fetch $115 million to $130 million.

The move is a long shot given the condition of the real estate and financing markets, especially since Mr. Trump has no retail leases signed yet. And it’s the latest signal of strain at the city’s most high-profile new development, which will be the nation’s tallest residential building.

Typically, a developer leases retail space before selling it to increase the property’s value and appeal to more buyers. But Mr. Trump may be willing to forgo future profits for cash now — particularly with condo sales stalled at his project and citywide.

“In this kind of slow residential market, he’s got to be looking to get revenue to pay down his construction loan,” says Daniel McLean, chief executive of Chicago-based MCL Cos., who has built condos, retail space and a hotel at nearby River East. “I’m sure he’s under pressure to pay down his loan.”

Mr. Trump, whose funding for the massive project at 401 N. Wabash Ave. comes primarily from a $640-million loan from Deutsche Bank A.G., says he’s not strapped for cash. He insists that condo sales are steady and that the project is on track, saying he’s merely exploring a sale of the retail space in response to interest from potential buyers.

“We’re just looking to see whether or not there’s value there,” Mr. Trump says. “I think it’s unlikely I’ll do it. . . . If the right price came along, it’s something we’d consider.”

Meanwhile, Mr. Trump says talks are under way with seven potential tenants for some of the roughly 83,000-square-foot retail space, including a few “very fine” restaurants. He declines to name them.

Local real estate experts agree the site is prime for restaurants but question whether the project would garner rents as high as the $75 to $225 a foot suggested in the offering memo, which would be in line with some rents along tony Oak Street but less than the $300-to-$450 range on Michigan Avenue.

“Traditional retail is going to be tough there,” given Trump’s distance from the Mag Mile and the unusual layout of the retail space, says Larry Freed, president of Chicago-based Joseph Freed & Associates LLC, which is developing the new mall at Block 37. “From a restaurant standpoint, it’s good, dramatic space.”

Executives with the firm marketing the property, CB Richard Ellis Inc., decline to comment. Local brokers for the Los Angeles-based company also were hired by Trump in May 2007 to lease the retail space.

According to the sales memorandum, a buyer would be able to build out and reconfigure the space. That would allow a new developer to scrap plans for small spaces that seek to lure upscale apparel stores and jewelers and instead replace them with bigger spaces that would accommodate more restaurants or a grocery store.

While Mr. Trump says he has sold off undeveloped retail space before, such a move on this project would seem out of character for the image-obsessed developer.

“Retail can dictate the image of a building,” says David Stone, president of Chicago-based retail brokerage Stone Real Estate Corp. “When you sell retail like this, you can lose control of the image of your building.”

©2008 by Crain Communications Inc.

Is the “bigger is better” mentality fading in terms of real estate? Are the days of McMansions coming to an end? Well, it seems for some homeowners it is. There’s a new movement out there that’s creating quite a buzz among environmentalist and folks seeking a simpler life. It’s called the Small House Movement and it might just be the next small thing.

These homes bring a whole new meaning to up close and personal since most are less than 1000 square feet, some are even less than 100 square feet.

Gregory Paul Johnson, who is a founder of the Small House Society in Iowa City, says there are many reasons people are choosing to drastically downsize. Among the most practical motives are rising energy costs and the mortgage crisis. Basically, people want small homes because they cost less to purchase, maintain, and heat and cool.

And for those reasons, builders who specialize in these types of construction have seen an increase in their business this year. Brad Kittel, owner of Tiny Texas Houses in Luling, Texas, says he’s built 10 homes this year up from just four in 2007.

Jay Shafer of the Tumbleweed Tiny House Company based in California, says he’s sold five houses and 50 sets of plans, up from a yearly average of just one house. Although the growth appears modest at best, it still shows a growing demand for houses that minimize one’s footprint, both carbon and structural.

The Tumbleweed Tiny House Company creates homes ranging in size from about 70 to just over 800 square feet and cost anywhere from $20,000 to $90,000 to build. Even the owner Mr. Shafer has lived in a tiny house himself for over ten years. At 100 square feet, his house is smaller than many people’s closets. When asked about the appeal of the homes he said, “The small space is a symbol of something else. I think it’s a symbol of a desire for a more simple life.”

Even if you’re craving a simpler life yourself, don’t think you’ve got to sacrifice on style. The homes resemble cabins or birdhouses even with their wooden exterior and high pitched roofs. Sustainable materials and reclaimed lumber are incorporated into all the homes and The Tumbleweed Tiny House Company pride themselves on not using first life materials.

These homes are built on wheels, not a foundation like most new construction and because they are so tiny, they’re considered travel trailers and do not require a building permit. You can pretty much put one anywhere you can park an RV. They also come pre-wired for electricity, either an AC plug-in or a solar electric system, and they’re pre-plumbed and ready to be connected to public water and sewer systems.

The interior of the homes are completely finished in pine with stainless steel. The ceilings are vaulted to make it appear roomier and the bathrooms come complete with full shower, toilet and sink. The kitchens include a two-burner stove, an under-counter refrigerator, a bar sink, an instant hot water heater, and a propane boat heater. Storage is also an extremely important asset, as you can imagine. By utilizing overhead space and making otherwise unusable spaces functional, Mr. Shafer promises ample space for a simple lifestyle.

And of course these homes are very energy efficient; they are well insulated and super easy to heat and cool. In fact one small house owner in Olympia, Washington, boasts that even with rising energy costs, her worst monthly energy bill is about $8.00. That seems almost too good to be true, but Mr. Shafer attributes that to the careful attention that has been given to the light, warmth, energy efficiency and proportion of each and every home he builds.

As you can see, these itty-bitty residences have all the modern conveniences of larger homes, just built to a smaller scale. They’re something to consider if you’re looking for a change, literally a change of venue or you’d just like to see more of it in your pocket.