Posted Jul 20, 2016, 1:05 PM
|
 |
Registered User
|
|
Join Date: Sep 2002
Location: Chicago
Posts: 10,419
|
|
http://www.chicagobusiness.com/reale...-oriental-site
Quote:
July 20, 2016
Seven years later, site near Millennium Park exiting foreclosure
By Alby Gallun
After being stuck in foreclosure for more than seven years, a prime vacant parcel just north of Millennium Park is poised to come out, a step sure to draw interest from the city's biggest high-rise developers.
During the last boom, a 74-story tower with a Mandarin Oriental hotel and condominiums was supposed to rise on the site at the northwest corner of Stetson and Lake streets. But the market crashed first, and the property's lender, iStar Financial, filed a foreclosure suit in February 2009 against the project's developer, a group including construction executive Gerard Kenny.
The project's major creditors, including iStar, spent years haggling in court, but a Cook County judge last month issued a foreclosure judgment and order for a sheriff's sale of the property. That will clear the way for New York-based iStar, which is owed more than $82 million on the property, to seize it, renewing talk about what could be built there amid a real estate market that's booming once again.
A hotel and residential, probably apartments, are “likely candidates” for the property, Gail Lissner, vice president of Appraisal Research Counselors, a Chicago-based consulting firm, wrote in an email. It's in a “very strong location” but has “challenging views” because it's surrounded by so many tall buildings, she wrote.
|
__________________
titanic1
|
Prev
Also, why is there so much parking for a building (possibly geared towards students?) literally right next to the UIC stop.
Linear Mode
