28 October 2009 ? Block 37 again faces uncertainty after Bank of America filed a $128-million foreclosure suit against its developer last week. One possible solution – replace current developer Joseph Freed & Associates with a new developer willing to pump more money into the project. Block 37 is already $34 million over budget. John Buck Co., who has experience with many successful downtown commercial developments, has been quietly advising Bank of America on the matter since last spring. It is unclear what role the company might play, but insiders speculate that Buck may be willing to take on a larger role in the project. After 20 years of delays, Mayor Daley is anxious to see some return on the city’s $100 million investment. Tenants have occupied the office tower since last year, but the future of the retail operation, which was scheduled to open next month, remains uncertain.Email This Post To a Friend.
Block 37 May Need New Developer
October 28, 2009
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