The Chicago 77

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 [...]

14 October 2009 ? Some good news – perhaps for all the margarita lovers in Chicago. The Beckman family, makers of Jose Cuervo tequila, is expected to purchase a 310,540 square foot building at 303 W. Madison St. for approximately $60 million. The sale would be the first significant sale of a downtown office building [...]

16 September 2009 ? Northwestern Mutual Life Insurance Co. plans to sell Cityfront Place, a 39-story, 480 unit apartment building at 400 N. McClurg Court. The building was initially developed back in 1991 and is currently 97.5% occupied. The downtown market has been mostly dormant for the past several years. The last time a big [...]

The number of new construction units sold in downtown Chicago has jumped from a paltry 55 in the first quarter of 2009 to 313 units in second quarter. While this may sound very encouraging, it is still a far cry from the numbers of the second quarter of 2008. Last year 484 new units sold [...]