The Chicago 77

14 January 2010 ? The Jazz Age building, located at 188 W. Randolph has been hidden behind nets and scaffolding for so long now that many have forgotten the beauty of its elaborate facade. Village Green, an apartment developer, purchased the property out of bankruptcy in 2005 for $10 million and have since made some […]

8 January 2010 ? While not located in one of Chicago’s 77 neighborhoods, 1 World Trade Center (formerly known as Freedom Tower), the new tower under construction at Ground Zero in New York City, holds a symbolic place in all of our hearts. Despite its symbolism, the building is not immune from the troubled real […]

10 December 2009 ? The Hotel Burnham, located at 1 W. Washington in the Loop, is facing a foreclosure suit by Bank of America. Developers Dan McCaffery and E. Barry Mansur, who converted the office building to a hotel in the late 1990’s, were included in the suit. The owners stated that they deliberately stopped […]

3 December 2009 ? Chicago Spire owner Garret Kelleher is thinking outside the box in order to save the troubled project. Originally designed to house 1200 planned residences in the 140-story structure, the Spire remains just a hole in the ground at 400 N. Lake Shore Drive. Kelleher recently approached local unions with a unique […]

19 November 2009 ? Sussex & Reilly’s former owners, Glenn Tomlinson, Elizabeth Scheffler, and Donald Battaglia have filed a lawsuit against Ravenswood Bank. The bank engineered the sale of the brokerage to competitor Sudler Sotheby’s in February. The suit alleges that the bank improperly declared S&R’s loans in default in order to force the sale […]

Many homeowners have very valid concerns about the impact of a neighbor who has a comparable unit but is selling their property at a rock bottom price. When a neighbor sells at a very low price because of a new baby, job transfer, or other situation, the impact on the immediate market value of comparable units can be significant, but not necessarily devastating.

12 November 2009 ? Bank of America seems to have its hands on many troubled Chicago real estate developments, including Block 37 and the Chicago Spire. Most recently, the developer of the Spire, Shelbourne Development Group, has accused the bank of using a faulty method for calculating interest on their loans. It is fairly standard […]

5 November 2009 ? An embattled development, located in the heart of the loop, recently announced multiple new retail tenants. Scheduled to open by Thanksgiving, the retail portion of Block 37 experienced some trouble as its proposed anchor tenants Movico and David Barton’s Gym pulled out of their agreements. However, Block 37 may be able […]

Many Chicagoans are still reeling with disappointment over Chicago?s loss of the 2016 Olympics. But the impact on the near south and South Loop real estate markets may have been less than positive after the flame was extinguished.

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 […]

22 October 2009 ? On November 15, two additional South Loop condo buildings will be offering units in public auctions. The developers of 2303 S. Michigan Avenue will offer 20 units of its 52-unit loft building, and 40 of the remaining 97 units at 1400 S. Michigan will be auctioned on the same day. These […]

15 October 2009 ? Chicago’s much challenged lakefront Spire project is facing yet another hurdle. The owner of NBC tower, where Shelbourne Development Group occupies the entire 18th floor in a $10 million sales center, is threatening eviction. The developer hasn’t paid rent since April 1 and owes more than $300,000. The 2000-foot skyscraper project […]

8 October 2009 ? Former 3rd Ward Alderman Dorothy Tillman played an integral role in opening Bronzeville’s Harold Washington Cultural Center in 2004, which relied on $7.7 million in public grants and employed Tillman’s daughter as its executive director. Shore Bank recently filed a foreclosure suit against the center in an effort to recover almost […]