The Chicago 77

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 […]

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 […]