Pricey Parcel

Court upholds multi-million dollar judgement against developer’s Chicago land deal

Development Eavesdrop Midwest
The 62-acre site is center-left. (Via yochicago)
The 62-acre site is center-left. (Via yochicago)

One of the current stakeholders in a 62-acre site in Chicago’s South Loop is experiencing some legal trouble. The U.S. Court of Appeals has upheld a multi-million dollar judgement against General Mediterranean Holding over a deal gone bad involving the transfer of the property from its last owner. The former owner
of the land, Antoin “Tony” Rezko, has served time for wire fraud, mail fraud, corrupt solicitation, and money laundering—all unrelated to the land deal. The vacant land is planned to be developed over the next 15 years into a mixed-use district that could have thousands of housing units, hundreds of thousands of square feet of office space, and be worth billions of dollars.

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