Posts tagged with "South Loop":
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.
"I don't have a lot of confidence that the current plan commission would observe a plan that was adopted back in 2004," he said. Now a surface parking lot, the site is one of only two gaps in the continuous 1.3-mile cliff wall along the west side of Michigan Avenue between Randolph Street and Roosevelt Road. In the early-2000s condo boom, it was the proposed site of a 40-story condominium tower, but developer Warren Barr was hit with a foreclosure suit and lost the property to First American Bank, which still owns it. First American representatives did not respond to requests for comment.If it happens, the project would hardly be the firm's first in their hometown. JAHN (mostly under their prior moniker, Murphy/Jahn) designed the United Airlines terminal at O'Hare and the Ogilvie Metra station downtown, as well as the State of Illinois Center (the Thompson Center), 600 N. Fairbanks, 1 S. Wacker Dr., and others. Yet lately most of the firm's high-profile work has been abroad.