Tuesday, September 15, 2009

Block 37: You can't give it away

Posted By on 09.15.09 at 01:43 PM

Loews Hotels pulls out of $1 site.

Of note: "In exchange for selling the air rights for $1, Block 37 developer Joseph Freed & Associates LLC would have received $12 million in additional tax-increment financing from the city. That money was supposed to offset cost overruns on the construction of a Chicago Transit Authority station underneath the project, but it now sits in an escrow account awaiting the next deal."

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