Chicago Journal: 830 S. Michigan Moving Forward
The Chicago Journal on March 12 also reported on developments involving a foreclosure filing on the developer of 830 S. Michigan, a proposed 80-story highrise across from Grant Park.
The Chicago Journal:
Hermes Capital Limited Liability Corporation filed a foreclosure lawsuit against the developers of a proposed condominium building at 830 S. Michigan. The project is being developed by Renaissant Development Group, of Oak Brook. Renaissant wants to build an 80-story building on the site containing 376 condominiums.
Hermes, in the foreclosure suit, claims the developers failed to pay a mortgage worth $4.25 million. But a spokesman for the firm said the note was merely a “mezzanine” loan, and not the primary funding for the project.
In a statement, Warren Barr, a principal at Renassaint, said “The majority of the financing for the 830 South Michigan Avenue project remains intact.”
“I am confident that the remaining financing will be secured and this project will continue to move forward,” Barr said.
Barr and Renaissant are also developing 1000 S. Michigan which has yet to break ground.
South Loop Developers Shrug Off Foreclosures [Chicago Journal]
The Park Michigan [website]
The Park 1000 [website]
1000 S. Michigan seems to have been around since I was in diapers. What’s the hold-up? If I put money down like 8 years ago or whenever they started pre-sales I’d probably have demanded my money back.