Filed under: Real Estate Developments
Whoever takes on the project is facing a bit of a mess. The developer, an affiliate of Chicago-based Teng & Associates Inc., ran out of money last year and Bank of America has has filed to foreclose on the tower seeking to get back a $20-million loan. Construction firms have also said that they're owed a combined $85 million. Teng and the project's creditors have all signed off on the decision to sell the property hoping to get back whatever money they can. While CB Richard Ellis hasn't put an asking price on the project whatever it sells for probably won't allow anyone to break even. Some have gone as far as to say that it's worthless and that the city has more than enough condo and hotel space right now. Others point out that it does include space for a 492-car garage and zoning would allow for a 90-story building, the original plan.