May 27, 2010 – It looks as though the planned Chicago real estate development named the Park 1000 will never make it past the drawing board. The South Michigan Avenue site where the tower was going to be built will be auctioned on July 27th by Rick Levin as per a court order. Crain’s is reporting that developer Warren Barr was hit back in May of 2008 with an $18.7 million foreclosure suit filed by lender First American Bank. That amount owed has now ballooned to $25.3 million with the accrued interest, although the suggested opening bid set for the parcel of land is $9 million.

Right now though, the South Loop is still full of unsold Chicago condos and launching a new development there isn’t on anyone’s short-term aganda right now. But some developers may be planning ahead. It will be interesting to see how much the site actually brings and just how many developers believe the housing market is recovered enough to make that sort of investment. Rick Leven was quoted in the article as saying that, “When it does come back, land along Grant Park should be the first to benefit. There aren’t a lot of vacant parcels on this stretch that could offer this large of a development opportunity.”

The Park 1000 was to be a 40 story high-rise with 350 one to three bedroom, one to 3.5 bath condos. The units would have measured from 1,273 to 4,659 square feet. Prices on the units had run anywhere from $299,000 on up to more than $1.6 million. The tower would have had a fitness center, indoor pool and golf simulator.

With so many Chicago foreclosures available at discounted prices, you may want to see if anything appeals to you in that category.

[tags]Park 1000, Chicago Foreclosures, Chicago Real Estate Listings[/tags]

This entry was posted on Thursday, May 27th, 2010 at 11:44 pm and is filed under Uncategorized.