A 7.7 acre parcel of land in Chicago, Illinois, entitled for a mixed-use infill development commonly known as New City. The proposed development included a 216,510 square foot hotel with 2 stories of retail space, a 267,818 square foot mixed-use retail and residential building, a 222,314 square foot retail building, two 7 story residential buildings, a plaza, and a 7 level parking garage.

Project Description

Douglas Wilson Companies , agent for Receiver, was charged with preserving and maintaining the asset.

Scope of Work

In addition to preserving and maintaining the property, the Receiver’s activities included reviewing and researching planning and permitting documents to insure approvals for development of the property were preserved; coordinating the filing of an appeal of the Assessor’s valuation of the property for the 2011 fiscal tax year and pursuing the pending 2008 and 2010 appeals; conferring with the City of Chicago Department of Health regarding disposition of the piles of crushed aggregate on the property; and conducting interviews with the leading Chicago-based real estate brokerage firms to market and sell the property.

Project Resolution

The Receiver was discharged.   

Project Name

New City

Client

Circuit Court of Cook County, Illinois; County Department, Chancery Division

Location

Chicago, IL

Service Provided

    Douglas Wilson Companies was founded in 1989 to provide a wide range of specialized business, workout, and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITs, financial institutions, and property owners throughout the United States.

    ADDRESS

    1620 Fifth Avenue
    Suite 400
    San Diego, California 92101

    PHONE

    (619) 641-1141

    EMAIL

    info@douglaswilson.com