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
