A couple of weeks ago we posted about
revised plans for a development by McCormick place. Well the judge came back and said the developers can have a little longer to present their case (from the
Chicago Tribune):
A federal bankruptcy judge on Tuesday gave the owner of prime property just north of McCormick Place four more weeks to show that their plans for a convention hotel, a smaller boutique hotel and a data center are financially plausible.
Judge Jack Schmetterer gave Olde Prairie Block Owner LLC, led by developers Pam Gleichman, Karl Norbert and Gunnar Falk, until Dec. 4 to provide further evidence that their most recent plan to repay lenders in full and start development has credible financial underpinnings.
The owners "are now presenting a plan with stronger prospects, though it is very incomplete at this stage," said the judge, who has rejected earlier reorganization proposals.
The saga continues...
It would have been nice if they started 1 of their projects in Motor Row like Cheap Trick, etc... things seem to be tied up with their Prairie Blocks plans, so they either need to step aside or actually start construction on something. Other projects not tied with Landmark have been moving forward: Broad Shoulders Brewing, Riff Music Live, 2300 S Michigan building getting finished to go rental, Green Line station, Cali's Mexican joint, streetscaping enhancements. There are so many investors looking at these buildings and open lots on Cermak, Indiana, Michigan, Wabash and State, but again, a decision needs to get made on these properties, so people can get the area developed. It is 2013 in one month and this has been going on since 2008.
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