New Life for Stalled Project
By ELIOT BROWN - JULY 27, 2011
Related Cos. bought control of a half-built skyscraper in Chicago's downtown on Tuesday
in a bid to restart construction on the site, people involved with the deal said.
Construction on the project froze at 25 stories in 2008. The developer at the time, a group led by Ivan Dvorak, was planning a 90-story, mixed-used project including condominiums and a Shangri-La hotel called Waterview Tower.
Instead, Related plans to turn it into a luxury rental building of about 500 apartments, rising over 50 stories.
The New York-based company is using money from a $1 billion distressed real-estate fund it is raising to finance the project, according to people familiar with the matter. Terms of the transaction weren't available.
...Related, for example, still needs to arrange new construction financing
for the Chicago project.