Wednesday, April 15, 2009

"X/O Has Basically Failed"

Crain's is reporting that X/O, the controversial South Loop highrise development, has defaulted on their loan:
A venture led by Mr. Giles has defaulted on a $19.1-million loan secured by a Prairie Avenue property where the developer had planned a controversial 479-unit project called the X/O Condominiums, according to Joubin Khorsand, an investor in the venture.
The proposed development was planned to be located 1712 S. Prairie Ave.:

1 comment:

Anonymous said...

Wait, I thought he had the sales to make this happen :) The geeks blaming it on the Alderman are delusional. He never introduced an ordinance, he just said he was considering it. The courts rightfully tossed the lawsuit.

If this project truly had the sales that the developer self-reported, 99% of other developers would have been in the ground, or at least doing site prep and demo. If Lucian LaGrange only did $500k worth of work, then they did not get very far past renderings in the design phase.

My guess is that some slimball deal to sell the lots to the city using TIF dollars will be worked out, so the behind the scenes, unnamed investors can recoup some of their money.