Wednesday, July 14, 2010

1323 S. Michigan Ave. Building in Foreclosure

A story a couple of weeks ago from the Chicago Journal mentioned:
On Feb. 11, Amcore Bank filed suit against Karbowski, alleging he owes them more than $3.1 million stemming out of an August 2007 loan he took out on a property located at 1323 S. Michigan, a vacant building.
This is one of many buildings the developer has problems with. This could be a nice property on the South Michigan strip, so hopefully someone buys it and does something with. It will probably take some time though.

(Image from Chicago Journal)


MarkChicago said...

This property has a lot of potential and looks like it has some character. I think those new windows have been installed for two years now with no additional movement. Two doors down, the developer seems to be making great progress transforming a similar building. Empty retail doesn't look so bad compared to that plywood. Yikes.

At Home said...

Will be interesting to see what condition it is in now after the fire next door this morning.