The Illinois Appellate Court ruled that 21 buyers in a failed South Loop condominium tower are entitled to back out of their contracts and recoup their earnest money deposits, a blow for the project's lender.
The court last month affirmed a 2011 Cook County Circuit Court decision that the developer of the 298-unit tower at 1201 S. Prairie Ave., part of the Central Station development, failed to meet construction deadlines, voiding the purchase contracts. The buyers, who collectively were under contract to pay more than $17 million for their condos at the tower, sued to get back their deposits, which total nearly $2 million.
Nothing to surprising on this story, but still something we figured we would post about.
(Hat tip: AR!)