Block 37 Sold to Bank of America

The State Street property was sold for $100 million, according to a report

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    NEWSLETTERS

    TK

    Block 37 was sold on Wednesday to Bank of America.

    The beleaguered State Street development went up for sale at a sheriff’s auction to satisfy liens against it. The opening bid for the court-ordered sale was rumored at $220 million. Bank of America got it for $100 million, the Chicago Tribune reports.

    The sale provides some closure for the property, as the bank takes ownership of the property from developer Joseph Freed & Associates.

    In 2009, with Block 37 still under construction, Bank of America filed a foreclosure suit against Freed. The bank said it lost confidence in the developer and had doubts the project would be completed.

    Last year, a court-appointed receiver took control of the property about two months after Block 37 opened its first retail stores. Freed tried to postpone the handover with an appeal, but a judge ordered the transfer to take place.

    David Barton Gym, Apple, Inc., and Lululemon all backed out of the project. Block 37 is home to Zara, Anthropologie, the Disney Store and Sephora, among other shops and restaurants, as well as an underground pedway.