Receiver Named for Block 37
Judge rules in Bank of America's favor
WMAQ
Block 37
A court-appointed receiver will take over control of the beleagured Block 37 project in downtown Chicago.
Cook County Judge Margaret Brennan on Friday ruled that a CB Richard Ellis executive will take over, stripping control from Joseph Freed & Associates.
Bank of America last month filed a foreclosure suit against Freed, saying it had lost confidence in the developer and had doubts the project would be completed.
"Appointing a receiver is the only way this job will be finished and that we’re not going to have a big empty hulk out on State Street," Bank of America attorney John Anderson argued in court, according to Crain's Chicago Business.
Freed had said plans to open a portion of the by Thanksgiving were continuing, the project was on track to be completed by the end of next year.
Posted Friday, Nov 20, 2009 - 3:03 PM CST
