Receiver Named for Block 37

Judge rules in Bank of America's favor

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    NEWSLETTERS

    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.