News

Related Midwest's Purchase Of 62 Acres In South Loop Hits A Snag

Related Midwest's riverfront property in Chicago's South Loop.
Okrent Associates

Related Midwest's bid to develop 62 acres in the South Loop faces an uncertain future. A partner in the deal is accused of scamming another partner out of profits owed in a previous deal.

A judge ruled that Nadhmi Auchi and his company, General Mediterranean Holdings, willingly cut a North Shore businessman out of $13M he was owed, the Chicago Tribune reports. Auchi bought land for $32M from Antonin "Tony" Rezko, a fundraiser for former Gov. Rod Blagojevich later convicted of corruption. Auchi has a history of unseemly business dealings. He was convicted in France in a corruption scandal 13 years ago and his relationship with Rezko often raised eyebrows.

Related has ambitious plans for mixed-use on the site and is working with the city to lay out details. It's unknown how the ruling will affect  any timetable for the development to begin. [Trib]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Suburban Chicago Shopping Center Sells For $122M In Major Retail Deal

Becknell Taps JLL IPT Veteran To Boost REIT's Selling Group

Union Contracts Expire At 46 Chicago Hotels, With Potential Strike Looming

RJW Logistics Breaks Ground On 1.2M SF Facility: The Chicago Deal Sheet

Chicago's Slow Apartment Pipeline Fueling Deals And Adaptive Reuse

National Park Service Considers Transferring Yosemite Land To Developer

Laramar Group Pays $166M For 43-Story South Loop Apartment Building

Illinois' Data Center Backlash Puts Politicians In A No-Win Position

Chicago Apartment Manager Settles Housing Discrimination Lawsuit

American Cancer Society Aims To Bring New Lodging To South Side: The Chicago Deal Sheet

Tishman Speyer Lining Up $340M Refi Of 2.4M SF Chicago Office Complex

108-Acre Hawthorne Race Course Buyer Could Put Data Center On Site