A JV of Related Midwest and General Mediterranean Holding (GMH) is taking over the long-vacant 62-acre South Loop site aka Riverside Park. Situated along the Chicago River north and south of Roosevelt, Rezmar’s Antoin Rezko unsuccessfully tried to redevelop the site and eventually sold it to GMH for $131M in 2005. His grand plan for the site would have presented 4,600 residential units and about 670k SF of retail space, for which he wanted $140M in tax increment financing (TIF) as funding, Curbed reports. However, Rezko was caught in a scandal, the site has been vacant, and Mayor Emanuel’s administration tried to acquire the empty land in 2014. Now Related will attempt to transform this area in 2015. [Curbed]
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