A foreclosure trifecta for politically-connected Chicago developers

The last few years can’t have been much fun for Thomas DiPiazza and Richard Ferro, developers who are usually mentioned by way of their political connections.

Their investment in Astoria Tower went south. Last August they were hit with a $24.8 million foreclosure suit on a property at 300-310 N Michigan Ave once slated for a 52-story condo tower.

They’ve also been involved in a number of other foreclosures. And, within the last 10 days three additional foreclosure suits have been filed in Cook County by Cole Taylor Bank naming DiPiazza and Ferro as defendants.

One of the projects involved is 451 Huron, in River North. I haven’t yet been able to identify the other two.

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