ChicagoDowntown / Loop

West Loop’s Pure now almost purely rental

by Joe Zekas on 6/12/13

Back in December of 2009 we took a retrospective look at our coverage of Pure, a much-discussed failed condo turned rental at 24 S Morgan in the West Loop.

Since that time a grand jury indicted the building’s developers for running a Ponzi scheme that burned banks and investors to the tune of more than $40 million.

Crain’s Chicago Real Estate Daily reported yesterday that new investors have purchased 66 unsold units at Pure and, in separate transactions bought back 3 of the 4 condo units that had been owned by individuals. The new owners plan to build out five unfinished units in the 75-unit project, which also includes commercial space.

We had our first look at Pure just over six years ago, prior to construction, in the following video:

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{ 1 comment… read it below or add one }

Simon June 12, 2013 at 8:01 PM

If i was that last condo owner i would demand millions to sell my unit. Or an equity stake in the development venture for when the building is sold.

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