Fidelity Investments took control of the Columbian high-rise at 1160 S Michigan Ave last week after sending a default notice to developer Allison Davis, Crain’s reports.
The takeover has sparked a suit by one of the South Loop tower’s investors, who claims Fidelity backed out of a deal to restructure its $18.5 million mezzanine loan to Davis’ development company.
According to Appraisal Research Counselors data cited in the Crain’s article, just 156, or 71 percent, of the Columbian’s 220 condos have sold since the project launched in 2005. Available units are priced from the $270s to more than $2 million.
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