“Markets come back. Everything comes back.”
– Peter Greene, first vice president of CB Richard Ellis, on the appeal that the Waterview Tower will have to investors in the lead-up to a market recovery. According to Crain’s, CB Richard Ellis has been hired to find a buyer for the Loop high-rise, which is little more than an unfinished, 26-story parking garage at the moment. An affiliate of developer Teng & Associates faces a $20-million loan foreclosure suit and $85 million in construction liens filed against the project.
In the meantime, Ald. Brendan Reilly and the city’s Buildings Department are pushing to have a high-rise crane removed from the Waterview site, out of fear that an unused crane could pose a safety hazard, the Sun-Times reports.