Mandarin Oriental Tower still in a holding pattern

Click to enlargeLast December, Crain’s reported that the Mandarin Oriental Tower project near Millennium Park was facing liens from both its architect and its contractor. The project’s unpaid expenses, along with its difficulty securing a construction loan, put groundbreaking on hold, although principals with Palladian Development told Crain’s that construction would commence in January.

Well, it’s March, and nothing has happened. Anthony Leo, vice president of development, said this morning that the project is still working with lenders to secure a construction loan, but developers have not set a new date to break ground.

Between 50 and 55 percent of the tower’s 514 condominiums have sold, Leo says, which is actually a little lower than the amount Crain’s reported back in December. The 74-story, $750-million high-rise at 160 N Stetson Ave is supposed to comprise 262 residential condominiums and 252 hotel condos when complete.

Prices at Mandarin Oriental range from the $650s to $21 million.

(Visited 71 times, 1 visits today)