“Nobody’s going to get anything out of it because it’s worthless… The property is worth less than it would be if it was vacant. At this point, the dollars are so big and the property has such little value that there’s little reason to fight.”
– Scott Fradin, a lawyer representing the China-based Shenyang Yuanda Aluminum, on Bank of America‘s new $20 million foreclosure suit against Teng & Associates‘ unfinished Waterview Tower & Shangri-La Hotel at 121 W Wacker Dr in the Loop. The suit has been consolidated in court with other complaints, including Adjustable Forms Inc‘s claim of $25.9 million, according to Crain’s. More than 30 liens have been filed against the project, including three from Teng affiliates totaling $32 million, and Shenyang Yuanda’s claim of $4.8 million.
The article cites an April 1st letter from Teng’s attorney stating the developer was “unable, due to lack of funds, to make any payment with respect to the indebtedness.”
Waterview Tower was to comprise 233 condos priced from the $780s to $8.8 million, as well as 200 suites operated by Shangri-La Hotels. Shangri-La officially dropped off the project this winter, long after construction ground to a halt.