It’s been almost 10 years since my first intro-level humanities class, but I remember enough to know that Homer’s Odyssey wasn’t exactly adventure for adventure’s sake. Poor Odysseus embarked on what was supposed to be a short sail back to Greece from Asia Minor and instead spent 10 years being blown off course, usually into the waiting jaws of a one-eyed giant or a multi-headed monster. Not fun.
Perhaps we should keep the trials of Odysseus in mind when reading about the fate of W Developments’ Odyssey Lofts, the latest downtown development to face foreclosure. Just 15 lofts have sold at the 62-unit project since marketing began in 2005, and now Midwest Bank & Trust is suing to collect $17.4 million from W principal David Wallach, Crain’s reports.
Wallach is attempting to restructure his loan and “will stand in there and negotiate and work through this deal until the end,” according to the article. He attributes the lack of sales not to the product, but to “a simple shortage of prospective homebuyers.”
Jameson Real Estate is still marketing the development, located at 775 W Jackson Blvd in Greektown. Remaining one- to three-bedroom lofts in the heavy-timber building run from the $240s to the $620s, according to current listings.
NewHomeNotebook:
• Rate and review Odyssey Lofts
• View our list of true timber and concrete lofts