The washout on Wabash files Chapter 11 bankruptcy

New West Realty, a once politically-connected developer, extended an almost unbroken string of development debacles with a Chapter 11 bankruptcy filing for a South Loop condo project.

According to Crain’s Chicago Real Estate Daily, a venture affiliated with New West and former First Ward Alderman Ted Mazola, recently filed for bankruptcy protection for a 176-unit condo tower at 1555 S Wabash Ave.

The project was 70% sold, according to New West, back in August of 2008. According to the Crain’s report, buyers have closed on only 20% of the units.

A search on New West Realty at YoChicago will immerse you in more of New West’s history.

In the latter part of the above video YoChicago’s Joe Askins and Jeremy Schnitker drove around the Heritage Homes of West Village, another New West project, reading aloud the brochure copy and, in the spirit of the holidays, “laughing all the way.”

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