West Loop apartments headed for auction

We last wrote about 1342 W Randolph St back in December of 2008. The building was then in the incomplete state shown in the above photo. Construction had been temporarily halted, according to the developer, with plans to resume in March and a switch to rental apartments from the original condo scheme.

The developer contended that finances were not an issue, but a look at public records reflects a raft of mechanics lien filings against the property. A number of the contractors and the lender subsequently filed foreclosure proceedings.

There’s apparently a plan in place to deal with the thicket of liens and lawsuits, and the property is slated for auction on June 6 (pdf), with a minimum bid of $2,300,000. The property consists of 20 2-bedroom, 2-bath units, one 2,130 square foot retail space and 20 parking spaces. Inland Real Estate Brokerage & Auctions is conducting the auction. On-site inspections will take place Friday, June 1st from 10 to noon.

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