How do you make a partially-built building at 111 W. Wacker – i.e. Wacker & LaSalle, i.e. right in the middle of everything – “worthless”? Here’s how:
“Teng President and CEO Ivan Dvorak made the fatal mistake of breaking ground on the 90-story condominium-and-hotel tower in 2006 before landing a construction loan to pay for it. In January 2007, a company he formed to develop the high-rise obtained $20 million in bridge financing from LaSalle Bank N.A., allowing it to continue construction while shopping around for a larger loan.”
Crain’s puts the total of competing claims against the sad, hideous, empty building’s developer at over $100 million, meaning it will remain sad, empty, and hideous for a long time. Lynn Becker is soliciting ideas for what to do with the monstrosity. (Perhaps we’ll eventually need the raw material to backfill the Spire hole.)
My money is that it’ll become, like a couple empty buildings I’ve seen downtown recently, a temporary billboard. Which seems like a wan and depressingly metaphorical way to move product – giant, empty corpses of the Great Recession pleading BUY NOW!!! – but novel mediums are a good way to troll for ad dollars.