Related Midwest Snags One Of Chicago's Largest Vacant Tracts Of Land
One of Chicago's biggest plots of land, tied to Illinois' history of political corruption, has a new owner with ambitious plans to redevelop the property over the next two decades. Related Midwest purchased 62 acres in the South Loop, stretching from Roosevelt Road south to Chinatown.
The highly coveted parcel was once owned by businessman Antonin "Tony" Rezko, who's best known as a fundraiser and associate of disgraced former Gov Rod Blagojevich. Rezko wanted to build 4,000 homes on the site before he and partner Stuart Levine were convicted on wire fraud, bribery, money laundering and attempted extortion charges. Rezko steered $1.5M in campaign contributions to Blagojevich's campaign. He was sentenced to 10.5 years in prison but was released last July.
Related's plans include a mix of residential, retail and office space, Crain's reports. The details are being hashed out with the city. Related, which already has several large-scale downtown developments in the works, could spend up to 15 years building on this site. [Crain's]
