A Court Case Makes The Future Of Related's South Loop Land Purchase Uncertain
Related Midwest's bid to develop 62 acres in the South Loop faces an uncertain future. A partner in the deal is accused of scamming another partner out of profits owed in a previous deal.
A judge ruled that Nadhmi Auchi and his company, General Mediterranean Holdings, willingly cut a North Shore businessman out of $13M he was owed, the Chicago Tribune reports. Auchi bought land for $32M from Antonin "Tony" Rezko, a fundraiser for former Gov. Rod Blagojevich later convicted of corruption. Auchi has a history of unseemly business dealings. He was convicted in France in a corruption scandal 13 years ago and his relationship with Rezko often raised eyebrows.
Related has ambitious plans for mixed-use on the site and is working with the city to lay out details. It's unknown how the ruling will affect any timetable for the development to begin. [Trib]
