Chicago Condo Directory

February 3, 2010 - There may not be a Waldorf Astoria going up near the Spire as planned, but in what seems to be a growing trend, investors have bought out the foreclosed building site. More than a few Chicago real estate developments, both only in the planning stages and some that are already completed, have been hit with foreclosures and then sold to investors recently, according to Crain’s reports.

The planned 107 story Waldorf Astoria in Streeterville was to be a mixed-used tower with a hotel and Chicago condos. Christopher Carley, CEO of Fordham Co. was developing the project but after facing foreclosure decided to turn over the deed to the 68,000 square feet of land. According to the Crain’s report, the value of the building site had decreased around 58% since mid 2007 when Mr. Carley originally purchased it.

No plans are currently in the works for the site, but Chicago developers and investors seem to be feeling positive about a housing market recovery coming sooner rather than later. And if you’re interested in making your own investment, you can find out more about Chicago foreclosures by following the link.

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