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Developer Loses Control Of Block 37 Mall

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Jan 22, 2010 4:45 pm US/Central

Developer Loses Control Of Block 37 Mall

Freed Says It Expects To Regain Control Soon

CHICAGO (Sun-Times Media Wire) ―

Click to enlarge 1 of 1: The Block 37 mall has been open since November 2009, although several areas remain under construction and the developer has lost control of the project to a court-appointed receiver amid a foreclosure lawsuit.
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After two months of delays, the developer of the Loop's Block 37 officially lost control of the project today but vowed to get it back soon.

Cook County Circuit Court Judge Margaret Brennan approved the appointment of a receiver to run the project for Bank of America Corp., which has filed a foreclosure suit on it. The bank claims the developer, Joseph Freed and Associates LLC, is in default on a $128.5 million debt.

But Freed's president, Larry Freed, said he expects to regain control of the retail site soon. Freed said he is in discussions with investors.

"I hope to relieve Bank of America of its current Block 37 financial obligations in the very near future," Freed said. He added that he is keeping his Block 37 workers on his payroll.

Brennan named Karen Pence Hollan of CB Richard Ellis Group Inc. as the receiver. The transfer was delayed since late November because of a dispute over insurance, with each side blaming the other for the impasse.

A new store, Anthropologie, opened a 13,000-square-foot operation at Block 37 today.