Developer Eyes Ch. 11 Exit With $195M Chicago Property Sale

Law360, New York (October 22, 2012, 8:17 PM EDT) -- Bankrupt development venture Olde Prairie Block Owner LLC will sell more than 3.6 acres of property in Chicago near Lake Michigan for a total of $195 million to buyers including a New York-based real estate investor and an Illinois-based developer, as part of its reorganization plan filed Friday.  

In a Chapter 11 plan filed in Illinois bankruptcy court, Olde Prairie said it would sell its Lakeside Property located near the McCormick Place Convention center south of downtown Chicago, in a sale that includes a $150 million...
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