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Bucktown Station Developer Files for Bankruptcy Protection

Developer Bruce Fogelson's plan to build "transit-oriented" condo developments near CTA stations in the North Side and South Loop never quite made it out of the station. The big River West high-rise planned near the Grand Blue Line station was shelved years ago; plans for Polk Street Station have been scaled back significantly; and now Crain's reports that Fogelson has filed for bankruptcy protection in order to keep PNC Bank from foreclosing on Bucktown Station. Fogelson told Crain's that the chapter 11 filing will give him "a chance to catch my breath and finish the project," even though construction wrapped almost three years ago. That isn't the only curiosity surrounding the 15-unit development, which has been advertised as a "transit-oriented development," even though the building's garage has more parking spaces (21) than there are units in the building. Although the development website boasts that Bucktown Station is 50% sold, the Crain's story says that just 3 of the building's 15 condos have been sold.
· Bucktown condo venture files Chapter 11 [Crain's]