Outcry over the decrepit state of Lincolnwood's Purple Hotel may soon come to an end. Crain's is reporting that retail developer Tucker Development Corp. has bought the loans on the property from a venture led by owner/investor Donald Bae, who is facing foreclosure proceedings. The town licensed demolition in the spring, and we expect it to happen soon. Tucker Development is rumored to have interest in a mixed-use plan that would involve retail and residential construction and a possible hotel component. Storied though the Purple Hotel may be, it has squandered support by falling deep into disrepair. [Crain's]
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