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The Latest on the Purple Hotel

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The Purple Hotel's owner, a Skokie-based investment group, filed for bankruptcy protection yesterday, an apparent strategy to hasten demolition and sell the land to settle its debts, reports Crain's. The owners had been facing a $4.2M foreclosure suit that threatened to paralyze forward progress, something that Lincolnwood officials having been trying to make happen for a while. The bank-held loan is on its way to selling to Weiss Properties, who will likely then bring mixed-use development to the site with the aid of a new TIF district. Last we heard (also from Crain's), Tucker Development Corp. was to buy the loan. Oh, well. [Crain's, previously]