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Arrested Development

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Unfortunately for developers Pam Gleichman and Karl Norberg and the South Loop, a bankruptcy judge last week stymied their plan for a massive hotel/retail complex on the Northern edge of McCormick Place. The bankruptcy filing, meant to avert foreclosure, was needed in order to move forward on the 900-room hotel complex, announced in October. A seemingly random investor in Arizona-based Winners Development had emerged back then as a savior for the development, pledging over $40M to the project. But tisk-tisk, the developers owed an estimated $67M to one creditor alone, Centerpoint Properties Trust, which felt it was getting two-timed. What comes next? Only time will tell. [Crain's]