Anybody want to invest in a failed condo development? Crain's is reporting that Bank of America is looking to unload the 82 unsold units in Silver Tower in a single block sale, which would make the shiny, River North tower the latest downtown development to go to the vultures. Also for sale are 130 parking spaces and 2,000 square feet of retail. How did we get here? About a year ago, Bank of America filed a foreclosure suit against Stonegate Development for failing to pay back the loan on Silver Tower. Since then, the 38-story high-rise went into receivership and Jameson (now Jameson Sotheby's International Realty) was brought on to market the unsold units. After slashing the prices by up to 35 percent, Jameson managed to sell 72 units, and they have another 15 are under contract, according to the article (although, with this news, who knows how many of them will stick around). "Will the remaining units in the Silver Tower go rental?" asks Sabrina at Crib Chatter. That seems quite plausible.
· Silver Tower's unsold units for sale as a block [Crain's]
· Will the remaining units in the Silver Tower go rental? [Crib Chatter]