If you look at the intersection of Washington and Desplaines on Google Streetview, there's an old sign that says, "CHANGE IS COMING to this block. ARE YOU?" (Maybe the sign is still up — we haven't checked.) More than four years ago, Urban R2 Development began marketing The Catalyst, a 21-story, purple and blue-green condo building at that corner. And although Urban R2 CEO Gary Rosenberg announced last winter that he got financing for the project, the deal ultimately fell through, and he was later hit with a $8.7-million foreclosure suit. Rosenberg didn't give up, though (amazingly, the development website has been active the whole time); he's still planning to follow through with the building, only now it'll be apartments instead of condos. Crain's is reporting that an investment firm has agreed to provide $35.6-million in financing for the project. So maybe Lincoln Park 2520 and the Ritz-Carlton Residences won't be the last two towers from the Lucien Lagrange era, after all. Lagrange came up with this paint-by-numbers design (the website describes it as "a residence wrapped in dimensional color") back in '06 or '07. The developer is still looking for a $50-million construction loan, according to Crain's. A minor detail.
· Developer of West Loop high-rise switches to apartments [Crain's]