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Politically-Connected Developer Hit with Foreclosure Suit

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The politically-connected developer of a failed condo tower on Michigan Avenue is being hit with a foreclosure suit, Crain's reports. What's this city coming to?! Back in 2008, developer William Warman announced plans to build this grim-looking 52-story condo tower at 300-310 N. Michigan Ave., but by 2009, Warman declared personal bankruptcy, and the property was taken over by a development team led by Thomas DiPiazza and Richard Ferro, a group (along with Warman) best known for producing the failed Astoria Tower development in the South Loop. DiPiazza and Ferro were pretty cozy with the Daley administration, according to Crain's, but that didn't help them get the building off the ground. The $23-million loan, which DiPiazza and Ferro both personally guaranteed, matured in June.
· Daley allies face Michigan Avenue foreclosure [Crain's]