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Preservation Watch: Congress Theater

Just when things were starting to look up for The Congress and owner Eddie Carranza, a bank that issued a $4M loan is now moving to foreclose on the historic theater. Carranza defaulted on the loan issued in 2007 for improvements to the building. The bank has been after repayment since August 2011. Although Carranza split with his development partner in September, a Curbed commenter recently observed that interior work is well underway for a revamp of the worn theater and its attached retail spaces. Will it grind to a halt? If we're to believe Carranza's attorney, then no: "It's an insurance placement issue... it will be straightened out in a week." [WBEZ, previously]