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Auctions: The Clare has a Savior

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It's official, March's "stalking horse" bidder for The Clare at Water Tower won out in multiple rounds of closed auction bidding. New York-based Senior Care Development bested rivals Prime Group and D2 Realty Services, both local firms, with a commitment of $53.5M in cash and the assumption of liabilities. The spoils? A mostly empty 53-story tower at Pearson & Rush. Clearly, there's a ton of potential inherent in such a location, but prices will have to be slashed drastically to get the thing filled after more than three years worth of struggles to do so. The competitive auction forced Senior Care to spend $24M more than it had hoped, but still nothing near the $272M that original owner Franciscan Sisters of Chicago spent to develop the property. [Crain's]