The long-stalled Catalyst, a rental building planned for the West Loop, is moving forward after developer Marquette Cos. took control of the troubled project from developer Gary Rosenberg, who was under the threat of foreclosure. As part of the deal, Rosenberg will still maintain an ownership interest in the project. Designed by Lucien Lagrange, the 21-story, 223-unit tower is proposed for a surface parking lot on the corner of Washington and Des Plaines. Financing for the development has not been secured, though Marquette was given a "preliminary commitment" from a lender. If all goes according to plan, construction could begin by the end of the year. [Crain's, previously]
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