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Lockout At Ritz-Carlton Residences

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A dispute involving the Ritz-Carlton Residences is keeping residents and retailers out in the cold. Prism Development Co., the developer of the 495-foot tall condo tower on the Mag Mile, is embroiled in a legal battle with the Terra Foundation for American Art. Terra used to own the old Farwell Building that stood at Michigan and Erie before it was demolished to make way for the project. Its facade was salvaged and later attached to the Ritz's parking structure as part of a facadectomy. In exchange for allowing Prism to build on the site once occupied by Farwell, Terra was given ownership rights to certain retail and office space in the new tower. Citing deficiencies in the office space, Terra has refused to close the deal, which means that residents in turn can't close on their contracts and move into the building. In a tit-for-tat move, Prism is now denying access to workers attempting to build the first and second floor retail spaces for tenants Loft and Tommy Bahama. Let's hope this beef gets sorted out soon! [Crain's by subscription]