Foreclosure lawsuits mounting atop the $2-billion Chicago Spire project come at a time when the Windy City’s glut of condominium inventory has forced developers to make other deals.
In the near term, “I think any high-rise residential developments will be rentals,” says Gail Lissner, vice president of Appraisal Research Counselors, Chicago. A dozen rental high-rises are planned downtown, she says, including a 49-story tower that is being floated by luxury apartment developer AMLI Residential, Chicago.
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