Developer Selling Land Under Apple Store

December 23, 2009

Under financial pressure from lenders, the developer who owns the property under the future Lincoln Park (Chicago) retail store has put the parcel up for sale. M Development LLC headed by Mark Hunt could receive up to $10 million for triangular-shaped property at Halsted Street and North Avenue on the city’s north side. Hunt just settled a $30.7 million foreclosure lawsuit by handing back an abandoned hospital to another development firm that purchased the loan. Real estate sources say his firm faces other foreclosure lawsuits totaling $50 million, and the company’s president resigned earlier this year. Hunt and partner Fred Lasko are also involved in a disputed loan for an Aspen (Colo.) hotel. As reported by Chicago Real Estate Daily, Apple holds a 10-year lease to occupy the property, with an option to extend for 20 years. Apple is paying $750,000 a year during the first 10 years, sources say. Construction is now underway for a 9,000 square-foot, rectangular store that will open in summer 2010.

Share this news!
  • Twitter
  • Facebook
  • Digg
  • StumbleUpon
  • del.icio.us
  • Yahoo! Buzz
  • Google Bookmarks
E-mail this story E-mail this story

{ 1 comment… read it below or add one }

Brian Kaempen December 23, 2009 at 2340

By the way, as of last saturday, the entire exterior is clad in insulation, and there were large tarps draped over the front and back openings where the glass panels will be installed, so that tells me that interior work like fireproofing is being done and the exterior skin will be going on shortly. There’s at least one minor feature revealed in this framing, and hopefully more surprises to come with the skin material they choose.

-Brian

Reply

{ 1 trackback }

Leave a Comment