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.

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