Developer behind historic Congress Theater faces foreclosure

The owner of the Congress Theater in Chicago’s Logan Square has been slapped with a $24 million foreclosure suit, potentially derailing plans to revamp the historic property.

Los Angeles-based AEG Worldwide alleges that a group led by Chicago developer Michael Moyer defaulted on $14 million in loan payments about four years ago, according to Crain’s. The suit was filed in Cook County.

Moyer purchased the property at 2135 North Milwaukee Avenue for $16.1 million in 2015 and financed it with two loans for $12 million, according to Cook County property records. Then-Mayor Rahm Emanuel’s administration approved a $9.7 million in tax-increment financing for the project, which Crain’s reported Moyer never received. The developer also failed to raise further funds to get the $69 million project off the ground.

Moyer planned to restore the theater with 4,900 seats and sought to revamp the rest of the 160,000-square-foot building with 14 apartments and a 30-room hotel, according to Crain’s. He also had planned to build a 72-unit apartment project next to the theater. [Crain’s] — Keith Larsen