Embattled developer Marty Paris is hanging onto the site of a once-promising condo project in River Forest for dear life, although its future is murky.
Cook County Circuit Court Judge Catherine Schneider recently ruled that the court-appointed receiver for the west suburban site cannot sell it, due to an ongoing foreclosure case between Paris and the lender. Thus, the development will remain dormant, Crain’s reported.
Paris’ Sedgwick Properties proposed a 30-unit condo project on the property, at the intersection of Lake Street and Lathrop Avenue. However, it was hit with numerous setbacks, leading to its eventual halt. Despite initial approvals and ambitious plans for a “statement building,” construction was partially completed before River Forest revoked the building permit in September.
Efforts to revive the project hit a roadblock when the court-appointed receiver, Ascend Real Estate Group, attempted to sell the property. However, Judge Schneider cited ongoing foreclosure proceedings initiated by Beverly Bank & Trust. The foreclosure case, filed in May, has yet to conclude, leaving the property’s ownership status unresolved.
Ascend Real Estate Group had entertained a bid of $3.75 million from Michigan Avenue Real Estate Group, but the ruling dashed hopes of a swift resolution. Beverly Bank & Trust, as the second lender on the project, has sought the return of funds advanced to Paris, further complicating the matter.
Paris, meanwhile, is grappling with several legal challenges. The developer was jailed in December after being held in contempt of court for not fulfilling a judge’s orders to pay his ex-wife in a messy divorce proceeding.
He’s also at the center of a dispute involving angry contractors for a downtown condo project, alleging nonpayment for their work totaling nearly $1.4 million.
—Quinn Donoghue
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