[SamInTheLoop]

Deal to sell to Marc Realty fell through, and now it is being purchased by an investor that will keep the building as office after renovations.......

After what we learned this week about Marc Realty's latest residential project - the building at 2300 S Michigan that they recently sold for a huge profit, after turning it into the New Robert Taylor Homes North - see Crain's article on HUD/CHA's shady Supervoucher program, Marc cashed in big time by renting ~ one-third of its units there to the elite of the CHA's client base - I'm actually glad that they are not getting their hands on this building, as I have little doubt that's what they had up their sleeves for it (affordable housing programs can definitely be a good thing - don't get me wrong, and I'm definitely in support of the standard voucher program, but this waste of money putting people of little to very little means into expensive housing is bullshit - it screws over the taxpayers and the people in need on the CHA's voucher waiting list)..........I do think it's a shame though that a more reputable apartment developer couldn't jump in and acquire 125 S Clark.......

Some more on Marc Realty - this is part of their "MRR" joint venture with Chicago Apartment Finders. Curious - a JV with this (I'm assuming this is what they are) broker/agent/apartment referral type service.......but, alas, now the pieces of the puzzle may be falling into place. One must wonder if that is what Chicago Apartment Finders is really bringing to this venture.....steering these CHA Supervoucher holders to the MRR redevelopments???

At any rate, it's time for this supervoucher nonsense to die.....