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Old Posted Feb 4, 2017, 8:10 PM
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Originally Posted by SamInTheLoop View Post
In yesterday's article in Crain's about the developers landing their loan from Bank of the Ozarks, Fifield's role was discussed - they actually have no equity in the development, and to me it sounds as if they are developing the project for a fee from the actual owners, who presumably may not have been able to pull this project off as developer themselves.....
Sounds pretty smart.

They'll probably sell the tower after completion and cash out.

Construction begins on tallest tower west of Kennedy Expressway

Corilyn Shropshire
Contact Reporter
Chicago Tribune

Construction is underway on a luxury skyscraper that will be the tallest building in the city west of the Kennedy Expressway.

Co-developers Fifield Cos. and Skokie-based F&F Realty recently broke ground on a 44-story, 490-foot-tall tower that will bring 492 apartments and 375 parking spaces to the city's West Town neighborhood, near Greektown.

Mark Lecocq, a senior vice president at Fifield, said a name for the building, on Madison Street just east of Halsted Street, had not been decided. The completed building is expected to be valued at roughly $280 million, he said.

Rents for the apartments, which will range from studios to three-bedroom units, haven't been decided and will be based on the going market rates in 2019 when the building is expected to be completed. The building also will include 10,200 square feet of retail.