Who’s Missing from Crain’s Story?
Here’s Crain’s doing about 80% of the work on a story about a Rezko development in the South Loop
Even after Antoin “Tony” Rezko was sent off to federal prison, his bold plan for a massive mixed-use development in the South Loop lived on, just waiting for the real estate market to return and another developer to pick up where he left off.
Mr. Rezko’s political troubles heated up before he could start the development, and he sold the property for about $131 million in 2005 to Luxembourg-based conglomerate General Mediterranean Holding S.A. The real estate crash got in the way of any plans to build on the property or sell to a developer that could — and the clock ran out.
So just to finish the other 20%, the founder and chairman of General Mediterranean Holding S.A. is Nadhmi Auchi. Yes, the same Auchi who has kept thing interesting for many years now in Chicago and Iraqi Politics