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Condo developer files for bankruptcy

Evanston condominium developer Tom Roszak reportedly has filed for personal bankruptcy protection.


Evanston condominium developer Tom Roszak reportedly has filed for personal bankruptcy protection.

Chicago Real Estate Daily reports that Roszak’s bankruptcy petition lists assets of $1 million to $10 million and liabilities of $50 million to $100 million.

Seven companies he co-owns filed Chapter 7 petitions, indicating they likely will be liquidated rather than re-organized.

Roszak, an architect, told the paper the filings were necessary “due to the unprecedented decline in housing values” and the oversupply of condos.

Roszak’s planned four building, 244-unit, Sienna development on the western edge of downtown started construction in 2004, but only the first two buildings have been completed.

Plans to change direction as the condo market cooled and develop the rest of the site with rental apartments and a hotel never came to fruition.

Last month the state attorney general sued Roszak over handicap access issues at the unfinished Sienna project.

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