Cole Taylor Bank has reportedly filed a foreclosure lawsuit against the Main Street Station condo development in Evanston.

Cole Taylor Bank has reportedly filed a foreclosure lawsuit against the Main Street Station condo development in Evanston.

Crain’s Chicago Business reports the bank is seeking to collect more than $4.3 million it loaned for the proposed 71-unit condo building planned by Bernard Katz & Associates.

The bank says the developer has been in default on the loan since October.

A real estate broker who marketed the project says its problems were compounded by a dispute between the company’s founder and his son who was managing the project.

The developer demolished two-story commercial buildings on the site at the southeast corner of Main Street and Chicago Avenue, but has failed to start construction on the project. Sales contracts had reportedly only been signed for about 21 of the units.

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7 Comments

  1. Make it a parking lot for now. Or a park.
    I live a block away from this project. It’s been sitting fenced off since they demolished it. It’s a shame the Father/Son can’t come to terms, but they should consider the possibility of making it a parking lot or a park in the meantime. They could generate some revenue to help pay back their expense. It’s across the street from the Purple Line El stop on Main, after all. I’m sure commuters would pay to park there, no problem. Barring that, throw down some grass seed and take down the fence.

    1. Parking lot is too expensive – but it should be maintained
      To have a developer pave over any site and create a parking lot would be very expensive – beyond the pavement you would require an expensive drainage system, If the land is not going to be developed the best the city can do – is require it to be planted with grass, to prevent a dust bowl – as you walk by you do not want dust and dirt blowing all over the area.

      While it would be nice to allow temporary park use – the developers do own the property – and clearly would not want anyone on the property for liability reasons. Also if it was used for any type of recreation use alot more work to land would need to be – thus a cost – no developer would want to pay.

      Unforuanately in this economic climate we are going to end up with many vacant lots in town.

  2. White Hen on Main
    I’d sure like to have the White Hen back on Main Street. I agree, pave it or plant it, but take down the fence.

    1. keep it ugly
      If the field is paved or planted, what will happen when the economy improves and the owners want to develop the plot? The NIMBYs will come out in opposition! (Save our parking lot! Save our ‘park’? ).

      They will cite:
      1. Loss of green space (or loss of parking space, whatever.)
      2. Increased density & traffic caused by development
      3. The usual stuff about character & history.
      4. More study is needed

      and so on , and so on…

      They should keep the field ugly and fenced in, to minimize the opposition when they finally do come up with the money for development.

  3. Main-Chicago faces foreclosure
    Proof, once again, that developers should not be allowed to demolish existing buildings and existing businesses without posting a bond to ensure lost tax revenues in the event that they do not timely proceed to build. This has also occurred on Central Street and elsewhere. Enough!

  4. What about a Trader Joe’s?
    as long as nothing we say is going to make a difference, why not put a Trader Joe’s there?

  5. Make it a park…
    Listen, anyone else notice the “Buxom Train Conductor Lady” ads they were using trying to sell these units to “up and coming” professional types? I’m happy this didn’t come to pass, and I feel bad for the neighborhood that has had to put up with the noise and dust. Worst of all the Katz circus took our White Hen from us, thanks for nothing.

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