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Main-Chicago condos face foreclosure

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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