The Wilmette building that advocates of saving Evanston’s Civic Center point to as a model is faced with a foreclosure lawsuit.
Crain’s Chicago Business reports that a Milwaukee bank, M&I Marshall & Ilsley, has filed suit to collect nearly $19 million on unpaid loans to developers of the former Mallinckrodt College building at 1041 Ridge Road.
After Loyola University closed the campus in 2001, the building was acquired by the village which sold it to Oculus Development LLC and the Pickus Cos., which converted it to senior citizen condos.
Crain’s says only about half the condo units in the Mallinckrodt have been sold.
After years of efforts to find a formula to fund construction of a new Civic Center by selling off the current one — a former Catholic girls’ high school — to developers, Evanston aldermen this year voted to stay put and make repairs to the building’s roof.
Opponents of the move had used the Mallinckrodt as an example of successful restoration of an aging school structure — suggesting that it proved both that the city should stay in the Civic Center and restore it for its own use or, failing that, should sell it to a developer who would preserve the building.