Sauganash Place Fated to Go Down the Lake
Whole Foods Incorporated had plans to construct a condominium community, called Sauganash Place, on the corner of Peterson and Cicero Avenues in Chicago. They borrowed thirty two million dollars from Lakeside Bank to complete this plan. It seems, however, that the development is fated to distaster, because the bank is now bringing a lawsuit for foreclosure against the developers, who still owe the bank fourteen million. Although Sauganash Place opened in early 2007 and it is not yet known if it has sold any of its 61 units, the threat of foreclosure still stands.
Whole Foods, Inc. is a company based in Austin that had planned on adding another condo community, this one with 76 units, to their development plans. Intended to be placed nearby, further down Cicero Ave., this tower looks like it will never get built. The company had been paying on their total loan amount of $32 million for awhile, but as of March 1st they sill owed $14 million and had not made payments in a while.
It is possible that the reason that Whole Foods is having difficulty paying off the loan, despite the sale of another property for almost $12 million, is because in recent years the sales of Chicago condo properties have been decreasing.
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