By Tom Butala
According to ChicagoRealEstateDaily.com, a partner in the South Loop’s Central Station development has taken an $18 million loss on its own investment.
The 80‐acre, 14 million sq ft mixed‐use project is a joint venture involving veteran Chicago developers Fogelson Companies and Cleveland’s Forest City Enterprises, Inc. The community near Grant Park offers various residential living opportunities, including lofts, condos, townhomes and rentals.
According to Forest City’s Q3 fiscal report, the $18.3 million impairment recognizes price deterioration for condominiums in Chicago, and reflects conditions impacting condominiums in nearly every major U.S. market.
“We continue to feel very good about our long‐term ability to achieve future growth, as conditions allow, by taking advantage of our strengths as a developer through significant entitled opportunities in some of the strongest urban markets in the country, and where we have the ability to control the timing of development,” says Charles A. Ratner, Forest City president and chief executive officer.
For more on Central Station, visit www.CentralStationSouthLoop.com.