| > They also leased Midway That deal fell apart; it was never completed. But Chicago did lease the parking garage underneath Millennium Park to the same parking meter investor group. And that deal went bankrupt with the lease going back to the lender (who set up a new consortium which is also on the verge of bankruptcy). So basically the two parking deals have just now broken even ;) > Amid a legal skirmish with the city over the underground parking garages, the venture is in talks to relinquish them to banking giant Societe Generale S.A., which provided a $403 million loan to finance the 2006 deal, sources said. It's a sign that the investment has lost so much value with little prospect of a turnaround that the venture no longer sees a reason to own it. https://www.chicagobusiness.com/article/20130912/CRED03/1309... > Chicago CFO Gene Saffold said the Midway Investment and Development Company, the group that successfully bid on the 99-year airport lease in September, was unable to secure financing, leading to the deal’s demise. https://www.reuters.com/article/us-chicago-midway-lease-idUS... |