Call me sentimental. Call me, oh I don’t know, out there to help the little guy. Better than that, let’s say that I call ‘em how I see ‘em and enjoying tying together a string of events for you fine people.
I wrote a previous post about a local developer named William Warman. His first LLC was being sued by the condo association over at 1717 S. Prairie (they are battling possible special assessments because of some construction issues). Since the LLC is separate from the individual, Mr. Warman went ahead and purchased a building at 300 N. Michigan Avenue. Ok, got it. LLC can be sued. Person that is associated with the LLC can go out and do what they want. Got it.
Next, I read an article last week that mentioned a current development of Mr. Warman’s, this time at 830 S. Michigan Avenue, is having financial issues. Looks like Mr. Warman is being sued again – this time from the people that gave Renaissant Development Group LLC (his new LLC) the $4.25 million loan for the up and coming South Loop high-end digs. Yowza.
Now, let’s get back to the property at 300 N. Michigan Avenue. I read another article that says Mr. Warman is seeking another round of investors for THIS building. Good grief.
Is it just me or is the theme song for Chicago real estate developers’ : ‘You Can’t Touch This’?