Not only did the revised plan lack the previously promised hotel rooms, a 66-story condominium tower also was missing, leaving only a Lord & Taylor department store connected to other retail space and a rooftop restaurant.

"I think it's unfortunate this developer could not pull the project together on such a premium site in the city," Berg's predecessor, Grubb & Ellis senior vice president Christopher R. Hill, tells GlobeSt.com. "I'm disappointed, but life goes on."

The city block bounded by State, Washington, Dearborn and Randolph streets has been vacant since the 1980s, and previous attempts to redevelop the prime Loop location were stalled in the early 1990s by the recession. The land has been used during the winter for "Skate on State."