"We believe there is an opportunity, with the credit crunch and the slowing economy, for us to work with institutional lenders, mezzanine financiers and banks to take over some of their existing projects that might have been foreclosed on," Gordon says. The group will look for opportunities "in all of the troubled markets nationwide," including Miami, Phoenix and Las Vegas, he says. Robert Pontarelli will be the head of the western division for the affiliate.
Magellan Development Group has been a residential high-rise developer for 21 years. The firm is currently developing Lakeshore East, a $4 billion, 28-acre mixed-use development near where Lake Michigan meets the Chicago River. Magellan recently completed the construction of the Tides, a 608-unit apartment tower on Field Boulevard, south of Wacker Drive, and construction is currently underway on the $474-million Aqua mixed-use tower and is expected to be completed in the middle of 2009, as previously reported by GlobeSt.com.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
