CHICAGO-At a foreclosure auction held on Tuesday, First AmericanBank's affiliate purchased a 33,700-square-foot vacant property at1000 S. Michigan Ave., with a bid of $11.3 million. This is lessthan 50% of the $25.3 million that the lender is owed for thesite.

There were plans to build a 346-unit, 40-story condominium atthe site, but it ran into foreclosure as the developer, Warren Barrwas unable to sell enough condos at the site. For the fullstory, go to Crain'sChicago Business.

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