A lawsuit alleging defamation along with a motion to stop Heartland Partners from selling assets have been dismissed by a Cook County Circuit Court judge, the REIT says. A breach of contract suit remains pending, however.
In Milwaukee, Heartland Partners had planned to build a mixed-use development on its Menomonee Valley land next to the Brewers' new retractable-domed stadium. However, the city prefers the property be developed for industrial use, and has threatened to acquire it through eminent domain.
CEO Lawrence Adelson says his company is not jumping at the city's offer of $25,000 per acre. It could reject the offer and challenge the city's move in court, he adds, or accept it while reserving the right to seek more than $3.55 million later.
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