CHICAGO-A venture managed by Related Cos. has purchased the Waterview Tower, an unfinished skyscraper located at 111 W. Wacker Drive, from a group of creditors for $26 million. Related intends to convert the project into an apartment tower featuring 500 units. The developer of the project was Teng & Associates Inc.'s affiliate.
In order to collect their over $100 million worth unpaid bills, the creditors took control of the project from the developer through a legal settlement in 2010. For the full story, go to Crain's Chicago Business .
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