CHICAGO-DeBartolo Development LLC is in negotiations to purchase the note on the Evergreen Plaza Mall so that it can move forward on its plans to demolish the retail complex and build a more contemporary lifestyle center at the site.
The Tampa-based development firm is in talks with the owner of the shopping center, a partnership led by Kansas City, Mo.-based real estate firm Provo Group Inc., according to the Crain's Chicago Business. The Provo partnership defaulted on its loan on the plaza in October 2009. A special servicer, now called Situs Cos., that manages problem loans filed to foreclose on the property in 2011.
Evergreen Plaza totals nearly 766,000 square feet and is 58% occupied, according to a Bloomberg L.P. report. See story in Chicago Real Estate Daily.
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