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CHICAGO-The Museum of Broadcast Communications has stopped construction work on its new 62,000-sf facility, awaiting the completion of a financing package. The loan to finish the $28-million project hinges on the building first securing a tenant to fill the 12,000 sf remaining available on the fourth floor of the development, says Bruce DuMont, president of the museum. DuMont declined to elaborate of the terms of the financing or money attached to the package, citing confidentiality.

DuMont says the project will take 10 months to complete once a fourth-floor tenant and financing are secured, and Pepper Construction resumes work on the site. The museum will occupy the second and third floors of the building, at 360 N. State St. “The site is close to a major tourist audience with 8,000 hotel rooms within a four-block radius,” DuMont tells GlobeSt.com.

Tenants have already been secured to fill the first floor of the development. Most recently, 6,000 sf was leased for a new Thai restaurant to be operated by Lisa Ko, owner of sushi restaurant Tamarind, at 614 S. Wabash. Johnny Rockets will lease the remainder of the ground level. The museum, which owns the property, hopes to lease the fourth floor space to a banquet or special events operator. The asking lease rate is $38 per sf, net, DuMont says.

The museum acquired the 13,520-sf site in 2003 for $4.6 million from BJB Partners, an owner and manager of multifamily rental buildings throughout the market. The property once housed a 50,000-sf parking garage.

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