Financing issues abort Muvico’s multiplex in Chicago’s Block 37
CHICAGO, IL — It looks like the cinema that was to be operated by Muvico in the Block 37 complex (now referred to as 108 North State – opposite Marshall Field’s, oops, Macy’s) is not going to be constructed. Muvico sought to renegotiate lease terms in June, but the bank involved would not agree to them and is foreclosing on the developer of the retail and transit portion of the project.
After undergoing a corporate reorganization that included shedding several of its movie houses, Muvico “informed Freed that it could not honor its lease but offered to enter into alternative arrangements,” Freed said in the filing.
Muvico renegotiated the lease, but the banks refused to approve the new terms, the filing said.
Read more in the Chicago Tribune.