Plans for movie theater in Chicago’s Block 37 still stymied
CHICAGO, IL — Although negotiations to open a cinema in Chicago’s Block 37 are still ongoing, the chances for success appear dim. The major issues involve construction costs and rent and the complications wrought by the ongoing property foreclosure proceedings.
“I really would love to do a theater,” said Whalen in an interview with the Tribune. “But given the uncertainty of whether Bank of America and the other lenders would fund the required tenant allowance to construct a theater, at some point, we have to move on.”
Muvico Entertainment LLC, one of the first tenants to agree to lease space at the long-troubled retail development in 2007, initially pulled out of the project last June, setting off a string of events that led Bank of America to move to foreclose on Block 37 developer Joseph Freed and Associates in late October.
Read more in Chicago Breaking Business.