The developer of a failed condominium project on the South Side is offering 58 units in a bulk sale that would shortchange the project’s lender.
A venture led by developer Andres Schcolnik is seeking $8 million, or $138,000 a unit, for the condos at Opera Lofts, 2545 S. Dearborn St., the redevelopment of a building once used by the Lyric Opera to design and store stage sets and costumes.
That’s well below the $21 million that the project’s lender, Urban Partnership Bank, is seeking in a foreclosure suit it filed last year against the struggling 93-unit project. Only 35 condos have sold since marketing began in 2007, with the most recent sale closing last year, county records show.
Read more.
