Willits/Basalt Developer Loses Control of Chicago Job, AT

Joseph Freed & Associates remains optimistic about bringing Whole Foods to Basalt

BASALT  REAL ESTATE — The developer of the stalled Willits Town Center project was stripped of control of a five-story mall in downtown Chicago late last month after running into financial difficulties.Joseph Freed & Associates was on the home stretch of the 285,000-square-foot Block 37 project when lending giant Bank of America filed a foreclosure lawsuit this fall, according to a Dec. 1 article in The New York Times. The bank claimed Freed doesn't have the funds to complete the mall. Bank of America won a court decision last week to appoint a receiver to take the reins of the project. Freed plans an appeal, according to published reports.A spokeswoman for the Chicago-based development firm said Freed still plans to proceed with the Willits Town Center project, a mix of restaurants, shops and residences in west Basalt.
By Scott Condon, Dec. 3, 2009 Aspen Times

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