February 12, 2016 Comments Off on Purple Hotel Site Developer Hit with $11M Foreclosure Views: 616 California News, Illinois, Midwest, National News

Purple Hotel Site Developer Hit with $11M Foreclosure

North Capital Group, which planned to redevelop the former site of the Purple Hotel at 4500 W. Touhy Ave. in Lincolnwood, IL, has been hit with an $11.5 million foreclosure lawsuit. Romspen Investment Corp. of Toronto initiated the suit against North Capital Group, for reportedly defaulting on a $10.2 million loan.

The iconic Purple Hotel, also known as the Hyatt House Hotel, was closed in 2007 and demolished in 2013 by North Capital Group, which was planning a $135 million retail-centered development on the 8.5-acre plot. However, North Capital Group announced late last year that it would not pursue the project.

Read More at Chicago Tribune

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