It is a race to the finish for “Block 37,” the beleaguered construction site in the Chicago Loop. Just as the first retail tenants ready for their opening day this fall, a consortium of lenders headed by Bank of America Corp. initiated foreclosure proceedings against developer Joseph Freed and Associates LLC. Photo: Tudor Van Hampton / ENR Block 37 shopping mall’s opening is threatened by a last-minute lawsuit. Image: Freed & Assoc. LLC Chicago’s Times Square Situated in the heart of State Street, the project was decades in the making. Photo: Gensler Trucks Fill-ups were timed to the Loop’s traffic
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.