Latino State News
BUSINESS: Several Logan Square Developments Foreclosed On
The building bloom along Milwaukee Avenue, in the 1st District, has been dealt another blow with three local projects sued for foreclosure by the lenders. The three properties are located on the 2200 block of North Milwaukee and were under development for retail/residential use by David Kluever and John Burns. The duo defaulted on $9.8 million worth of loans when the project stalled with the real estate market slowdown.
Many projects in the area were either stalled or dropped all together because of the recession. There have been no new projects on this key commercial corridor in Logan Square started since the economic recession. The properties foreclosed on are at: 2201-2229 N. Milwaukee Avenue, 2257-2373 N. Milwaukee Avenue and a vacant warehouse at 2274 North Milwaukee Avenue.