The Daley administration, in an abrupt about-face, went through with its $10 million sale of a key State Street property to Chicago developer Smithfield Properties after Novack and Macey LLP filed an emergency lawsuit in the Circuit Court of Cook County asking for an expedited trial and an order to close the sale. Smithfield plans to erect an $86 million (32 story) condominium tower on the parcel, which sits across from Block 37 on State Street. Despite having signed a contract to sell the property to Smithfield, the day before the closing was to take place the City, without explanation, cancelled the closing. The City then repeatedly refused to close the sale, and its refusal put the entire project in jeopardy, and subjected Smithfield to enormous potential damages.

Against steep odds, Novack and Macey attorneys Stephen Novack, P. Andrew Fleming, Courtney D. Tedrowe and Andrew Campbell presented an Emergency Motion to the Court and convinced the Court that unless a trial on Smithfield’s specific performance claim was held within two weeks, Smithfield and the proposed development of the property would be irreparably harmed. The Court agreed and scheduled a trial to begin within two weeks. Faced with this tight schedule, the City backed down and agreed to close the sale of the property eight days after the suit was filed.

For further information please contact Don Tarkington, Managing Partner at 312.419.6900.