9/25/2023 0 Comments Yelp search defaults to chicagoIn 2018, Moyer received multi-layered city approval to overhaul the Congress to the tune of $69 million. The developer has experience overhauling historic theaters he redeveloped the Cadillac Palace Theatre and Hotel Allegro in the late 1990s. Moyer’s journey to redevelop the Congress started in 2015, when he bought the theater for $16 million with the goal of bringing it back to its former glory. The closure also came after a series of crimes that occurred in and around the theater during shows, including the rape of a 14-year-old suburban girl. As a result, the city banned electronic dance music - the theater’s former music genre of choice - for all current and future owners. The historic theater has sat vacant since the city ordered it closed in 2013 following a string of code violations. In fact, it’s one of the most-asked about development projects in the 1st Ward, said La Spata, who took office in May 2019. Locals have long been anxious to see the Congress Theater overhauled. ‘There Are Other Options For The Property’ Strazzabosco also said while Moyer received city approval to redevelop the old movie palace, his formal redevelopment agreement with the city - the very last step in a lengthy process - never closed.īecause of that, the $9.7 million in Tax Increment Finance dollars the city awarded the project in 2018 was never issued to Moyer, Strazzabosco said. The department “will continue to respond to market interest in the property and support viable efforts to reopen the theater and its adjacent retail and residential spaces,” Strazzabosco said in a statement. Peter Strazzabosco, spokesman for the city’s Planning and Development Department, said the city is taking offers from other developers. Mark Silverman, an attorney for AEG Worldwide, declined to comment on the lawsuit or the receivership.Īsked if Moyer’s project is dead given the developer’s legal and financial troubles, La Spata declined to comment, citing the ongoing lawsuit. Multiple attempts to reach Moyer were unsuccessful. A 2018 rendering of Moyer’s reimagined Congress Theater. “I am very pleased with their responsiveness and goals for keeping the theater safe and secure,” the alderman said. La Spata said he has met with the receiver and they “share the same goals of securing the theater and making sure that it is as safe as possible for our neighbors.” “My office and I are working with the receiver to understand the scope of repairs they can make on the theater, and they have outlined a plan for securing the building and ensuring the safety of adjacent neighbors and passersby,” La Spata said in a statement. Receivers are appointed to protect a property during a pending lawsuit. Daniel La Spata (1st), whose ward includes the Congress. The lawsuit was first reported by Crain’s.Īround the same time the lawsuit became public, a judge appointed a receiver to “care for” the 1920s theater, which has fallen into disrepair, said Ald. Over time, the loans resulted in another $10 million in fees and interest, bringing the total amount Moyer owes up to $24 million, the lender alleges.
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