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Article: Suitor emerges for Union Gospel; Chicago developer on deck to buy Tremont landmark.(LR Development Co.)(Brief Article)
- Article from:
- Crain's Cleveland Business
- Article date:
- September 4, 2000
- Author:
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LR Development Co., a Chicago-based developer undertaking the massive restoration of the Old Arcade downtown, is targeting a landmark in the Tremont neighborhood for redevelopment as apartments.
LR has optioned for purchase the sprawling, medieval castle-looking Union Gospel Press at 2372 W. Seventh St., according to property owner Joseph Scully. Mr. Scully, a metal sculptor who lives in the building and houses his Art Fabricators Inc. business there, said LR has an option to buy the building for $2 million until Oct. 1.
A source familiar with the situation said LR is closer to consummating the deal than two prior developers who in the last three years ...