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Article: Mandarin's still a go, Kenny says
- Article from:
- Chicago Sun-Times
- Article date:
- November 14, 2007
- Author:
CopyrightCopyright 2007 Chicago Sun-Times. (Hide copyright information)
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Developers of the Mandarin Oriental hotel and condo tower again
have set back construction timetables, but they insist the
prestigious project that trades on the popularity of Millennium Park
is alive and viable.
Gerard Kenny, whose Palladian Development is behind the project,
said the credit crunch has caused delays in negotiating loans for a
project expected to cost more than $750 million. But Kenny said no
backer has withdrawn support for the project. He said New York-
based iStar Financial Inc. is still the primary source of early
funding.
Kenny said that he hopes to start construction early next year,
with delivery of the 74-story building in 2010. The original plan,
announced with ...