Former Rezko real estate project still in works

Middle East Online has a report on Riverside Park, a proposed Chicago West Loop housing development that would build 62 homes with retail outlets, in one of the most valuable pieces of land in the city.

It was orginally planned by Rezmar Corp, the firm that Barack Obama's now-jailed pal Tony Rezko once led. In 2005, the alleged political fixer sold the firm's stake to General Mediterranean Holding SA, headed by Iraqi-born businessman Nadhmi Auchi.

Federal prosecutors say Auchi loaned Rezko $3.5 million after the Wilmette businesmans's indictment, a violtion, Judge Amy St. Eve ruled, of his bail agreement--which is why Rezko is awaiting trial while being incarcerated in the Metropolitan Correctional Center.

Oh, more fuel for the fire on the issue of Obama's judgement--or lack of.

Here is the opening paragraph of an September, 2005 Crain's Chicago Business story about the Rezmar-General Mediterranean Holding SA deal:

Chicago businessman Antoin S. "Tony" Rezko, a controversial figure in local political circles, has agreed to sell his massive real estate development in the South Loop to an Iraqi-born British billionaire with a similar knack for generating controversy on the international stage.

(Bold print emphasis is mine.) For those of you living outside the Chicago area, Crain's, after the Chicago Tribune and the Sun-Times, is arguably the third-most influential print journal here. It's a big deal.

The CCB story came out after the first Rezko/Obama real estate deal, but before the Obamas purchased the 10' swatch of land from the "Rezko lot."

After the deals were uncovered by the Chicago Tribune in late 2006, Obama issued an explanation that challenges believability that he didn't know that Rezko, whom he had known since 1990, had become such a shady figure.

Riverside Park is still a go, Auchi says.

I wouldn't break ground just yet. I know several Chicago realtors who've quit the game and taken 9 to 5 jobs. They specialized in investor properties which they would sell to "homeowners" who hoped to sell it later and make a bundle. This mindset helped get us in the housing bubble.

But then again, Auchi is a billionaire, I'm not.

Related post:

Orwell's Winston Smith at work on Rezko?

Technorati tags: Obama politics Barack Obama Illinois 2008 Election Democrats Tony Rezko corruption Nadhmi Auchi Blagojevich real estate real estate blog