Pritzkers put Presidential Towers on the block [Chicago]
Complex likely to sell for $450 million or more in big payday for Pritzkers.
Eleven years after bailing out the Presidential Towers apartment complex, Chicago’s billionaire Pritzker family is selling the 2,346-unit West Loop property, which could fetch $450 million or more.
Built with public subsidies in the mid-1980s, Presidential Towers became a political embarrassment by 1990, when its developers defaulted on a $159-million, federally insured loan. Yet the apartment complex, the largest downtown by far, is poised to generate a huge payday for the Pritzkers, who saved it from foreclosure in 1995 with a $14-million cash infusion.