Wednesday, May 2nd, 2012

McArdle Quoted in WSJ Article on Chicago Spire Forceclosure

David W. McArdle was quoted in the May 1, 2012, issue of the Wall Street Journal in an article about the Chicago Spire property on the Chicago lakefront. The title of the story is “Chicago’s Spire Remains Hole in the Ground.” The subtitle reads: “Four Years After Construction on the Tower Stopped, Development Is Stalled in Foreclosure Proceedings; Ties to Ireland.”

McArdle, a named partner in Zukowski, Rogers, Flood & McArdle, practices law in a variety of disciplines, including construction law. The article mentions that the Chicago Spire foreclosure proceeding that began about two years ago involves contractors such as Lorig Construction, which seeks to be repaid about $512,000.

The article quotes on McArdle about the improvements to the land.

” ‘It’s a hole in the ground,’ said David McArdle, an attorney for Lorig, which built exit and entrance ramps to the property. ‘It’s not moving forward.’ ”

The article notes that Illinois law does not automatically give mortgage holders first priority over lien-holders such as Lorig Construction if they establish they have improved the property’s value. To view the story by reporter Maura Webber Sadovi, please follow the link to the Wall Street Journal article (subscription required).

Zukowski, Rogers, Flood & McArdle, the largest law firm in McHenry County, Illinois, is widely recognized as a leader in construction law. McArdle is the author of Construction Law Road Map — 2011 (4th Edition). For more details about David McArdle’s professional credentials, please view his biography.