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This story leads to a little fun with Google.
Six months after buying the largest parcel of vacant land near the Loop, an Iraqi-born billionaire is putting up for sale a key piece of the property, which has defied development despite the torrid downtown residential real estate market. […]Chicago-based U.S. Equities Realty LLC and Eastdil Secured LLC of New York have been hired to market the 17-acre parcel, says Michael Rumman, CEO of Heritage Development Partners LLC, which manages the project for a London affiliate of General Mediterranean Holding S.A., a conglomerate owned by investor Nadhmi Auchi. The parcel being marketed is slated to have about 670,000 square feet of retail and up to 2,000 residential units.
Iraqi-born billionaire Nadhmi Auchi is selling 17 acres at the north end of the former Rezmar site in the South Loop. […]
It is another setback for the star-crossed proposal, which was announced in early 2001 but has been ensnared by a series of obstacles: the breakdown of a deal with retailer Ikea, financial troubles, and controversy surrounding Democratic fund-raiser Antoin “Tony” Rezko, who retains an interest in the site. […]
Chicago-based Heritage, which is co-owned by Messrs. Rumman and Rezko, took over management after General Mediterranean paid $131 million for the site to a partnership led by developer Daniel Mahru and Mr. Rezko, an entrepreneur with ties to Gov. Rod Blagojevich.
Rumman also worked for Blagojevich as the embattled director of CMS.
Blagojevich knows Auchi as well.
Rod Blagojevich, Illinois’ governor, said that his state “welcomes General Mediterranean Holding’s (GMH) investments, and is ready to provide the necessary means for them to succeed.A welcoming reception was held for Mr Nadhmi Auchi Chairman of GMH, who is touring the United States.
“Illinois is an important investment opportunity for big companies,†said Blagojevich.
Ministers from State of Illinois, businessmen, and congressmen were also present in the dinner held in his honor.
posted by Rich Miller
Tuesday, May 30, 06 @ 10:50 am
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Politics and business scrub one another’s backs. So this isn’t big news except for one thing. That is the current governor ran as a virgin intent on reforming our corrupted political system. So, what’s worst; a George Ryan a guy you know works the system, or a Rod Blagojevich a guy that will lie to your face as he works the system.
I prefer a honest crook to Blagojevich. I don’t care how much Blagojevich drags Ryan’s name into this campaign; all he seems to be doing is showing just how poorly he compares to old George.
Comment by VanillaMan Tuesday, May 30, 06 @ 11:01 am
Thank God a reporter knows how to actually use Google… These reporters clearly do not. (Hat tip to Larry.)
Comment by NW burbs Tuesday, May 30, 06 @ 5:29 pm
Rod makes George Ryan look like an amateur. Sure, George was guilty of “business as usual”, but Blago has turned selling $100 fundraiser tickets out of the SoS office to $100,000 campaign contributions for no-bid contracts. Absolutely shameless, and if 1 out of 10 rumors about his personal life is true, I suspect he will end his life alone and in jail.
Ashur Odishoo
Candidate
State Representative 11th District
Comment by Ashur Odishoo Tuesday, May 30, 06 @ 6:31 pm
Great post, Larry. When was the last time we heard the word “kerfluffle”?
By the way, if y’all are into Googling, see if you can figure out who might have “introduced” Rezko to DeBartolo. Remember that they both ended up with special lease deals at the tollway for their fast food shops before this thing popped up. Clue: He could speak to one of them in their common native language.
Comment by Arthur Rubloff Tuesday, May 30, 06 @ 8:53 pm