Saturday, May 02, 2009

Won't Sell Out - And Indicted

In a recent post about new Chicago buildings I noted a distinctive triangular building whose unique design was driven by a neighboring building that refused to sell out. Here is a photo during daylight hours that shows the situation in more detail. The new, tall building has to build around the smaller parcel in front, owned by "Ritter and Company", a quite ugly little building, I might add. I am only assuming but figure that the new building and Ritter and Company engaged in brinkmanship negotiations until the new building owners gave up and decided to build around the holdouts. Now the holdouts have lost most of the value of their property, since anyone who buys it can only build something small because the big adjacent building is already complete and won't be torn down to make room for something new.

In true, sad, Chicago style... I looked up "Ritter and Company" online and... they apparently are some sort of waste management company.

Just a couple of days ago they were apparently indicted for submitting false bids and here is the Federal complaint... it is sad that in picking a random company and doing some basic research this just pops right out.

1 comment:

Dan from Madison said...

Well, if they did in fact engage in illegal behavior, they certainly got their just desserts with the decreased property value.