Dive Summary:

• It seemed like a good idea at the time when the time was pre-recession: 90 stories in downtown Chicago for hotel rooms and condominiums that would run as high as $1 million or more.
• Stalled since 2008, the project is back in gear with a new owner and an expected $115 million construction loan from Bank of America.
• Part of the credit goes to contractors and creditors, who had accepted a deal in which they got pieces of the action and of future profits for agreeing to write down claims that totaled $100 million when the project froze up along with the condo market.

From the report:

Construction is resuming on a half-built skyscraper that has marred Chicago's skyline since 2008, thanks to a recovering economy and an creative workout reached by its developer, contractors and a new investor. ...