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After years of lawsuits, the site of failed Chicago project will go to auction

A failed Chicago development site, intended for a 60-story tower, is now up for auction after years of foreclosure and legal disputes. New York-based Symmetry Property Development received $50 million from Chinese EB-5 investors, but municipal opposition stopped the project. The developers, Jeffrey Laytin and Jason Ding, tried to file for bankruptcy protection to prevent the property seizure but failed. The lawyer for the investors, Doug Litowitz, made this wry comment: “The two owners of Symmetry insist they will save the property from foreclosure and build on it. Then they will marry Rihanna and Jennifer Lawrence and drive spaceships to their new jobs running the Vatican.” Symmetry Property Development also faces foreclosure on an unbuilt condo project in Hawaii.

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