River North site facing foreclosure tries hotel plan
By Samantha Sleevi, May 28, 2009
(Crain’s) — Facing an $8.8-million foreclosure lawsuit on the site of his proposed River North condominium tower, a marketing executive and aspiring developer now says he has hotels knocking at his door.
Unfazed by the complaint filed by lender Geneva Capital Associates LLC, Paul Stanley says he plans to shift to a hotel in order to avoid losing the site at 8 E. Huron Street, where he first proposed a 28-story condo building in 2002.
Mr. Stanley says he’s in talks to sell the site for a hotel development, although he declines to identify the potential buyers.
He says he is confident he’ll sell the property this summer and settle the foreclosure case.
“I’m fully expecting to make a deal,” he says.
As the condo market started to slow down last year, “I started getting knocks on my door from hotel developers,” says Mr. Stanley, who owns event and retail marketing firm PS Promotions Inc., which until recently was housed at 8 E. Huron. “I’m trying to make lemonade out of lemons here.”