In 2009, the IBT Group purchased the 4-acre Fannie May site in Chicago's west loop. IBT's original plan was for a $120M mixed-use development with over 300 units, a Mariano's grocery store, and a Sundance-branded theater.
As the economy changed, IBT's equity partner began to stall in light of new economic realities. IBT decided to change direction in 2011, and was able entitle and sell the land to Target Corporation at a profit. There is a built-in option to add a residential tower in the future.
