Mallinckrodt in the Park foreclosure

The developers of Wilmette's own senior community, Mallinckrodt in the Park have been hit with a foreclosure lawsuit by M&I (Marshall & Isley) Bank of Milwaukee.  Named in the $15 million suit were Donald Gianone, president of Oculus Development, LLC and five family members of Pickus Cos, who personally guaranteed the loan.

You may recall that the Village of Wilmette purchased the former Mallinckrodt College from Loyola University in order to save the historic building from a wrecking ball.  Oculus Development, LLC & Pickus Cos, in a joint venture bought the building from the Village.  They agreed to develop a senior condominium project including 12 "affordable" condo units that were priced at $200,000 in the building that once housed the college.  The remaining units were listed for  considerably higher, some over a million dollars.  To date, approximately half of the 81 units remain unsold.

What do you think of the Mallinckrodt Predicament?  Who are the victims here?  Are there any villans?

On the bright side:  If you find yourself looking for something to do this Sunday, January 11, 2009, stop by the Wilmette Rec Center on Old Glenview Rd.  Starting at 2pm you can view amazing  artwork at the Winter Recital & Vibrant Art of Persons with Disabilities Art Exhibit.  A recital featuring The New Trier High Five Choir and some New Trier graduates begins at 3pm.  Admission is free.   Come and support Wilmette's art scene.