Bank of America bought the troubled Evanston Plaza for $12,350,000 at a foreclosure auction Tuesday.
City Manager Wally Bobkiewicz said in an e-mail that the city will now work with Bank of America "as it weighs its development options and potential partners for future development."
In May, the Chicago-based Evanston Plaza owner, Joseph Freed & Associates LLC, surrendered the property to a court-appointed receiver as part of a $105 million foreclosure lawsuit with Bank of America Corp., after Freed used Evanston Plaza as cross-collateral to help finance the now-failed Block 37 project in downtown Chicago.
The plaza has been plagued by . A.J. Wright, one of the larger stores in the plaza, closed earlier this year, .