EB-5 investors sue NY developer for $50M over failed Chicago tower project
Jeffrey Laytin and a rendering of the failed project
Symmetry Property Development‘s plan was rejected, and now 60 investors from China want their money back
A group of Chinese investors is suing a developer to return some $50 million invested in a failed River North tower project.
The 60 investors each contributed $550,000 to the Chicago project in hopes of securing an American visa through the federal EB-5 program, but the plan by New York-based Symmetry Property Development was thwarted when Alderman Brendan Reilly (42nd) rejected it in 2017 over traffic concerns, according to Loop North News.
- Ying Yao vs Carillon Tower/Chicago LP; Forefront EB-5 Fund (ICT) LLC; Symmetry Property Development II LLC; Fordham Real Estate LLC; And Jeffrey L. Laytin
- New York
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