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Broadcast Museum Halts Work, Awaits Financing

CHICAGO-The group stopped construction on its new $28-million, 62,000-sf facility, to wait for a financing package tied to securing the remaining 12,200 sf.

By Cari Brokamp | Updated on November 03, 2008

CHICAGO-The Museum of Broadcast Communications has stopped construction work on its new 62,000-sf facility, awaiting the completion of a financing package. The loan to finish the $28-million project hinges on the building first securing a tenant to fill the 12,000 sf remaining available on the fourth floor of the development, says Bruce DuMont, president of the museum. DuMont declined to elaborate of the terms of the financing or money attached to the package, citing confidentiality.

DuMont says the project will take 10 months to complete once a fourth-floor tenant and financing are secured, and Pepper Construction resumes work on the site. The museum will occupy the second and third floors of the building, at 360 N. State St. “The site is close to a major tourist audience with 8,000 hotel rooms within a four-block radius,” DuMont tells GlobeSt.com.

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