CHICAGO-At a foreclosure auction held on Tuesday, First American Bank's affiliate purchased a 33,700-square-foot vacant property at 1000 S. Michigan Ave., with a bid of $11.3 million. This is less than 50% of the $25.3 million that the lender is owed for the site.

There were plans to build a 346-unit, 40-story condominium at the site, but it ran into foreclosure as the developer, Warren Barr was unable to sell enough condos at the site. For the full story, go to Crain's Chicago Business.

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