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updated: 10/2/2013 7:58 AM

Colorado company drops plan to run Port of Chicago

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Associated Press

A plan to revitalize the Port of Chicago has run aground as the company wanting to invest $500 million to make infrastructure upgrades pulled out.

The Chicago Sun-Times reports Colorado-based The Broe Group suspended negotiations on a master lease after failing to reach agreement with the Illinois Port Authority.

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In a Monday news release, company officials said a proposal with significant economic benefits had been presented and progress made on many details. However, Alex Yeros, the investment and management company's managing director, said negotiators failed to reach a full agreement.

Mayor Rahm Emanuel's office didn't have immediate comment.

The port, located at Lake Calumet Harbor and with facilities on Lake Michigan, has been self-funded with revenues from tenants. It operated at a loss for about 10 years until 2011.

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