Breaking News Bar
updated: 10/2/2013 7:58 AM

Colorado company drops plan to run Port of Chicago

Success - Article sent! close
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.

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.

Article Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.