J
oy Jordan's ambitious $170 million office project in Fulton Market is back on track after nearly two years of litigation. Jordan, a former office leasing broker turned developer, is close to a settlement with the seller, Grey Bemis-Kelley, that would allow her to purchase the property at 415 North Sangamon Street for around $7 million, significantly lower than the original price of $13 million. The deal fell apart in 2023 after Jordan received Chicago City Council approval for the project, but she fought back against Bemis-Kelley's lawsuit claiming she defaulted on the agreement.

    Jordan countered that the seller failed to disclose a "character building" on the site, making demolition impossible and forcing her to adaptively reuse the structures instead of tearing them down. Fortem claimed it had no trouble finding investors initially, but as delays dragged on, the market tightened and a construction lender pulled out of the deal.

    The proposed settlement would have Fortem buy the property for around $7 million in cash, with Bemis-Kelley's side still arguing over the release of $500,000 in earnest money. If Jordan completes the purchase, it's unclear whether she'll stick to her original plan to build a 17-story office project, given Chicago's rocky post-pandemic office market and record-high vacancy rates exceeding 25 percent.