(Kevin Zolkiewicz / Flickr)
Most developers did some serious belt-tightening during the recession, but news of a record-breaking real estate deal from late last year proves it sometimes pays to take a little risk. Related Midwest bought the concrete podium of an aborted development at Chicago‘s 111 West Wacker Drive in 2011, after plans for a Shangri-La hotel there went up in smoke. Chicago-based real estate investment firm Heitman reportedly paid roughly $333 million for the luxury rental building Related finished last summer, OneEleven. That’s about $661,000 per unit—a new high for a downtown apartment sale. This high-rise zombie lives, and it’s apparently very lucrative.