Franklin Point, Inc. v. Harris Trust & Savings Bank

660 N.E.2d 204 (1995)

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Nature of the Case

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Facts

P and D entered into a written contract pursuant to which D agreed to build and occupy an office building at an eight-acre, multi-use commercial real estate development located near Chicago's downtown, called Franklin Point. D agreed to purchase a certain parcel of land in the development for approximately $11,500,000. D agreed that by July 30, 1993, it would commence construction on that land of a high-rise office building containing not more than 1,200,000 square feet and not less than 800,000 square feet. The contract stressed the importance of D's building as an anchor of the Franklin Point development. D paid P approximately $11,500,000 for the sale of the property but failed to begin construction of the high-rise office building by July 30, 1993. P brought suit against Harris Bank for specific performance and damages. The trial court dismissed P's claim for specific performance on the basis that 'Illinois law is well-settled that specific performance of construction projects is forbidden as a matter of law.' The trial court also denied with prejudice P's request for leave to file an amended complaint.