Joffrey decides to jump ship

The Joffrey Ballet of Chicago has abandoned plans to move into a Chicago building of its own that sources say might have taken $30 million to renovate. Instead, the troupe will take space in a condominium high-rise a block away.

Giving up on the project will substantially improve the Joffrey’s balance sheet, provided it can sell the 48,000-square-foot structure it had hoped to make its new home. Cash from such a sale would allow the Joffrey to pay down hefty debts run up several years ago.