Mayor Rahm Emanuel gave up on developer Bill Davies, announcing today the city is going to assume control of this Old Main post-office that Davies is the owner of but is years after he got it.
In a statement, Emanuel said their administration features decided to "move forward with jumpstarting the long-overdue rehabilitation" of this 2.7 million-square-foot complex by seizing it through eminent domain and then seeking another creator.
The city developing Commission will give consideration to both activities at a gathering set for March 8, the mayor's office stated. Emanuel hopes your website, bounded by Van Buren, Canal and Harrison streets plus the Southern Branch of the Chicago River, will undoubtedly be in the hands of a new owner by summer time.
Davies bought the home for $24 million last year from U.S. Postal provider. Emanuel promised that no city cash are going to be accustomed get or redevelop the structure. That evidently suggests no income tax increment funding subsidy, though it wasn't instantly clear just what resources the city will use for acquisition.
Davies' firm has pitched every thing for the site from a 16 million-square-foot complex to, more recently, a targeting mini-apartments.
"The lack of redevelopment progress is unsatisfactory plus the building's ongoing obsolescence is likely to make future rehabilitation harder, " city preparing Commissioner David Reifman stated into the statement.