{"id":1004137723,"date":"2016-02-24T06:24:50","date_gmt":"2016-02-24T14:24:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004137723"},"modified":"2020-05-19T01:06:26","modified_gmt":"2020-05-19T09:06:26","slug":"chicago-officials-may-use-eminent-domain-on-old-post-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-officials-may-use-eminent-domain-on-old-post-office\/","title":{"rendered":"Chicago Officials May Use Eminent Domain on Old Post Office"},"content":{"rendered":"

By Gail Kalinoski<\/em><\/p>\n

\"Rendering<\/a>

Rendering of proposed redevelopment plan for Chicago’s Old Main Post Office<\/p><\/div>\n

Chicago<\/strong>\u2014After years of waiting for a European-based developer to rehabilitate Chicago\u2019s old Main Post Office in the West Loop, the city has had enough, announcing this week it was going to seek control of the 11.1-acre site along the Eisenhower Expressway.<\/p>\n

The decision by Mayor Rahm Emanuel<\/a> and his administration could set up a battle over the eminent domain process because a representative of British developer Bill Davies said he was not going to give up the massive property without a fight.<\/p>\n

\u201cThe city wants control of it. I\u2019m sure it will be a low offer. But (Davies) is not going to say to the city, \u2018Come along and take the building if you like,\u2019 \u2019\u2019 Martin Mulryan, Davies\u2019 project manager, told the Chicago Sun-Times<\/a>.<\/p>\n

The 2.5 million-square-foot post office and annex buildings, bounded by Van Buren, Canal, and Harrison streets and the Chicago River, have been vacant and decaying for over 20 years. Davies bought the building from the U.S. Postal Service in 2009 for $24 million, according to Crain\u2019s Chicago Business<\/a>. Mulyran said in the Sun-Times interview that Davies, head of International Property Developers North America Inc.<\/a>, has put at least $70 million in the site.<\/p>\n

\u201cThe lack of redevelopment progress is unacceptable and the building\u2019s ongoing obsolescence and blighted condition will make future rehabilitation more difficult,\u201d Planning Commissioner David Reifman said in a press release. \u201cAs one of the largest buildings in Chicago, the post office complex represents a tremendous opportunity for new investment that could create thousands of permanent jobs and construction opportunities for local residents.\u201d<\/p>\n

Davies proposed several redevelopment plans for the property that would adapt the historic Post Office into a retail, residential and entertainment center. Officials noted the City Council approved a $1.5 billion redevelopment plan in July 2013 that included 2,150 residential units and thousands of additional housing units, hotel rooms and commercial spaces on the adjacent land, but no significant work was completed. The most recent proposal from Davies, floated earlier this year, was for micro-apartments \u2013 tiny residences ranging from 280 to 600 square feet.<\/p>\n

Apparently the Emanuel administration has had enough of Davies\u2019 unfulfilled promises and said it notified Davies that it intended to issue a Request for Proposals for a company to take over development of the site. The city said it would seek control of the property through eminent domain, but that no city funds would be used to acquire or redevelop the Art-Deco building. Depending on how the site is developed, city officials say it could be eligible for historic tax credits or Class L status, which reduces the assessment levels to owners seeking to rehabilitate landmark commercial properties.<\/p>\n

\u201cToday\u2019s action will accelerate the process of transforming the old Main Post Office, which has set empty for more than two decades, into an economic driver for the neighborhood and the entire city,\u201d Emanuel said in a prepared statement. \u201cDevelopment of this key gateway to the city can create thousands of jobs while rebuilding one of Chicago\u2019s iconic structures.\u201d<\/p>\n

The Community Development Commission will consider starting the eminent domain process and a RFP at a March 8 meeting. If approved, the RFP will be released this spring and a qualified developer could be chosen by summer.<\/p>\n

Image courtesy of International Property Developers North America<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The battle for control over the vacant 11.3-acre site along the Eisenhower Expressway intensifies, as the city of Chicago seeks to acquire the property for redevelopment.<\/p>\n","protected":false},"author":1068,"featured_media":1004137729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,21808,21783,13,21752,21742,21747],"tags":[],"class_list":["post-1004137723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-featured","category-investment","category-midwest","category-mixed-use","category-latest","category-office"],"acf":[],"yoast_head":"\nChicago Officials May Use Eminent Domain on Old Post Office - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-officials-may-use-eminent-domain-on-old-post-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Officials May Use Eminent Domain on Old Post Office\" \/>\n<meta property=\"og:description\" content=\"The battle for control over the vacant 11.3-acre site along the Eisenhower Expressway intensifies, as the city of Chicago seeks to acquire the property for redevelopment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chicago-officials-may-use-eminent-domain-on-old-post-office\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-24T14:24:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T09:06:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/CPO-3news.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"406\" \/>\n\t<meta property=\"og:image:height\" content=\"274\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-officials-may-use-eminent-domain-on-old-post-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/chicago-officials-may-use-eminent-domain-on-old-post-office\/\",\"name\":\"Chicago Officials May Use Eminent Domain on Old Post Office - 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