Old Main Post Office Developer Balks At Rahm's Eminent Domain Play
Bill Davies, the British developer who has had several redevelopment plans for the Old Main Post Office crash and burn, says the city can't simply claim the property under eminent domain law.
Mayor Rahm Emanuel last week moved to seize the property from Davies and solicit bids from developers. Davies, who paid $24.9M for the 2.5M SF building in 2009, has proposed various ambitious mixed-use redevelopments for the property. Davies' most recent plan calls for turning the building into micro-apartments and, if that is successful, building a 1,500-unit tower next door.
The Sun-Times reports Emanuel was spurred to make the eminent domain move after Ald. Danny Solis (25th), chairman of the Zoning Commission, discovered Davies twice turned down $150M offers for the property. Davies' project manager Martin Mulryan says using eminent domain to claim the property would set a dangerous precedent. [S-T]
