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The Old Main Post Office saga may have reached its endgame. Mayor Rahm Emanuel has set strict conditions for owner Bill Davies to complete selling the long-vacant building to The 601W Cos. If 601W fails to meet them, the city will renew its attempts to seize the property from Davies through eminent domain.
Under Emanuel's announcement, 601W must submit a comprehensive redevelopment plan for the 2.5M SF asset, financing arrangements and disclosures, site plans, a proposed budget for the plan, and a timetable to begin redevelopment as well as fix building code violations and structural issues. Davies has amassed more than 20 citations in the past four years, the Tribune reports.
Emanuel has set a June 1 deadline for 601W and Davies to complete the deal. That's intended to put more heat on Davies, who is seen as the main roadblock preventing any redevelopment plan from moving forward. [Trib]
