McCormick Place officials are abandoning a two-year effort to acquire a neighboring block for potential hotel development, officials said today.
The Metropolitan Pier and Exposition Authority will drop legal proceedings aimed at acquiring several adjoining parcels through condemnation proceedings, said Renee Benjamin, the authority’s general counsel.
The decision was made by Jim Reilly, the trustee overseeing the state-mandated restructuring of McCormick Place operations. The authority’s board was informed of the decision at its monthly meeting this morning.
“Given the issues facing the authority right now, [Reilly] said this didn’t seem the best use of resources,” Benjamin said after meeting.
Reilly was unavailable for immediate comment.
This trims an ongoing expense for the authority, known as McPier, which recently slashed the amount it charges trade show exhibitors for electrical and food-service, moves that cut into its revenue streams.
The condemnation proceedings targeted a group of properties immediately north of the convention center’s newest addition, the West Building. The authority succeeded in acquiring one of the pieces.
The cost of that acquisition as well as legal fees related to the condemnation proceedings were not immediately available.
Private developers have floated hotel plans for other parcels in the area, though none have gotten off the ground.
More money wasted at McPier.
As a 1/2,853,114th owner (Wikipedia)of the Michael Reese site, I’m willing to sell it to McPier for a price better than what one of the Mayor’s cronies will end up paying me for it. The monthly payments on $97,000,000 are really cutting into my weekend fun funds.
To Citybiker.
I don’t disagree with you in principle, but the site in question is North of the West McCormick Place Building and Michael Reese is south.
To Michael Hartman Sr
Perhaps, but at least someone is cutting the loss
The law makers in IL forced out a lot of good jobs at McCormick place trying to keep conventions comming back but the same idiots lost the 3rd BATMAN movie to New Orleans because they offered a better tax incentive than IL would give. This would have equaled the amount of 4 huge conventions being lost in the amount they would have spent in Chicago and surronding areas plus the amount of people it would have put to work in our town. NICE GOING ILLNOIS GOOD JOB AGAIN.