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Old Posted May 17, 2006, 10:42 PM
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VivaLFuego VivaLFuego is offline
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Join Date: Feb 2005
Location: Blue Island
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Quote:
Originally Posted by Lukecuj
City Closing $3M in Downtown Sales
By Mark Ruda Email this story | Printer-friendly | Reprints
CHICAGO-Two city-owned Downtown properties are closer to being sold in separate deals. One ultimately will expand the federal courthouse complex in the Central Loop while the other will provide more parking in the Theater District in the short term.

The federal government’s General Services Administration is paying more than $2.1 million for a 18,200-sf building at 212 S. State St. The GSA is spending $53 million Downtown for an expansion that could increase federal courthouse space by 1.5 million sf during the next 20 years. Meanwhile, the city is selling a 3,676-sf site at 174 W. Randolph St. for $1.2 million. A vacant, 17,500-sf building will be razed.

Both deals are expected to be approved by the city council this month.

A 75-space parking lot will be an interim use at 174 W. Randolph St. until Clovis Investments, LLC begins a mixed-use development involving that property as well as neighboring sites, at 178 and 180 W. Randolph St., it already controls. Joliet-based Clovis Investments has paid more than $3.2 million to acquire those two properties, which include a five-story, 47,900-sf office building.
Where are these Randolph developments in relation to Randolph tower? part of the same mixed use development?
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