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^^ Most certainly true. He doesn't remotely have what it takes as far as actual development. No track record for large, complex, mixed-use development whatsoever. What's funny is he didn't even have nice renderings - 'sales brochurey stuff' put together. First Booth Hansen (surely they knew what was going on here with this guy - maybe they 'threw' the designs they "threw" together, because they were pretty bad - certainly uncharacteristically bad for that firm), and then Antunovich, which was being, well, "Antunafish" per usual........
People need to forget about the fanciful dreams for the adjacent land parcels and start solely focusing on adaptive re-use of the building itself - the other stuff was just a mis-direct. Sterling Bay's plan offered this necessary focus, credibility, the experience, etc etc necessary to get this done.....but this yahoo screwed his chances.... |
^ Yep. Davies needs to go away
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Wow. Davies is a first class moron. This news has seriously ruined my day.
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Use eminent domain to transfer this over to a serious developer. Simply based on the fact that this is a deteriorating landmark warrants it. I'd give Davies another year to show intent to develop or sell, and if no, eminent domain his ass.
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Deleted. Wrong thread
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Admittedly, the city is pursuing eminent domain against General Mediterranean for Riverside Park. But that's a far larger site that demands careful planning and probably demands a thorough public process. The city can also add value by building infrastructure like the Wells-Wentworth Connector and parkland, and maybe even make money on the thing. The Post Office only covers two blocks, not 18, and success or failure there is not crucial. |
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Are you aware of how eminent domain works? The government still has to pay the owner.
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I think the only hope is continuous media ridicule of Davies until he realizes it's not worth the trouble and sells it. He passed up a 625% return on his investment when Sterling Bay offered $150m for it, so I don't know if he can be reasoned with.
Maybe SB could team up with another developer to raise enough cash to make a deal. This whole thing makes me angry. Woooo-sahhh. |
Sterling Bay was going to put in $150M of capital investment, that wasn't an offer to purchase.
I'm guessing Sterling Bay wanted to do something basic - large floorplate office and parking - and Davies rejected this vision because he still wants to build some kind of futuristic mixed-use arcology. |
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Dead
Why are we still talking about this , this project is dead, thread should be remove.
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The Crain's article, citing sources close to the deal, clearly stated Sterling Bay offered to buy the property from Davies for $150 mil. Are you stating that you know that is not factual? |
At any rate,
Imagine a world in which either the Post Office wasn't auctioned off until the last few couple years, or another in which Sterling Bay had risen to its present prominence as far as visionary W Loop adaptive re-use 5 or 6 years ago. In either world, there is probably a half-decent chance Sterling Bay might now be the present owner of the post office, and we'd have never heard the name of this screwball Davies in Chicago...... A shame..... |
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something will eventually be done with the old post office hulk, and this will remain the thread to discuss that eventuality. |
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