City Could Use Eminent Domain on "Rezko" Land

The infamous 62-acre "Rezko" lot (Clark and Roosevelt) is in the news again - this time due to a Wilmette investor trying to recoup his investment.  The link is on chicagorealestate.com (behind registration) and will warn you that it's not the most fascinating read in the world.

Of interest is a paragraph that gives us an update on the future of the land:

Today, the 62-acre tract along the Chicago River sits empty. Mr. Rezko's planned development for the site, which is still owned by GMH (General Mediterranean Holding S.A.), has expired and the property was rezoned to light industrial earlier this year. In July, the Community Development Commission unanimously voted in favor of giving the city the authority to acquire the site, possibly through its powers of eminent domain.  

GMH has requested that the city give it until January to submit a new development plan, a city spokesman wrote in an email. If the company doesn't present anything, then the City Council could sign off on authority to acquire it.

We imagine this will drag out, but some day this land will get developed.