City Moves to Seize Old Post Office via Eminent Domain

In case you missed this on Saturday, it appears that the City is trying to seize the post office from British rich guy Bill Davies (via ChicagoTribune):

Chicago officials plan to seize the long-vacant old Main Post Office using eminent domain and solicit bids to redevelop the West Loop property, according to city officials. 

The city will issue a public request for proposals “to identify a company to take over development of the site,” Mayor Rahm Emanuel said in a statement issued Saturday. 

Officials plan to present the city’s request for proposals and eminent domain actions to the Community Development Commission on March 8 before moving to the City Council for approval. 

Along with Emanuel, Ald. Danny Solis, 25th, and the Chicago Department of Planning and Development were highlighted in the statement issued by the mayor's office. 

The process should conclude with a developer chosen by this summer, officials said. 

“Today’s action will accelerate the process of transforming the old Main Post Office, which has sat empty for more than two decades, into an economic driver for the neighborhood and the entire city,” Emanuel said in the statement. “Development of this key gateway to the city can create thousands of jobs while rebuilding one of Chicago’s iconic structures.”

Not exactly sure if this is a good or bad thing.

Any thoughts?

(Hat tip:  CH!)