Deadline for Thompson Center Sale Moved Back to 2022
The state of Illinois’ plan to find a buyer for the James R. Thompson Center in the Loop by year’s end has been upended by the pandemic, the Chicago Tribune reported. A little-noticed provision in legislation passed by the General Assembly in late spring pushed back the deadline for selling the 1.2-million-square-foot state office complex to April 2022.
Gov. JB Pritzker signed a measure in April 2019 authorizing the sale of the Thompson Center, touted as a redevelopment opportunity. State officials have estimated a sale could bring $300 million.
However, Real Capital Analytics’ Jim Costello expressed reservations about the complex’s marketability, due partly to investor concerns about property tax increases. “A complicated project with a lot of challenges, the only way I’m going to do it right now is at a really low price, because I’ve got to put a lot of money into it,” Costello told the Tribune.
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