The city is buying the property for $12.5 million.
"When completed, the rehabbed building will be a stunning neighbor for the historic Hotel Burnham," says department of planning and development commissioner Alicia Berg.
The property is immediately south of vacant Block 37, now known as 108 N. State St., a site of a long-awaited mixed-use development. Requests for qualifications from developers looking to replace a team that was unable to get a $250-million project off the drawing board are due later this month.
"State Street will soon have more improved retail space and new rental apartments," says Mayor Richard M. Daley. "It is a shining example of our vision of creating a more 24-hour, livable and exciting downtown."
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