The ultimate user, according to the department of planning and development, may be a company willing to relocate to the West Pullman Industrial Park redevelopment area. The city's law department is expected to receive authority from the city council to negotiate a purchase of the property, and use eminent domain powers if a deal cannot be struck.
Acquisition authority has been recommended by the community development commission as well as the city council's committee on housing and real estate.
Although the property reportedly is on the market, city officials say it will be a difficult property to market. If they succeed in acquiring it, they will issue a request for proposals.
The Cook County Assessor's office places a market value of less than $1.2 million on the property. However, LaSalle Bank wrote a $5-million mortgage in July 2001, according to property records. Grubb & Ellis' Downtown office is marketing two smaller warehouse properties two blocks south for about $17 per sf, which would translate to more than $10 million for the Ingersoll Products space.
The 210-acre redevelopment area on the far South Side has been earmarked to receive $20 million in U.S. Department of Housing and Urban Development money, city officials say.
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