The move was prompted by an agreement between the City and Fitger's Wabasha LLC, a firm looking to develop the National Eagle Center, a hotel and luxury condominiums on the site. In return for certain public improvements and its cooperation in the construction, the city assured the developer if it could not buy the property through negotiations, it would use its powers of eminent domain.
Meecorp Capital Markets took over the property in late 2002 when the former owner failed to meet his obligations to the lender. Meecorp demolished an old flour mill on the site and made various improvements, including an environmental clean-up. Meecorp was in the process of negotiating a sale or joint venture with other developers, when it was informed of the city's decision.
Meecorp officials say the disputed property is prime real estate, including 800 feet of exposure to the Mississippi River. They plan to contest the city's action.
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