CHICAGO-The Metropolitan Pier and Exposition Authority (McPier) has filed an eminent domain action to gain control of a property owned by Lakeside Bank that will be art of a planned project that will include an arena for DePaul University and a hotel.
The legal action was filed by McPier on Monday in Cook County Circuit Court for the parcel that was owned by McPier until 1994 when it was sold to Lakeside Bank in exchange for a property the authority needed to construct the convention center's South Building, according to the Chicago Tribune. The property that is the subject of eminent domain proceedings houses a Lakeside Bank branch.
The authority has another two parcels to acquire before the project can move forward. DePaul will kick in approximately $70 million toward the construction of the $173-million arena that will be home of the DePaul Blue Demons basketball team. The project will also include the development of a 500-room hotel. See story in the Chicago Tribune.
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