"We will be issuing a press release in a couple of weeksdetailing our plans," says Jeff Renkert, director of marketing atsuburban Wheeling-based Joseph Freed. Meanwhile, the city is closeto reaching a deal with Joseph Freed on the sale of long-termground leases the city acquired in its effort to help theredevelopment effort along. "The land was tied up in very long termleases owned by a variety of trusts," says Pete Scales,spokesperson for the city's Planning Commission. "We acquired themand are now close to a deal to sell them to Joseph Freed."

Renkert said that since the original plan for redevelopment wasput forward over two years ago, there could be significant changesin the upcoming plan. There certainly has been a sea change in theDowntown development environment since the original plans wereannounced. Since then, the Loop has seen a residential developmentboom of unprecedented proportions as developers have rushed toconvert underused class C buildings into condominiums. There are ahalf dozen such developments within walking distance of theCarson's Building, located at One South State.

Earlier published reports detailed plans for Joseph Freed toacquire the building for $36 million in a long-term sale-leasebackagreement with the retailer. Since those published reports, StateStreet's retail revival has blossomed with national retailers likeOld Navy and Border's opening large stores.