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CHICAGO-The city hopes to convert a well-worn building on Jeweler’s Row into a mixed-use gem. To do so, it may use eminent domain to acquire the 25-story building at 185 N. Wabash Ave., with a probable purchase price in excess of $10 million.

Ownership includes CJ Investments and a trust, and also involves two ground leases. The property has a market value of $3.69 million, according to the Cook County Assessor’s most recent valuation, but also has had a $6.5-million mortgage on it. Regardless, Ty Tabing, assistant commissioner of the city’s department of planning and development, foresees the property becoming part of the wave of new residential units in the East Loop area.

“Residential conversion makes the most sense,” Tabing tells GlobeSt.com. “The city is looking to get something done here.”

About a block southeast of the property, ground has been broken on the 57-story, 356-unit Heritage at Millennium Park.

An ordinance could be introduced in the city council this month paving the way for the property to be acquired by eminent domain. Aldermen must agree the property is a “commercially blighted area.”

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