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A proposal introduced to City Council today by Mayor Lori E. Lightfoot would authorize the City’s acquisition of eight privately-owned parcels to support the mixed-use redevelopment of a former bank building and adjacent land in Austin.
The .79-acre site at the northwest corner of Chicago and Laramie avenues includes five vacant lots, a vacant, one-story commercial building, and the 14,340 square-foot Laramie State Bank Building, a designated Chicago landmark.
Acquisition authority could be utilized in the event a selected developer is unable to finalize a purchase agreement with the private owners of the site, which consists of three parcels that include the two vacant buildings owned by John Young Sr. and Earline Ruffin and the five vacant parcels owned by Chicago Ave. LLC.
The Department of Planning and Development (DPD) issued a request for proposals (RFP) to develop the site in August. The chosen respondent to the RFP would fund the acquisition costs
As part of the INVEST South/West initiative, the Community Development Commission approved the acquisition of the parcels last month.
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