* Dan Petrella and Ryan Ori at the Tribune…
Count the state of Illinois’ plan to line up a buyer for the James R. Thompson Center by the end of 2020 as another casualty of the coronavirus pandemic.
A little-noticed provision in legislation the General Assembly passed during its abbreviated, pandemic-focused special session in late May and early June pushed back the timeline for the state to find a buyer for its controversial Loop headquarters by more than a year.
The state now has until April 5, 2022, to reach an agreement with a buyer for the 1.2 million-square-foot glass-and-steel structure, though the legislature could grant another extension. […]
The agency plans to ask for proposals from developers in the first quarter of the new year. […]
When Gov. J.B. Pritzker signed a bill in April 2019 to authorize the sale of the Helmut Jahn-designed building, Chicago was in the midst of a real estate boom. But COVID-19 has led to a significant slowdown in property sales, and the shaky U.S. economy is making developments difficult to finance.
It’s always something with that albatross.