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Toys 'R' Us Store Heads for Redevelopment

CHICAGO-Urban Outfitters and Office Depot sign letters of intent for 68% of the space at 10 S. State St., a building vacant since the toy retailer left the Loop three years ago. JDI Realty is embarking on a $20.5-million makeover.

By Mark Ruda | Updated on January 11, 2005

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CHICAGO-Vacant for three years, a former Toys ‘R’ Us store at 10 S. State St. will be redeveloped into multi-tenant retail space, with Urban Outfitters and Office Depot already signing letters of interest for 68% of the space. JDI Realty’s $20.5-million project will get up to $2.5 million from the city in tax increment financing, according to a recommendation Tuesday by the community development commission.

Locally based JDI Realty, LLC will buy out an $8.5-million ground lease from State and Madison, LLC which otherwise would have little motivation but to collect rent from Toys ‘R’ Us for another 14 years, says department of planning and development assistant commissioner Nori Greenstein. “The complex ownership structure has prevented redevelopment,” she adds.

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