The department of planning and development has fielded two proposals to redevelop the Jazz Age theater building at 3518 S. Halsted St., which the city acquired in 2002. Although neither proposal was acceptable, both developers said they needed the adjacent lot to make their projects work. The most recent proposal to surface is for a bowling alley and restaurant.

"There is interest in the property," says John Molloy of the department of planning and development. "Without the lot next door, we're certain development won't occur, and the Ramova will remain vacant."

However, developer Charles Pick bought the lot at 3520 S. Halsted St. before the city could. He had hoped to build a three-unit, $1-million condominium project there with first-floor retail space on the lot with prime B3-3 zoning, without tax increment financing assistance, he says, but dropped those plans when he learned of the city's interest in the property.