The attorneys at Spesia & Taylor assisted a Municipal client in the acquisition of multiple commercial properties for a commercial redevelopment project near a METRA train station. Using their expertise in Municipal Law and in Commercial Real Estate, Partner Chris Spesia and Senior Associate Gabe Orenic handled all aspects of the acquisitions, including the ordinances authorizing the purchases, the negotiation of favorable contract terms and the closings.
One of the properties was an active gas station which posed environmental concerns and required the negotiations for the release of various covenants in favor of two separate oil companies. The client was pleased with the result according to Chris Spesia and has already demolished the structures and pulled the underground storage tanks in preparation for the redevelopment. The next phase of the project is underway, which involves the resale of the properties to commercial end users who will revitalize the area and provide an increase in property and sales tax revenue.