Gov. Pritzker may form P3 in sale of Thompson Center
Illinois – The state is planning to sell the James R. Thompson Center (JRTC) and relocate its workers to a new office space with Gov. J.B. Pritzker saying he is open to the idea of creating a public-private partnership (P3) to manage the process.
According to the state’s request for proposals (RFP), the center’s original design and current work environment are inefficient for a government building. Deferred maintenance and delayed capital projects to repair and modernize the building have increased to more than $320 million.
James R. Thompson Center
The state is seeking a partner to manage the sale of the JRTC, assess the state’s real estate holdings in Chicago, and create a plan to relocate state workers to a new facility. This can include new construction on vacant land, or renovation of an existing Chicago property. Additionally, the state wants a partner who can negotiate an ownership stake in the new site.
The RFP details an aggressive timeline and hopes to relocate JRTC workers beginning in 2021. Also, the buyer will have to enter an agreement with the city and the Chicago Transit Authority (CTA) to maintain operation of the Clark/Lake CTA station occupying part of the building.