Like a piece of overripe fruit, the redevelopment of the Strip District produce terminal has been languishing without action for nearly a year. But a Chicago developer may be ready to change that next month.
Dan McCaffery, CEO of McCaffery Interests, said Tuesday that he hopes to have the framework for a final agreement on the iconic structure’s future before the city’s Urban Redevelopment Authority board at its July meeting.
Mr. McCaffery said the “outline” he plans to present would include a business plan as well as his ideas for the redevelopment of the 1,533-foot-long building, a Strip landmark.
McCaffery was one of two developers selected by the URA board in September to convert the terminal, long a hub for wholesale produce, into housing and a marketplace.
The other, Pittsburgh-based Rubino Partners, appears to have fallen out of favor and has had only limited contact with the city since December. Mr. McCaffery said he hasn’t had any talks with the developer even though the two were tasked with trying to merge their competing visions into one master project.
McCaffery has proposed converting the terminal into 118 residential units, including 14 live-work lofts; 20,000 square feet of office space; and 35,000 square feet of retail at a cost of $30 million.
Rubino pitched the idea of turning the building into a giant marketplace, with a farmers and food truck row on its docks and a mix of merchants inside.
After the URA board decided to hold exclusive negotiations with both developers in September, the project bogged down for months. In April, Mayor Bill Peduto said the city was still trying to figure out how to make the redevelopment work financially.
In Tuesday’s interview, Mr. McCaffery said he has spent a lot of time talking to other investors about getting involved in the project. “These things don’t finance themselves,” he said.
He also has been listening to their ideas about how to redevelop the building, although he noted that his plan hasn’t changed substantially. But he stressed he’s willing to make alterations “to make the best possible project.”
“I’m not one of those guys who thinks we have cornered the truth. We’re going to go where we need to go to flush out the best possible solution,” he said.
Kevin Acklin, the URA board chairman and chief of staff to Mr. Peduto, said he was optimistic that “we will have a vote for board consideration” on the URA’s July meeting agenda.
“We are very pleased with the progress that’s been made on the produce terminal negotiations,” he said.
Still unclear is whether another developer will replace Rubino or whether McCaffery will go it alone. McCaffery is partnering with the URA and the city planning department to take part in a three-day design charette in Washington, D.C., in August to discuss how the terminal interacts with the five-block area surrounding it.
The city, Mr. Peduto said, also has been talking to local foundations and the state about possible financial help to update the terminal, make public improvements around it, and other aspects.
The city is seeking a $7 million redevelopment capital assistance grant from the state for public infrastructure improvements.
Mark Belko: mbelko@post-gazette.com or 412-263-1262.
First Published: June 24, 2015, 4:00 a.m.