SOUTH SHORE — Jeffery Plaza now seems destined to change hands whether the current owner is able to find a new grocery store tenant or not.
In May, the owner of the property at 2101 E. 71st St. seemed close to a lease with Shop ‘n Save, but now is closer to selling the property entirely or having it taken by the city through eminent domain.
After nearly three years of talk of taking over the shopping center because of the owner's inability to find a grocery store tenant to replace Dominck's, the city is now the closest its ever been to actually doing it. An active solicitation is out to developers now and the City Council is expected to authorize eminent domain at next month’s meeting.
Ald. Leslie Hairston (5th) said there are now several interested buyers.
She said the broker trying to sell the plaza for $19 million for owner Cannon Commercial was premature in announcing a lease with Shop ‘n Save and no lease had been signed.
A representative from Shop ‘n Save could not confirm whether a lease had been signed or not.
A representative for the owner did not respond to multiple calls for comment.
Michael Gendell, an associate with CBRE, the broker attempting to sell the shopping center for the owner, said he could not confirm whether a lease had been signed, but said there are several potential buyers currently interested in the property.
Hairston predicted the owner would not find a buyer.
“The owners want $19 million and the shopping center is not worth $19 million,” Hairston said.
She said the owner will get the fair market value for the property, but declined to say how much she thinks that is.
