C
alumet City officials are taking steps to acquire the distressed River Oaks Center mall through eminent domain after negotiations with its owner stalled. The city plans to buy portions of the 1.4 million-square-foot shopping center at 96 River Oaks Center Drive, which has been owned by Namdar Realty Group since 2017. Mayor Thaddeus Jones expressed skepticism about the owner's valuation of $40 million, citing a more reasonable estimate of $13.2 million.

    The city made a final offer to purchase the mall for $9.50 per square foot, significantly lower than the owner's asking price. Alderman James Patton raised concerns about finding a developer to revitalize the 58-year-old mall, but Jones said two potential developers have already expressed interest in the project. The city unveiled a $110 million plan in July that would integrate retail, dining, and residential spaces, including a go-kart track.

    If the city proceeds with eminent domain, it will need to ensure fair compensation for Namdar Realty Group and support tenants in relocating. Approval from the Illinois General Assembly is also required, which Jones aims to address during the November veto session.