“The McKinley Park neighborhood’s iconic clock tower in the Central Manufacturing District is one of Chicago’s most endangered buildings according to a recently released report from Preservation Chicago.
“‘The building is in a significant state of deterioration,’ Preservation Chicago stated in its 2025 list of the Chicago 7 Most Endangered buildings. ‘Only the minimum necessary stabilization and safety measures are being taken’
“Multiple owners of the property and structure is a complicating factor toward any redevelopment, said Ward Miller, executive director of Preservation Chicago.
“Part of the property and structure is owned by the City of Chicago, and part by Chicago firm Klairmont Enterprises Inc. — one of a conglomeration that also includes Imperial Realty Company, a storied commercial real estate firm currently marketing the Klairmont-owned Central Manufacturing District buildings around the clock tower for sale.
“‘Our ownership is joined at the hip,’ said Alfred Klairmont, President and CEO of Imperial Realty Company. ‘It’s a very unusual arrangement.’
“Klairmont Enterprises’ portion of the clock tower includes a slice of the building comprising the structure’s entire eastern elevation and the land adjacent to it. Records from the Cook County Clerk show Klairmont acquired the plot for $10 in a September 2006 tax sale by the City of Chicago.
“‘Try to arrange for one owner, versus the two owners presently involved,’ Miller recommended. ‘That would perhaps go far in finding a new steward and owner to take on the needed repairs and restoration of the property.’
“’Perhaps spend a few million dollars for a first-class structure, with large windows on each side and spectacular views of McKinley Park, the surrounding communities, and the downtown Chicago skyline,’ Miller said, comprising ‘a reasonable investment for the right kind of owner.’” (Kerr, McKinley Park News, 4/10/25)
Read the full story at McKinley Park News