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Chicago developer Romanek Properties Ltd. has acquired the National Parents Teachers Assn. building at 700 N. Rush St. and is planning to raze it this fall to make way for a small retail mall.
The Parents Teachers Assn. (PTA) is slated to move its headquarters next month to the IBM Building.
Romanek, which won't divulge what it paid for the 11,000-square-foot site on the northwest comer of Huron and Rush streets, hopes to begin construction early next spring on a vertical mall envisioned as four or more stories.
The firm has retained Northern Realty Co. to search for tenants, and indicates it is close to a deal "with a single large user,"...