Since approximately 2005, MaRous & Company has appraised more than 20 properties that have been acquired as part of the O’Hare International Airport Modernization Program. These properties have included vacant land; retail, office, and industrial uses; public streets owned by public bodies other than the City of Chicago; park district land; and a waste transfer facility. MaRous & Company also has been consulted in regard to air right issues associated with the airport.
The Village of Rosemont has retained MaRous & Company in regard to the appraisal of various properties for acquisition and redevelopment purposes including vacant land; retail, office, and industrial uses and residential uses. These redevelopment projects have involved major retail, hotel, office, and entertainment uses.
MaRous & Company has been involved in the valuation of multiple properties including restaurants, automobile service uses, shopping centers, and an apartment complex that are located in Naperville and Aurora along Illinois Route 59. The company’s focus was on damages to the remainders as a result of takings and due to the impressment of temporary easements as a result of a major road widening project.
MaRous & Company was engaged by Kendall County to perform consulting services in regard to issues involving a major landfill and including the effect of the height of the landfill, the damages to nearby properties as a result of the landfill, and the value of roads lying within the project area and being acquired by the landfill operator.
MaRous & Company was retained to appraise The Glen Town Center, a 200,000+ -square-foot, lifestyle retail center located in Glenview, for tax appeal purposes on behalf of the property owner and helped to obtain a significant reduction in the assessed valuation.
The Village of Orland Park retained MaRous & Company to appraise multiple properties that were involved in a major roadway construction project involving the intersection of LaGrange Road and 143rd Street in order to assist counsel for the Village in its negotiations with the respective property owners. Damages due to the takings and to the impressments of the temporary easements upon the various properties were considered; in certain instances, recommendations were made in regard to the mitigation of these damages.
Photo taken in 1988 by Orkent Associates, INC. Photo taken in 2013 by Orkent Associates, INC
MaRous & Company was engaged by several owners of properties that were located in the South Loop in proximity to McCormick Place and that were being acquired by eminent domain for the construction of a convention hotel. A major issue involved the highest and best use of the properties, which was reflected by the estimated market value. With the downturn in the economy, the condemning body, the Metropolitan Pier and Exposition Authority (McPier), subsequently abandoned the acquisition. As of summer 2013, McPier once again was taking steps to acquire certain of these parcels.
The City of Chicago engaged MaRous & Company to appraise the iconic Marshall Field’s flagship department store building on State Street in Chicago’s Loop. Listed on the National Register of Historic Places, the building also has been designated a U.S. Historic Landmark and a Chicago Landmark. The building houses the first and largest Tiffany glass ceiling in the world and a fountain designed by renowned Chicago architect Daniel Burnham. In 2006, the department store became Macy’s on State Street.