I’m not sure why it has taken so long for them (Starwood)to decide what direction to take Lexington Park, but can only assume the delay is due to the incredible breaks they received in the transaction. Purchasing it for a fraction of the cost, with a no interest loan and a huge cash infusion, probably offers them little reason to move quickly. Only time will tell what will happen at Lexington Park, but I sure hope they move soon, as the vacant building with no lights, is an eyesore to the south loop.
Who knows what the current state is, but it truly is a shame. Most people on the blog seem to think Cermak eventually will be one of Chicago's great East-West streets (including us), but there is some debate about how soon this might happen.
In my mind, if people ever move into this building it will help this corridor out a ton. Although there is some foot traffic it's pretty sparse, it's mostly people driving. But if people lived here it would probably provide a step in the right direction.
The other major development that could help this stretch is the proposed Green line stop at Cermak. It's been over a year since we last heard about that though...