A CVS drugstore will not be moving into the former Chicago Music Store building downtown.
The national chain signed a letter of intent earlier this year to occupy the building at 130 E. Congress St.
In May, the Rio Nuevo Multipurpose Facilities District board received a presentation by the building’s owners, Marcel Dabdoub and Ron Schwabe, who bought the 21,000-square-foot building last year with investors.
The board voted unanimously to let Dabdoub and Schwabe keep a portion of the sales tax they generated on the CVS deal.
The building’s owners could not be reached for comment regarding CVS’s change of heart.
The attorney for Rio Nuevo said he was disappointed to hear the news but said he had no information from CVS about why the company changed its plans.