A large parcel centered in Ukrainian Village is well-positioned development bait, particularly for those interested in adaptive reuse over tear-down. The site is built-to-the-brim with a vacant church (1905) and school building. The approved zoning allows not just for a new church or school, but opens the door to multi-family development of up to 17 units (fewer if conversion is the chosen path). Per the press release:
Racebrook Marketing Concepts, and its auction affiliate Sheldon Good & Company, will be auctioning a Chicago Church and adjacent school building owned by the Illinois Association of Seventh-Day Adventists, located at 913-925 North Hoyne Avenue. The buildings together total 17,542 square feet of prime real estate. The site is approved for the development of multi-family housing, a school, daycare facility or a new church. The sale provides a developer, investor or private buyer with the opportunity to buy a perfectly positioned development site for below market value and capitalize on the Ukrainian Village neighborhood’s rapid growth. Previously listed for $2.6 million, the Church will be offered via sealed-bid auction with a minimum bid set at $1 million. The deadline for bids is May 11, 2012. The 104' x 169' site consists of seven lots. John Cuticelli, CEO of Racebrook Marketing Concepts, gives special impetus to the potential for new ground-up development. But it could be much more interesting to see what someone comes up with for the existing structures. This is one area that loves its Church conversions.
·Official Auction Site