The historic Guyon Hotel in the West Garfield Park neighborhood is up for grabs and can be had for a cool $500,000. Located at 4000 W. Washington Boulevard, the structure has long been considered an endangered building by preservationists, making Preservation Chicago’s annual Chicago Seven list in 2013 and 2014. However, Crain’s is reporting that the current owner is seeking a buyer who will transform the decaying building into new apartments.
The building was built in 1927 and features an ornate terracotta exterior, however it has been vacant since the 1990s. In 2013, the city allocated funds to begin demolishing the building, but preservationists stepped in to try and find a proper reuse for the building. While it is listed on the National Register of Historic Places, the Guyon Hotel is not an official Chicago landmark and therefore does not have any legal protection from demolition.
And while some nearby neighborhoods like the West Loop and Humboldt Park have been experiencing a boom in new development and strong home sales, the market is significantly slower on the West Side. Could the redevelopment of this historic structure help spur new economic development in the West Garfield Park area? It’s certainly a possibility, but will require an owner who can see the potential and beauty in the long neglected property.