CHICAGO--(BUSINESS WIRE)--Just when it seems Chicago land real estate was taking a break from the high-flying auction days of the mid 2000’s, one of the city’s highest profile planned developments on Chicago’s “grand boulevard” hits the auction block. Currently on a city plan, which includes a total of 1,500 residential units and a half-million square feet of retail space, there’s a lot at stake in the auction of this River City neighbor.
Offering 837 feet of river frontage and 216 feet of frontage on Roosevelt Road, this 5+acre site is bordered and ties together some of Chicago’s most recent high profile Developments. With its immediate neighbors, such as Roosevelt Collection and old-line destination properties, such as Soldier Field, the Museum Campus, University of Illinois/Chicago (UIC), the parcel is ideally positioned for city support.
Roosevelt Collection is the immediate amenity and is also located in the fastest growing Chicago neighborhood, the South Loop District. The Collection will offer over a million square feet of shopping, dining and lifestyle action, along with massive residential loft growth. Nearby attractions and developments such as Taylor Street Corridor, Printers Row, Dearborn Park, Central Station and University Village along with the city’s hottest destinations, such as Museum Park and the Financial District have created an insulated city within a city.
The assignment is a joint effort between national real estate advisor and auction specialist Diliberto Real Estate Services, LLC and the 105 year-old firm, Jos. Cacciatore & Co. Real Estate. According to Frank Diliberto, president of Diliberto Real Estate, “The auction will reach out to potential buyers in and outside Illinois, enticing investors, corporate users and perhaps hotel flags to look to Chicago for real estate investment. Hotels are once again in the upswing cycle,” he added.
“Today, selling real estate is no longer just about marketing, it’s about working with the city, creating viable development plans and growth for jobs,” said Diliberto.
“Our unique ties to banking and financing and our 105 years in Chicago real estate, offer options to buyers for this property, which do not exist for other area properties,” according to Jos. Cacciatore & Co. Real Estate president, Peter Cacciatore.
While the property offers a planned development (PD) for residential, office and retail, it can be revised to other uses, which might align with corporate type users or specialty properties, such as hotels and entertainment venues. Other features attracting investors will include available TIF monies, the location outside of congested traffic, fiber optics, frontage on the Chicago River and world-class Roosevelt Road Bridge.
Interested bidders are encouraged to obtain a full bidder’s package of information including an aerial helicopter video, allowing bidders to evaluate the asset and the qualification process. Bidder’s seminars are set to begin by end of February.
About Diliberto Real Estate Services, LLC, the firm is a national real estate, auction and finance advisory firm, located just outside Chicago. With 130 combined years of experience and in excess of $5 billion in transactional and sales volume, the firm has maintained a leading role in the mainstreaming of real estate auctions in their use by corporate, private and public sellers of real estate, across the globe. To learn more about upcoming real estate auctions, please call (708) 460-BIDS (2437) or visit the company’s Web site at www.DilibertoRealEstate.com.
About Jos. Cacciatore & Co Real Estate, a full service, commercial real estate company that offers a wide array of services, including brokerage, management, insurance, construction and parking development. The company manages over one-million square feet of office, retail and warehouse space in Chicago and collar counties.