Sheldon Good & Company will auction an 8.5-acre development site, comprised of the storied Purple Hotel and two adjacent commercial properties at the intersection of Touhy and Lincoln avenues in Lincolnwood. The auction sale represents the first time the 8.5-acre site has been offered together, and will take place on May 11.
The Village of Lincolnwood has encouraged the site’s development as a mixed-use town center featuring retail, residential or hotel components by implementing a comprehensive redevelopment plan. Aspects of the plan include the re-zoning of the property as B-3 mixed use and the designation of the area as a tax increment financing district. Under the Tax Increment Allocation Redevelopment Act, the new developers may be eligible for significant subsidies by the village to cover certain construction costs.
The auction will take place on May 11 at the Westin Chicago River North. Property inspections will begin on March 29. To schedule an appointment to view the property or obtain more information, call 800-301-9526 or visit www.sheldongood.com.
