As the economy and commercial real estate markets continue their recovery, land for development and properties offering significant redevelopment potential increasingly are becoming more attractive to investors and developers. That is the underlying theme of the next auction being conducted by Auctions by ATG on April 8.
Auctions by ATG has announced four properties, including vacant land in Crystal Lake and Herscher, Ill. and a redevelopment site in Belvidere as part of its April 8 auction. At the same time, the firm is previewing a waterfront site in Kenosha, Wisc. with great development potential which will be auctioned in early summer.
“Increasingly we are seeing more opportunities and greater interest for land sites and redevelopment opportunities as the general economy and real estate markets continue their improvement,” said Kyle Payne, Business Development, Auctions by ATG. “We’re excited about these new offerings and the opportunities that they create in their local markets.”
Bank-Owned Land in Crystal Lake, Ill.
The most prominent offering of the April 8 auction is a 3.58 acre, bank-owned land site in Crystal Lake, Ill. The site is located at Route 31 & River Birch Blvd, just north of the intersection of Routes 31 and 176. The location of the property, it’s “shovel ready land site” status and the fact that utilities are already at the site make this property a good development opportunity. Already located in close proximity to the site are car dealerships, medical offices, Common Wealth Edison Co., Walgreens, Enterprise Rent-A-Car and the Alexander Leigh Center for Autism. The commercial land site is zoned B-2 PUD, which means it can accommodate community or regional commercial, office and service uses.
The suggested opening bid for the property is $199,000. The sale is subject to meeting an unpublished reserve price.
Former St. Joseph Hospital Site, Belvedere, Illinois
The former St. Joseph Hospital, a 75,000-square-foot special use facility is located at 1005 Julien Street in Belvidere, Ill. The gutted, three-floor building, developed in 1961 and closed in 1999, sits on a land site that totals 171,803 square feet.
The property is zoned residential. While any rezoning would require municipal approval, the city is eager to have the site redeveloped, anticipating that activity on the site would spur on other interest in commercial or residential uses in the area. The suggested opening bid is $175,000, and the sale is subject to achieving an unpublished reserve price.
Downstate Land Opportunity
640 Frontier Street in Herscher, Ill. is a 7.5-acre site that has been subdivided into eight contiguous commercial lots of commercial. The parcel is in an incorporated Area which will most likely need rezoning. The site is currently farm land but it has great development opportunity since it is located of a local highway.
“This is a great investment opportunity, as it can be developed as is or subdivided into as many as eight parcels,” Payne said.
Herscher, Ill. is located south and west of Kankakee and Bourbonnais in Central Illinois.
The suggested opening bid for the parcel is $99,000. It is subject to meeting an unpublished reserve price.
Arlington Heights Condominium
The final property that will be part of the April 8 auction is 1603 N Windsor Drive, Unit 204 in Arlington Heights, Ill. The condominium is a 1 bedroom, 1 bathroom unit with updated finishes that is in move-in condition. The unit is part of the larger Arlington Glen condominium community which features 256 units, a swimming pool, park, and sundeck.(let’s list other amenities of the complex).
Arlington Glen is located within blocks of Hersey High School, immediately south of Rand Road and within blocks of Rand Road. Also in close proximity to the complex is a diverse mix of retail and restaurants. The complex is minutes from downtown Arlington Heights and all its amenities, including a Metra commuter station.
The suggested opening bid is $60,000. The sale is subject to achieving an unpublished reserve price.
In addition, Auctions by ATG is previewing a harbor front development opportunity in Kenosha, Wisc. that will be auctioned off later in the year, when more appropriate weather conditions can fully showcase the ideal location of the property.
The land site at 4821, 4827, 4829, 4835 5th Avenue in Kenosha features 200 Feet of shoreline and 17 boat slips. Currently there are two multi-family residences and a single-family home on the property. The highest and best use for the property likely would be a condo development which could feature up to 200 units.
The zoning change allowing this type of use, to Commercial Condo Development, already has been secured. The suggested opening bid for this parcel is $699,000. The sale is subject to meeting an unpublished reserve price.