Even though this auction doesn't include the old Citizens Bank building, I'm still glad to see some of the parcels move out of the control of Scott Chappelle. Once these properties get into the hands of a competent developer I expect things to move along rather quickly.
At the end of the sheriff's sale, the previous holder of the property has a 6-month redemption period where they can match the final bid and retain control of the property. This redemption period was supposed to end February 6th. It appears that there were two auctions for this property, and Park District filed a lawsuit now to delay the close of the redemption period based on this second auction.
The suit seeks a financial judgment against DDR MV, an order voiding the Aug. 6 foreclosure sales, an order extending the redemption period and a preliminary injunction preventing DDR MV from transferring ownership until the lawsuit is adjudicated.
The article says the city will tear down the building it owns at Abbot and Albert, if the city owns it I'm not sure why this wasn't done already. The other properties are in violation of codes so they could be demolished pending a March 17th court hearing. Here's to maybe, possibly seeing some progress with this site.
Edit: The March 17th hearing isn't a court hearing, it's a city hearing to allow the new owners to protest the demolition. It sounds as though the new owners are going to have to commit to at least minimal improvements or allow the buildings to be demolished. There is also the old property owner making one last grasp to redeem the properties but that seems like a very slim prospect.
It's good that the city is tearing down the building they own on Abbott and I'm happy to see the new owners razing the apartments on Evergreen but this still leaves the two most prominent buildings standing, though I assume they also agreed to do something to make those more bearable to look at.
Not to get optimistic, but I think this developer is for real and as soon as the old owner is totally out of the picture things may move quickly on this.
By the way it still isn't clear to me (and wasn't clear to the city councilman I talked to either) just what this space is going to be until it's properly redeveloped.
I'm surprised the city councilman you talked to wasn't sure what the space will be used for. I was under the impression these would turn in to surface lots until a development project came along.
Comments
Even though this auction doesn't include the old Citizens Bank building, I'm still glad to see some of the parcels move out of the control of Scott Chappelle. Once these properties get into the hands of a competent developer I expect things to move along rather quickly.
Lawsuits seek to overturn City Center II foreclosure
The article says the city will tear down the building it owns at Abbot and Albert, if the city owns it I'm not sure why this wasn't done already. The other properties are in violation of codes so they could be demolished pending a March 17th court hearing. Here's to maybe, possibly seeing some progress with this site.
Edit: The March 17th hearing isn't a court hearing, it's a city hearing to allow the new owners to protest the demolition. It sounds as though the new owners are going to have to commit to at least minimal improvements or allow the buildings to be demolished. There is also the old property owner making one last grasp to redeem the properties but that seems like a very slim prospect.
It's good that the city is tearing down the building they own on Abbott and I'm happy to see the new owners razing the apartments on Evergreen but this still leaves the two most prominent buildings standing, though I assume they also agreed to do something to make those more bearable to look at.
Not to get optimistic, but I think this developer is for real and as soon as the old owner is totally out of the picture things may move quickly on this.
This looks to be the real movement on this property we've been waiting for, I expect that things will move along much quicker now.