Landmarks Illinois presentation:
http://www.riverside.il.us/vertical/Sites/%7BFF0B0056-4ACF-4890-985A-29B8374E9BEE%7D/uploads/%7B6A378A22-1B74-4E1E-ABE0-9F1B749C1EE5%7D.PDF
Preservationist Aberdeen's presentation:
http://www.riverside.il.us/vertical/Sites/%7BFF0B0056-4ACF-4890-985A-29B8374E9BEE%7D/uploads/%7B6A7E3877-1101-4757-BBC9-F3A94BD3B30F%7D.PDF
Both have a great deal of knowledge and assistance to offer any buyer. The real estate broker, representing his client, also was there to take questions. He seemed a very decent guy and it was good he showed up.
Questions and answers, I think you can imagine what they were. Most were for the real estate guy. In response to questions about the unlikely asking price, he said things move slowly as his client is a bank. He pointed out the original price and pointed out the 500K Wextrust put in. I believe he understood the asking price is unlikely nonetheless, but noted his client is a bank and banks have processes that move slowly.
He said the client will do what needs to be done to protect the building in winter if necessary.
Of interest was he said that at this asking price and the estimate for build-out, he tells prospective buyers the retail space on 1st floor would have to lease for $18-22 per square foot. He seemed dubious about the upstairs. (By this, it can be seen the asking price must go down. I believe these are Chicago-level rates.)
One resident proposed tearing it down for a parking lot. He was serious. The reaction caused him to leave immediately thereafter. Other proposals included offices upstairs, use of the building in a British Home fashion, and a bed and breakfast.
The question was raised of a teardown. The broker said the economics would not support it as the building is worth more than the land. Preservation described the process for teardown of a landmark, how hardship had to be proven in a court of law and it would be a few years-long process.
One resident said the carrying costs should be raised by village government, i.e. the owner should be ticketed for every violation. (This can be done daily.)
There was general agreement to an artists' competition to make more beautiful the exterior spaces of the building now boarded or Tyveked. This would relieve us and also assist the sale.
One resident suggested formation of an LLC of residents (and interested parties) in which anyone of any means could buy shares. (Spearheading is still lacking in such an initiative.)
Posted Wednesday Aug 19, 2009 08:45
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