Done. And it took a mere 5-plus years to resolve this mess.
The Purple Hotel property was sold for $8.3 million in an auction Friday, paving the way for the long-stalled Lincolnwood development site to move forward.
North Capital Group and Weiss Properties Inc., both of Skokie, won the bidding on the 8½-acre site in an auction conducted at the Westin Chicago River North by New York-based Sheldon Good & Co., the auction company confirmed.
Erez Baver, North Capital's president, has said the group wants to do a mixed-use redevelopment of the high-traffic site at Touhy and Lincoln avenues.
The $20 million redevelopment plan would include a boutique hotel with banquet and meeting space, plus 40,000 to 60,000 square feet of retail space, he has said. Mr. Baver could not immediately be reached for comment Friday.
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the_archfiend) wrote2012-05-11 03:34 pm
