Chicago-based Loyola University paid $12 million in 1999 for the property, which now has an estimated value at least $5 million more than that. The previous owners were the Sisters of Christian Charity, which built a convent on the site in 1913. Loyola has a deal in place with Edward R. James Partners.
State Rep. Jeff Schoenberg has said the park district stands a good chance of receiving $2 million if the referendum passes. In addition, a sale of at least one acre to the neighboring Ronald Knox Montessori School also is possible.
The Citizens Action League for Mallinckrodt suggests the building could possibly be put to another use rather than demolished, which would cost an estimated $1 million.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
