Although the Cook County Assessor's office places a market value of $3.4 million on the 82-year-old property, records indicate the Art Institute acquired it for nearly $3.9 million in 1995 from Reiss Manufacturing.
The Art Institute had considered using the White Tower Building for museum and school uses but has since decided a better plan would be to sell it. The 35,482-sf site is in an area that continues to see multifamily redevelopment, either through new construction or conversion of commercial and industrial buildings.
"The Near West Side has demonstrated a strong demographic growth trend with significant redevelopment over the past 10 years," says Newcastle Limited president Michael R. Haney.
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