The properties are expected to "attract national investors andmotivate local developers. However, it is challenging to reach allthe buyers at once, and even more challenging to meet certaintiming goals," village president John Geils says in a releasedstatement. Village officials hope that bidders will speak withofficials of their plans before the auction. The village isobligated to take the highest bid; however, the village will haveto approve site plans and, in some instances, special uses andrezoning requests, says Frank Diliberto, president and CEO of theInland company.


On May 23, the village will auction Legends of Bensenville, aformer golf-course on more than 50 acres at the intersection ofCounty Line Road and Grand Avenue. The property was appraised at$22 million and will be sold with a minimum bid of $11 million,Diliberto says. Eight village-owned properties will be auctionedApril 23. A parcel with approximately 525 feet of frontage onJefferson Street, at 800 E. Jefferson St., will be auctioned with aminimum bid of $395,000. Two properties with more than two acres,and 700 feet of frontage on Jefferson Street, at 500 County LineRd. and 501 John Street will be sold with a minimum bid of$295,000. Three properties at the corner of Main and Center streetswill be sold for a minimum bid of $225,000 and a parcel at 210 W.Irving Park Rd. will be auctioned for a minimum bid of $145,000.Two additional sites, 10 W. Brookwood and 228 W. Irving Park Rd.,will be auctioned with no minimum bids, Diliberto says. "Thevillage has committed to sell these," he says.


The village will also be offering financial incentives, butDiliberto said exactly what type of incentives has not beendecided. "There are a number of packages that the village isputting together right now," he says. Additional properties ownedby private entities may also be included in the auction, he says.The auction is expected to draw both regional and nationaldevelopers, given the location in Bensenville near the O'HareInternational Airport. Diliberto would not say what type ofdevelopments the parcels are best suited for, stating that theywould be a good fit for all property types, such as commercial,industrial and "particularly those that thrive ontransportation."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.