Developers are invited to meet with department of planning and development officials Thursday and tour the building the following day. Although no minimum purchase price has been set, the city is requiring $25,000 earnest money deposits with proposals.
Now owned by the city, the building at the southeast corner of Roosevelt Road and Blue Island Avenue was completed in 1978. It was built before the Americans with Disabilities Act was passed, but is believed to be one of the first "barrier free" buildings in Chicago.
Meanwhile, the surrounding area is expected to see 3,500 new residential units, as the Chicago Housing Authority's ABLA Homes project is redeveloped, The property, in an area zoned for commercial use, is just south of the University of Illinois-Chicago campus as well as St. Ignatius High School.
Although it is located in a tax increment financing district, most of the money is earmarked for ABLA Homes' redevelopment, city officials say.
The department of planning and development will likely nix any proposals including taverns and package goods sales, currency exchanges, adult entertainment establishments, fast food restaurants, video arcades and storage facilities or warehouses.
Proposals are due Nov. 15.
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