CHICAGO—Madison Hawk Partners, LLC, a national real estate firm specializes in structured accelerated sales, plans to auction off a 2.8-acre site along the Kennedy Expressway just east of O'Hare International Airport. The property sits at 8201 W. Higgins Rd., one of the few remaining premier development sites along the expressway.
Developer Ashoo Sethi had plans to build a massive hotel on the site, but earlier this year pleaded guilty in federal court to defrauding hundreds of Chinese investors in the project. Madison Hawk officials say he needs to sell this property to raise the funds needed to pay back these investors.
“This is one of the most well-known development opportunities in the Chicago market, everyone that travels from downtown to O'Hare is familiar with this property,” says James Cote, managing director of Madison Hawk. “This unique development opportunity be it hospitality or mixed use approach is ideally suited to exploit the natural growth of demand and meet the needs of increased traffic that will result from the modernization expansion of O'Hare.”
Developers will have the opportunity to either continue with the approved 994-key hotel and convention center or amend the zoning for other uses such as multifamily, retail, office or senior living. The site's exposure consists of 548' of frontage along the Kennedy and is zoned C2-5 mixed-use commercial allowing up to 610,000 square feet of FAR.
On-site inspection for the property will be available today at 1:00 p.m. and May 31, also at 1:00 p.m. Interested parties should send sealed bids to the Chicago offices of Madison Hawk, 321 N. Clark St., Suite 500, Chicago, IL 60654. June 9 will be the final chance to buy it.
CHICAGO—Madison Hawk Partners, LLC, a national real estate firm specializes in structured accelerated sales, plans to auction off a 2.8-acre site along the Kennedy Expressway just east of O'Hare International Airport. The property sits at 8201 W. Higgins Rd., one of the few remaining premier development sites along the expressway.
Developer Ashoo Sethi had plans to build a massive hotel on the site, but earlier this year pleaded guilty in federal court to defrauding hundreds of Chinese investors in the project. Madison Hawk officials say he needs to sell this property to raise the funds needed to pay back these investors.
“This is one of the most well-known development opportunities in the Chicago market, everyone that travels from downtown to O'Hare is familiar with this property,” says James Cote, managing director of Madison Hawk. “This unique development opportunity be it hospitality or mixed use approach is ideally suited to exploit the natural growth of demand and meet the needs of increased traffic that will result from the modernization expansion of O'Hare.”
Developers will have the opportunity to either continue with the approved 994-key hotel and convention center or amend the zoning for other uses such as multifamily, retail, office or senior living. The site's exposure consists of 548' of frontage along the Kennedy and is zoned C2-5 mixed-use commercial allowing up to 610,000 square feet of FAR.
On-site inspection for the property will be available today at 1:00 p.m. and May 31, also at 1:00 p.m. Interested parties should send sealed bids to the Chicago offices of Madison Hawk, 321 N. Clark St., Suite 500, Chicago, IL 60654. June 9 will be the final chance to buy it.
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