Church Properties Draw Multiple Offers

CHICAGO-Letters of intent have been signed for Assumption/St. Catherine and St. Leo the Great, while brokers are negotiating with three bidders for a third South Side church put on the market by the Archdiocese of Chicago. Tower Advisory Real Estate Services principal Martin F. Jablonski says successful bidders for the three properties are expected to be identified by the end of the summer.

The Roman Catholic archdiocese put the St. Laurence Church property at 7140 S. Dorchester Ave., the Assumption/St. Catherine of Genoa Church property at 640 W. 118th St. and the St. Leo the Great Church property at 7747 S. Emerald Ave. on the market earlier this year. Jablonski and the Staubach Co. were hired by the archdiocese to find buyers for the potential redevelopment sites.

“We conducted more than 50 tours of the buildings and received four to six proposals on each property,” Jablonski says. “Redevelopment ideas ranged from residential and senior housing development to community centers to church-related uses. Some offers are for individual properties, and some are for multiple buildings.”