X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-The city’s department of planning and development is betting the timing is better now for the sale of the former Ramova Theater at 3518-20 S. Halsted St., as well as two vacant lots across the street at 3531-45 S. Halsted St. The community development commission has rejected two offers for the property, and gave planners approval last week to issue another request for proposals.

The two parties making offers for the Jazz Age movie house failed to meet financial qualifications, says Albert Acevedo of the department of planning and development.

The last request for proposals was issued more than a year ago, Acevedo notes. Since the November 2002 deadline, other prospective purchasers have surfaced, he adds. “In the last two months or so, we’ve gotten several entities showing interest,” Acevedo says.

Like the previous request for proposals, the department is hoping to attract a high-quality theater operation with retail or commercial uses, Acevedo says. Drug stores, banks and “dollar” stores are frowned upon, he adds.

Redevelopment of the Ramova Theater could complement a mixed-use project at the northwest corner of 35th and Halsted streets, says 11th Ward Alderman James Balcer, where South Central Bank will occupy ground-floor retail space below 60 condominiums.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.