The most recent equalized assessment of the property at thecorner of Fullerton and Racine avenues puts its market value at$3.7 million. Although the 32,200-sf site is zoned M1-2, NewcastleLimited vice president Peter S. Tortorello notes the building issurrounded by business and residential uses. It also is locatedacross the street from the Chicago Public Library's Lincoln Parkbranch and a block away from an elementary school.

Average household income within a half-mile of the site is$145,443, Tortorello notes, and the area has seen little slowdownin single-family, townhouse and condominium redevelopment. CoyneAmerican Institute's move from 1235 W. Fullerton Ave., less than ablock away, will result in new residential development. "Thisproperty represents the rare opportunity for hotel, institutional,residential or mixed-use development on a large site in one ofChicago's most desirable neighborhoods," says Newcastle Limiteddirector and project manager Martin F. Jablonski.