X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-A 447-unit Bronzeville multifamily building, which made the National Trust for Historic Preservation’s “10 Most Endangered Buildings” list in 2003, is being sold by a group that recently considered a conversion to 300 condominiums. Highland Park-based AMA Realty Group, which bought Michigan Boulevard Garden Apartments at 4600 S. Michigan Ave. in 2003 at a foreclosure sale, has a $9-million application for tax increment financing pending, according to Inland Real Estate Auctions Inc. Inland will auction the property also known as “The Rosenwald” Aug. 24.

The city also has approved architectural and construction plans for the $75-million conversion of the property, on the National Register of Historic Places since 1981. However, the 364,000-sf building on 4.7 acres has been vacant since 2000 when the city ordered it shuttered following a gas leak.

AMA Realty Group’s plan included 13,400 sf of retail space along 47th Street. The building once housed Sears and A&P stores, as well as a bank branch.

The tax bill for Michigan Boulevard Garden Apartments has been slashed from $363,680 in 2002 to nearly $50,000 last year, according to property records. However, a buyer could be in line for an eight-year property tax freeze, according to Inland Real Estate Auctions.

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

*May exclude premium content
Already have an account?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.