By Ed Lowe
Senior Writer
In a surprise move at their meeting on April 21, the membership of the Scottish Rites Masons moved to allow their Board of Directors to explore the sale of their property. Technically known as the Scottish Rites Cathedral Association of Chicago, the group owns one of the last large parcels of real estate in the Gold Coast area. Their property, which is bounded by Delaware Pl., Walton, State and Dearborn streets, represents a full block of land. Much of that land is now devoted to a parking lot, but several smaller buildings are also located on it. In addition, their primary meeting facility is on this land.
About two and a half years ago, a similar effort to persuade the membership to sell their property was defeated after a contentious vote of the membership. Circumstances have changed and the members apparently felt that the time may be right for the sale. They have limited any action by their board to a minimum sale price of $30 million.
David Martin, the attorney for the Masons, told Inside that the action by the membership represented only the first step and that no prospective buyer is under consideration. Nor has a final decision by the Board been made as to whether to even consider such an offer, he said. When the process was being considered in 2003, a broker was selected to represent the Masons' interests. The Board is expected to meet in May to consider the sale and to determine whether to move the proposed sale further along.
Clearly, this property, representing a full city block of land in what is one of the hottest real estate development areas, will generate a bidding contest among developers. Residential housing is still in demand and this part of the southern edge of the Gold Coast has the potential of becoming one of the most salable areas in the city because of its proximity to the Magnificent Mile, the Gold Coast's restaurants and attractions, and the lake. Martin pointed out that the $30 million minimum set by the membership would only be the beginning and that he anticipated that a bidding contest would ensue with developers vying to buy the land and buildings for future development. |
