The CTA has recently engaged Jones Lang LaSalle to sell some of its properties. This was the subject of an article in the Chicago Tribune this week, detailing some of the "deals."
Among the properties is an empty shell of a brick building at what used to be a CTA bus terminal/turnaround/maintenance area at Chancellor and Bryant, along the golf course and north of Evanston Terraces Townhomes, my condo association, at Central and Bryant.
The property was up for bid a few years ago and our association looked into purchasing it in an effort to prevent a large scale development of this small property. The lot is 62 x 95 (approx) from the curb and adjoining our property - we own and purchsed property west of the CTA structure to the Bahai lot to protect us, and the local single family homeowners, from a developer - and a tall buidling.
The CTA has this for sale at a strange time, when it needs money, but when property values are down. In 2005 we understand that the CTA had a bid of $350K and did not accept any bids. Good for us. We lease the extra empty land from them and keep it green. The hulking old building just sits. We would love open space, but we cannot purchse the lot and cannot afford to tear down the building (liability if purchased since no one knows if it is really sound). that could be $40-50K and the property was appraised as of 2005 at no more than $200.
If someone buys and builds as of right on the shell, it could be R5. We don't want anything towering over us and our neighbors and along the golf course.
We should keep our eyes on this in the event is it purchased and someone seeks to build - we think with zoning currently in place and setbacks it will be hard to build more than a single family, but we are very aware of zoning variances that "happen."
With the economy it is doubtful. Our owners are keeping an eye on this, but we really cannot do much.
Something for CSNA to keep in mind too!