Back in late March, Centrue Bank foreclosed on the Chemical Building with a sole bid of $3.36 million. Its previous owners, Chemical Building Acquisition LLC, purchased it in 2006 for $6.6 million and owed Centrue a total of $7.8 million. Recent appraisals peg the building's value somewhere between $4 million and $4.2 million.At the time of the foreclosure, Centrue's CEO talked of the bank's plans to sell the 17-story building and was about to begin discussions with interested buyers. Since then, we've heard nothing. Are no suitable buyers to be found?
Other projects such as the Leather Trades Lofts, The Laurel and the Park Pacific have either been completed or are nearing completion, and their rental units have been quickly leased. As the downtown residential market continues to exhibit its strength despite the difficult economy, it's clear that it could easily accommodate another development of the magnitude of the Chemical Building, which was slated to include 91 units, along with office and retail space. Whoever decides to renovate this beautiful building will undoubtedly be able to purchase at a much more attractive price than the previous developers.
The building and its location facing the Old Post Office are incredibly attractive, and whoever decides to renovate it will undoubtedly be able to purchase it at a much more attractive price than the previous developers.
Soooo...will we be hearing any news about the Chemical Building soon?
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