The 10,000-sf building at 313 E. Liberty St. in this far northwest suburb of Chicago was most recently used as the "Biloxi Grill" bar and eatery after a long run as "Mers" restaurant. The property includes 200 feet of frontage on Bangs Lake.

Meanwhile, Oak Brook, IL-based Inland Real Estate Inc.'s auction division is swinging the gavel on 20 units at 211 E. Liberty St. for Lakeside Condominiums LLC for opening bids of $75,000. Five of the one-, two- and three-bedroom units will be sold absolute June 22.

Chicago-based Rick Levin & Associates, Inc., which is auctioning the Biloxi Grill property, says the property has been on the market at a $2.2-million asking price until the seller decided to shorten the process.

Open houses have drawn interest from developers as well as restaurant and banquet hall operators, Levin tells GlobeSt.com. "It's kind of neat because it'll pit developers and redevelopers against people who want to keep the property in the food business," he says.

The developers are envisioning condominiums, townhomes and retail space, Levin adds, but they will have to sell their plans to Wauconda village officials.

Levin is hardly dissuaded by separate auction for the condominiums, noting the units will compete for a different set of buyers. "My belief is that Wauconda, as well as the rest of the northwest suburbs, is only getting better," Levin says.

Also, the timing is right for any seller with lakefront property, he adds. "This is a good time of year for people with property sitting on the lakefront to be pro-active, as opposed to winter," Levin observes.

The beaches on the west shore of Bangs Lake have long been picnic and weekend outing destinations in the Chicago area. They also were used as a backdrop in the film, "Blues Brothers."

While Levin will conduct the Biloxi Grill auction at the site at 1 p.m. June 4, Inland will auction the condominiums at 1 p.m. June 22 at the Doubletree O'Hare.