"There are a number of options here," says Inland Real Estate Auctions senior vice president Frank Diliberto, whose company was hired by Thomas F. Meagher, the court-appointed receiver. "The property is currently occupied. However, redevelopment options also exist at the buyer's choice."
The property's current B3-2 zoning allows for redevelopment of more than 26,000 sf of commercial space. Before a 1994 sale, the 82-year-old building underwent a $3-million renovation and addition. It has 7,900 sf of commercial space, with the two-story moviehouse flanked by the restaurant and bar.
The auction, which will be held in March, was ordered to dissolve a partnership that owns the property. Current ownership most recently refinanced the building for $1.6 million, according to property records.
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