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'Rosenwald' Goes Back on the Market

CHICAGO-The 447-unit Michigan Boulevard Garden Apartments is being offered at auction next month by owners who have drawn up plans for a condominium conversion and 13,400 sf of retail space.

By Mark Ruda | Updated on July 20, 2005

CHICAGO-A 447-unit Bronzeville multifamily building, which made the National Trust for Historic Preservation’s “10 Most Endangered Buildings” list in 2003, is being sold by a group that recently considered a conversion to 300 condominiums. Highland Park-based AMA Realty Group, which bought Michigan Boulevard Garden Apartments at 4600 S. Michigan Ave. in 2003 at a foreclosure sale, has a $9-million application for tax increment financing pending, according to Inland Real Estate Auctions Inc. Inland will auction the property also known as “The Rosenwald” Aug. 24.

The city also has approved architectural and construction plans for the $75-million conversion of the property, on the National Register of Historic Places since 1981. However, the 364,000-sf building on 4.7 acres has been vacant since 2000 when the city ordered it shuttered following a gas leak.

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