"The real value is in the land, not in the building," LeCoque tells GlobeSt.com. "This gives the village better control of the redevelopment process, and allows them to partner with a developer and have control over what is developed and the quality and mix of uses. Their preference has been for a mix of residential and retail."
The acquisition is expected to close by year's end. The village bid on the site at an auction for the property held Nov. 10, and a bankruptcy court affirmed Wheeling as the buyer this week. LeCoque says the village's offer was the best price with the least contingencies presented at last week's auction.
Wheeling's plan for the site reportedly centers around the concept of a "Town Center" downtown area the village wants to develop on Dundee Road. Within the next year, the village reportedly envisions having a developer selected and construction begun on the site, which it hopes will include a nationally-known retailer. However, LeCoque says any residential portion of the development may take significantly longer.
"There's probably not going to be a lot happening there for a while," LeCoque says. "This is the worst housing market in 100 years. No one is buying homes and no one's going to be developing anything there for some time."
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