ELGIN, IL-The buyer that answers the auction to purchase the former Fox River Country Day School campus here will have to be somewhat unusual. However, the 62-acre property, near Interstate Highway 90 and across Duncan Avenue from the Fox River, may call out to a medical rehabilitation or retreat user.
The school started operation in 1923 as a farm to educate and assist poor orphaned children from the Chicago stock yards, Geoffrey Schnipper, VP of dispositions at Hilco Real Estate, tells GlobeSt.com. The property includes 10 scattered buildings totaling 87,000 square feet, with the newest being the Neil Building, featuring classrooms and an assembly hall. Other buildings include a gymnasium, a pool, a library and a dining hall.
In June, the school announced that it had to discontinue operations, Schnipper says. The property, valued at $5 million by creditor First American Bank based in Elk Grove Village, was included in a bankruptcy filing in November.
Schnipper says Jan. 20 has been set as the final date to receive sealed bids. “We’ve had some interest already, including from developers,” he says. “The site is zoned as a community facility district, basically for not-for-profit religious or education purposes, but we’ve been in discussion with the community’s economic development division about higher uses. The city would like the property put onto the tax rolls.”
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