Millennium Properties was identified as one of the preferred firms following a previous comprehensive review and selection process. The qualifications included MPI’s proactive approach, comprehensive marketing plan, and broad base of resources.
“We look forward to working closely with Millennium Properties as we seek a buyer for this well-located asset in the city,” stated Mayor Nancy Rotering. “We are excited about the potential of a proposal that works within our vision for the area and best serves our community.”
City Manager Ghida Neukirch stated, “This process will be transparent and done with careful consideration and due diligence. As with any revitalization or redevelopment this property will require a public planning and design review as required by the City zoning and planned development process.”
For more than 20 years, Millennium Properties Real Estate has worked with individuals and institutions to sell, buy, manage and lease their portfolios. Listing broker Susan B. Silver has more than 20 years of experience in commercial brokerage, leasing, property management and financial analysis and serves as President for Millennium Properties, where she has completed more than 750 real estate transactions totaling more than $1 billion. Silver is a Highland Park resident.
The Karger Center was built in 1966 and was leased by the City to the Park District of Highland Park to serve as the recreation center until 2005. The building currently serves as a multi-tenant facility housing the Highland Park Community Nursery School and Day Care Center, Rhythmix Gymnastics Program, and a third space, which has historically been used by a theater company. All tenants have been notified of the potential sale of the property and will see relocation of their operations.
For more information on the Karger Center, call the City Manager’s Office at 847.926.1000. Those interested in making an offer on the property should contact Susan B. Silver, President of Millennium Properties Real Estate, Inc. at 312.338.3001.
January 10, 2018 Update
At the January 8, 2018 City Council Meeting, Albion Jacobs Highland Park, LLC (“Developer”) was introduced as the preferred developer for the Karger Recreation Center site (“Property”).
The City Council and staff conducted a comprehensive review of proposals for the sale and redevelopment of the Property. The Developer was selected based on a combination of factors including the proposed redevelopment plan and the purchase price. The Developer has agreed to purchase the Property from the City for $3.762M and proposes to redevelop the site into a multi-family residential development consisting of 171 luxury apartment units, measuring no more than 65 feet in height, with high-end finishes and common amenities. The proposed development considers the needs neighboring properties and the Central Business District. The City and Developer have negotiated a proposed Purchase and Sale Agreement (“PSA”), which will appear before the City Council for consideration at their January 22, 2018 regular meeting. The City issued the following media release regarding the Karger Center on January 10, 2018: City of Highland Park Identifies Buyer for Karger Recreation Center Site
The presentation given by Albion Jacobs Highland Park, LLC at the January 8, 2018 City Council meeting can be viewed here.
The video from the January 8, 2018 City Council Meeting at which the presentation was given can be viewed here.
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