Purple Hotel Sale Moves Forward
The Lincolnwood building had been auctioned for $8.3 million in May.
The sale of Lincolnwood's Purple Hotel was confirmed Thursday* by The United States Bankruptcy Court for the Northern District of Illinois, according to a press statement from Sheldon Good & Company. Sheldon auctioned a 8.5-acre development site that contained the hotel in early May.
North Capital Group LLC won the building with an $8.3 million-bid.
“The auction created a compelling call-to-action for many investors throughout the region who had an interest in purchasing and redeveloping the property.” Mark Troen, COO of Sheldon Good & Company said in a press statement, “The real winners at the auction are the residents of the Village of Lincolnwood. The sale and subsequent redevelopment of the property have the potential to make a significant, positive impact within the community for years to come.”
Judge Jack Schmetterer approved the sale on Thursday, which moves forward "a $20 million redevelopment on the site at Touhy and Lincoln avenues, including a boutique hotel with banquet and meeting space and at least 40,000 square feet of retail space." according to Chicago Real Estate Daily.
*an original version of this article incorrectly referred to the court ruling as happening on Friday.