CU MTD auctioning off mixed-use building in Midtown

If there’s one area of town that’s set to boom in the next five years, I’d put my money on Midtown, the crucial connector between Campustown and Downtown Champaign.

The potential only increases, today, as C-U MTD have announced the auction of a nearly 12,000 square feet mixed-use building at 64 E. Chester St. in Champaign.

For more information on the building, and on the auction, check out the press release from MTD below:

CHAMPAIGN-URBANA MASS TRANSIT DISTRICT ORDERED AUCTION
11,856 SQ. FT. MIDTOWN MIXED-USE BUILDING

Champaign, IL—The Auction Services Group, headquartered in downtown Chicago, will be conducting the sale at auction of 64 E. Chester Street, Champaign, IL on June 22, 2017.

The Champaign-Urbana Mass Transit District (MTD) has ordered the auction, which will be held on the Fourth Floor of Illinois Terminal, 45 E. University Avenue in downtown Champaign, IL at 3:00 p.m.

The opening bid for the property is $200,000. “We purchased this building as a package of five buildings last year,” states MTD Managing Director Karl Gnadt, “four of the buildings border our parking lot on the east side of the tracks, one block from our Illinois Terminal facility. Logistically it
was very important to control those four buildings.”

“The fifth building, 64 E. Chester, is across the street and doesn’t serve our current plans and, therefore, it’s a surplus property,” states Gnadt. “The
auction will allow users, investors and developers a unique opportunity to name their price for this well located, mixed-use property with frontage on Chester, Water and University Avenue, a main East/ West arterial street in Champaign/Urbana.”

Champaign County has seen a 300% increase in multifamily housing starts with over $200,000,000 in developments in the last few years. “This has led many local and national developers to investigate all current vacant parcels near downtown Champaign,” notes Kelly T. Frank, Executive Vice President of the Auction Services Group. “The property is conveniently located in the trendy Midtown area of Champaign, one block from the Amtrak Station and is adjacent to downtown Champaign and Campustown. The property is only minutes away from I-57, I-74 & I-72.” added Frank.

The following is a brief description of the property being offered at the June 22nd auction:

64 E. Chester St., Champaign, IL is an 11,856 sq. ft., two-story, mixed-use building situated on a 5,928 sq. ft. landsite. The building was originally built in 1898 and an early occupant was Stoltey Garage, a full-service garage that provided car storage, taxi and car services and sold car accessories & supplies. Another well known occupant was Bush Brothers Inc., a family
owned and operated specialty paper supplier that began in 1931. The versatile building features a 10’ x 16’ freight elevator. The property is located within a TIF and Enterprise District
and is a great redevelopment opportunity.

Inspection dates and times to view the property are scheduled from 12:00 Noon – 2:00pm on May 17th, June 1st and June 13th, 2017.

To receive an auction brochure with the auction terms and conditions, call the Auction Services Group’s Auction Line at (312)233-8347.