CHICAGO – Newcastle Limited* has been retained by the YMCA of Metropolitan Chicago to manage the disposition of its 5.3-acre Rich Port YMCA property, located in the Village of LaGrange, announced Michael R. Haney, President of Chicago-based Newcastle Limited, a national real estate advisory and development firm serving institutions, corporations and investors. The deadline for offers is Friday, November 17, 2006.The Rich Port YMCA property is centrally located at the intersection of LaGrange Road and Ogden Avenue in downtown LaGrange. The property is currently improved with a 151,000 square foot building constructed in 1948. Due to its age, the YMCA is closing the facility and considering various options related to the future of its programs in the LaGrange community.“This property is ideal for mixed-use development, and represents a rare opportunity in the heart of a vibrant, well-established central business district in one of Chicago’s premier suburbs. Strong demand in this area will continue to fuel significant retail and residential redevelopment for many years to come,” said Haney.The majority of the property is currently zoned “C-3” which accommodates service, commercial, retail and multi-family residential development. The YMCA is committed to maintaining a presence within the LaGrange community and will consider leasing space within a future development on the site.
Newcastle represented The Art Institute of Chicago on the sale of the Jewelers Row Properties at 21–29 South Wabash and the White Tower Building at 847 West Jackson in Chicago, and represented Loyola University Chicago in the formation of a 70-acre TIF district and negotiation of a $46 million redevelopment agreement with the City of Chicago.
About Newcastle Limited
Chicago-based Newcastle Limited provides real estate advisory and development services to institutions, corporations and investors. Newcastle helps clients maximize investment returns and reduce project risk. More information is available at www.newcastleinvestors.com