Friday, July 28, 2017
Original Sears and Allstate HQ buildings for sale
The old administration buildings for two Chicago giants are listed for sale and redevelopment
Source: Curbed ChicagoBy AJ Latrace
The former Homan Square homes of two Chicago giants are for sale. The former headquarters of both Sears, Roebuck, & Company and Allstate Insurance in the Sterling Park campus have been listed for sale and redevelopment. A commercial real estate listing indicates that four total properties are up for grabs, including a parking garage with space for 1,150 vehicles and a vacant 3.4 acre developable site.
In the marketing materials for the listing, commercial brokerage NRC Realty & Capital provide a rendering of a transformed Allstate HQ, offering a visual of how the building could look after improvements. Standing at 11 stories with with a total interior capacity of 324,147 square feet, the building could eventually serve a number of uses. Located at 3245 W. Arthington, the former Allstate headquarters building had previously been highlighted by Preservation Chicago as one of the most endangered buildings in Chicago.
Meanwhile, the former Sears Administration Building stands at five stories and features 280,558 total square feet of space with large floor plates that stretch nearly a block long. Constructed between 1905 and 1906 in a classical style with extensive masonry ornamentation, the building is just one of a few survivors of the original Sears, Roebuck & Company campus in Homan Square.
The listing of the sites comes just two years after one piece of the former Sears HQ reopened as a community center and event space after an extensive renovation. Renamed Nichols Tower at Homan Square, the former Sears Merchandise Building Tower (which is not included in the listing) now provides youth programming, education, and education services through a number of partner organizations. In addition, the former printing facility located in the same campus recently reopened as a new affordable housing development with 181 units.
Also highlighted in NRC’s listing is the availability of various tax credits and incentives. The brokerage indicates that the buildings fall within various tax districts, including a Federal Empowerment Zone, an Illinois Enterprise Zone, and a City of Chicago TIF District. However, last year, the IRS announced the end of the Federal Empowerment Zone program. Regardless, there are various historic tax credits and TIF funds that developers will likely seek in renovating and repositioning these buildings for newer uses.