New Business Circling Former Community Motors Location
The former Community Motors car dealership, 5800 W. 159th Street, might be home to a new business in the near future. The space currently is listed by Groebe Action Real Estate Services for $2.4 million.
Oak Forest could soon have a new business along 159th Street, should things continue moving in a positive direction between the city and a currently unnamed interested business.
Community Development Director Adam Dotson and Assistant Community Development Director Dave Newquist have confirmed that the city has an interested party considering the former Community Motors Dealership location, 5800 W. 159th Street.
Both Dotson and Newquist said that while talks are still ongoing, a finalized deal could be in the near future.
“It's been a long road, but we might have something done soon,” Newquist said.
Although neither would go into specifics about the business interested, due to the tentative nature , they were optimistic about the space seeing new business soon.
“Nothing is done yet, but if something happens we'll be sure to let everyone know about it,” Dotson said.
Currently the space is listed for $2.4 million by Groebe Action Real Estate Services. The listing touts the space as 47,500-square-feet, set on eight acres of land.
Want more business and government news? Check this out:
John Groskopf
5:16 pm on Friday, November 2, 2012
I sincerely hope it will be a taxe base business to bring tax money to oak forest and not a service based one. the town needs to lower their tax base so businesses can survive here and stay. 25% of something sure beats 75% of nothing
Mike Ziak
8:29 am on Saturday, November 3, 2012
I wouldn't count on there being any big retail going in there. According to the PZC minutes from 8/15, the plan is for that area is becoming "a multi-use property with mixed-use and a multi-family portion possibly geared toward the senior environment."
Orland is building a big senior complex at Wheeler and Harlem and the plan for the old convent property is to put in a 55 and older community. While granted that seniors need a place to live, what if all of a sudden there's a glut of this type of housing? Then what happens to all of those vacant spots?
Brian
10:27 pm on Friday, November 2, 2012
I admit to knowing almost nothing of Commercial Real Estate, but is this parcel really worth 2.4m?
WIth the depressed residential market, are commercial values also falling in line with this trend?
Is anyone reading qualified to make an assessment, I am truly curious to learn more. Is this city leaning on property owners to spark development rather than owning vacant lots?