by Michele Newbern Gillis
Staff Writer
Two buildings, the Center Theater and the Lerner building, sit on West Adams Street, vacant and dilapidated, their fate uncertain.
With the 11 E. Forsyth residential housing project right around the corner and the Roosevelt Hotel across the street and next in line for redevelopment, both buildings have possibilities to play in the downtown redevelopment scheme.
Both buildings are for sale, but the circumstances surrounding their fate differ greatly.
The Center Theater, located at 30 W. Adams St., has an asking price of $1 million.
“The building is not in good shape. We are selling it more for a development site than a renovation site,” said Bob Knight, selling agent with Schultz Foster & Addison Real Estate Inc.
According to Knight, the owner of the building, Center Partners LTD, is basically selling the building for someone to tear it down and develop the property.
It has been for sale for five months and Knight has had a few offers.
“We have had a couple of offers on it, but they just weren’t good enough,” said Knight. “The owner has a certain idea of its value. The main value is about what is available next door. That whole corner with the Center Theater, Lerner building and the buildings owned by Angela Schneider will be a development site.”
The building, built in 1914, is 10,500 square feet and operated as a movie theater until about 15 years ago. It has been vacant ever since.
“It’s not worth saving,” said Knight. “Most people have talked about that property being part of a parking garage with retail on the ground floor, but saving at least two of the Schneider buildings. They would redevelop the Schneider properties into a mixed use development with residential, office and retail.”
The Lerner building, located at 20 W. Adams St., is owned by 20 W. Adams St., Inc. and may have a different fate.
“I sort of envision, with what Vestcor has done, that our building will be residential in nature,” said Mike Lucas of Schultz Foster & Addison Real Estate, who is also part owner of the building. “The first floor could be a parking garage with apartments on floors two through six. That is one possibility. It could also be a combination of residential and office space. Another alternative is that the ground floor could house some small retail stores in addition to the garage.”
The asking price is $1.45 million and it has been available for a year.
Lucas said with the recent approval of other downtown residential projects, interest has increased.
“It’s way too valuable to tear down,” said Lucas. “Other than some cosmetic things on the outside, the building is in good condition. There are some things the buyer will have to do.”
He said of those who have looked at the building, some were clearly interested in converting it to residential or a combination of commercial and residential uses.
“Since the 11 E. Forsyth project, there has been increased interest by other developers to see what’s available downtown with or without City incentives,” said Lucas. “No one has offered us a contract that we have accepted.”
Lucas said the key is a parking garage.
“It gives you access to have a parking garage,” said Lucas. “Our driveway has been closed off with a concrete block wall with a door. As soon as the building is used for something, that wall will come down.”
Lerner vacated the building in 1991, and according to Lucas, the building is still in good shape.
“Buildings that are downtown and that are vacant have a certain code to meet, which includes boarding up the windows,” said Lucas. “The building is up to the code for a vacant building. Because you can’t see the glass, it gives the appearance that it may not be in as good condition as it is. It is in excellent condition for a vacant building. It is basically gutted with almost no partitioning.”
The building would require all new electric, plumbing and air conditioning and heating units, which Lucas said is good because the developer wouldn’t have to spend a lot of money on demolition. The building has a sprinkler system, but will need a new elevator.
According to Lucas, the corner of Adams and Laura streets is a target for the City as a development site.
“They are going to acquire those properties and create a request for proposal and put it out to developers whether it be residential or commercial,” said Lucas. “It’s clearly the City’s intent to buy the westerly corner of that block and get it redeveloped subject to their approval. What they really want is a combination of residential, commercial and parking.”