May
15

Vacant Purple Hotel in Lincolnwood Sold for $8.3 Million

May 15, 2012

The Purple Hotel, located at 4500 West Touhy, in the Chicago suburb of Lincolnwood has long been a stand out attraction of this Chicago suburb. For years, the Purple Hotel stood out as either an eyesore or a cool looking hotel depending on whom you ask. Either way, anyone who ever visited or even drove past the property has had the sight filed away in their brain forever,

Purple Hotel in Lincolnwood

The Purple Hotel: Photo Courtesy of Zol87

The property has been long rumored for demolition, but now comes news that the Purple Hotel was sold in an auction on Friday for $8.3 million. Skokie-based North Capital Group and Weiss Properties Inc. walked away with the iconic Lincolnwood property at an auction conducted by New York-based Sheldon Good & Co. at the Westin Chicago River North located in downtown Chicago.

According to North Capital’s president Erez Baver, the group aims to do a mixed-use redevelopment of the site. The estimated $20 million redevelopment plan would include:

  • Boutique hotel with banquet and meeting place.
  • Retail space somewhere in the neighborhood of 40,000 to 60,000 square feet.

The location of the hotel at Lincoln and Touhy is a busy intersection, with consumers using the main streets as a trail for going in and out of the city. A retail space that serves the needs of the community would most likely be a hit for the suburb located just outside of the northern edge of Chicago.

For years the 293-room Purple Hotel was a destination site for parties and gala events as well as tourists. Vacant since 2007, father and son owners Kun Chae Bae and Donald Bae filed for bankruptcy protection in December.

For those who have fond memories of the hotel, North Capital Group and Weiss Properties Inc. have said they plan on keeping the colorful exterior of the hotel and incorporating it into their plans.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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