Now for Sale in Chicago: Prime Catholic Church Real Estate
Experts estimate site near Windy City’s Holy Name Cathedral could be worth $100 million
By WALL STREET JOURNAL REAL ESTATE
May 18, 2016
The Catholic Archdiocese of Chicago has tapped an adviser to sell the sprawling lot across the street from its 140-year-old Holy Name Cathedral, in the latest sign of a religious institution selling prime real estate in response to hot property markets. Experts say it is worth as much as $100 million.
The Archdiocese has hired Eastdil Secured LLC to market the site, which takes up most of a block, according to Betsy Bohlen, who became the Archdiocese’s chief operating officer last year. She declined to put a value on the property, but experts say it is worth as much as $100 million.
Ms. Bohlen said Eastdil would be exploring options including an outright sale of the property and a long-term lease. “There’s been an interest in this property for decades,” she said in an interview. “Given the strength of the market and increased development in downtown Chicago, we decided to take a hard look at developing the property now.”
[More about this and other dioceses and religious orders putting up their properties for sale in view of declining numbers and income @ www.wsj.com/articles/now-for-sale-in-chicago-prime-catholic-church-real-estate-1463506522 ]