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PROPOSED SALE OR PURCHASE OF REAL ESTATE
Department(s): Department of Real Estate Management
Other Part(ies): TLP 325 N. Ashland LLC, Chicago, Illinois and TLP 1532 Fulton LLC, Chicago, Illinois
Request: Request to Purchase Real Estate on Behalf of Cook County Medical Examiner’s Office (MEO)
Description of Real Estate: The desired property is comprised of two separate buildings situated on a full city block (+/-1.91 acres); one building comprises approximately 80,000 square feet and the other comprises 20,611 square feet. The buildings are located at 325 N. Ashland Avenue and 1532 W. Fulton Street and will be used by the Cook County Medical Examiner’s Office for a new facility. The property is conveniently located near several transit routes and expressways and is within Cook County Commissioner District 2.
Section: N/A
Parcel(s): N/A
Fiscal Impact: $15,500,000.00
Accounts: 11569.1031.11190.560305.00000.00000
Summary: Cook County Department of Real Estate Management has been working closely with the Medical Examiner’s Office to locate a suitable property, which offers ease of access, adequate space, and ample parking. With a proposed renovation, the property will meet the needs of programming for the MEO’s operations. A purchase price of $15,500,000 has been agreed upon by the parties and an appraisal has been completed by a Member of the Appraisal Institute to support this value. If approved, there will be 15 days of due diligence, after which closing will occur within 15 days of the end of the due diligence period.
The County has been looking for a suitable building for approximately 5 years that meets the requirements of the MEO. This facility has a convenient location to transit and close proximity to the Illinois Medical District, and will enable MEO to create a state of the art facility.
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