Tags: Crestwood News, Web Exclusive
April 23, 2014 - Although Crestwood Court appeared to sell on an auction website yesterday, the owners have not yet come to an agreement to sell the property.
In the last minutes of the auction on Crestwood Court Wednesday, bidding on the mall went up to $3.65 million, with a bid deposit of $25,000. (click for larger version)
Asked if the auction met the mall's reserve price, Sol Barket of Centrum Partners wrote in an email to the Call, "Mall has not been sold, we are working with a particular buyer right now to sign a contract, but other than that, I cannot make any further comment …"
Under the terms of the auction website, Auction.com, an unpublished reserve price has to be met before a sale of the mall site will be final. In the last minutes of the auction of Crestwood Court, bidding on the mall went up to $3.65 million, with a bid deposit of $25,000. The minimum bid was $1 million, but the Auction.com terms state that the minimum bid may not be the auction's actual reserve price.
Chicago-based developer Centrum Properties co-owns the mall with New York-based investment adviser Angelo, Gordon & Co. Centrum presented a roughly $121 million redevelopment proposal to the Crestwood Board of Aldermen, requesting $34 million in tax-increment financing and other tax incentives.
Mayor Gregg Roby defeated former Mayor Jeff Schlink in the April 8 election. Roby supported Centrum's redevelopment proposal, while Schlink declined to break a tie in December 2012 that would have selected a planner to study the proposal.