18 March 2010
You either love it or hate it – the iconic purple brick hotel at the corner of Touhy and Lincoln. Previously a Hyatt, the hotel has allegedly been the site of a mob hit, raucous sex parties, and the base for Stuart Levine’s politically corrupt activities.
Now, however, Lincolnwood town leaders are losing patience with the building’s owners, Donald Bae and his family. While Bae had an offer to sell the property for $27MM two years ago, the deal fell apart with the economy. The property is now on the market for $25.8 MM. But, according to developers, the site is very attractive but the price is very high.
Village leaders are pursuing code violations in an effort to get Bae to either tear the building down or get more realistic on the asking price. The property is being marketed by ForeFront Properties, which will be holding a luncheon presentation for prospective buyers next week.Email This Post To a Friend.