The landmark Arcade Building is about to have a new owner! As reported in the RB Landmark and Village of Riverside e-flash, the purchaser, Mr. Joe Zapani of Bloomingdale, Illinois will take possession of the Arcade following Village approval of his development plans.
Mr. Zapani advised the Village that he intends to rehabilitate the exterior of the Arcade per the last approved plans (submitted by Wexford) and complete the interior as he is able to fill vacant units. Mr. Zapani, principal of A to Z Roofing and General Construction, has developed commercial and residential units throughout the Chicagoland and suburban area. "I am a fan of historic structures and look forward to restoring this important historic building located on one of the prominent corners of the business district and being a part of the Riverside community," said Mr. Zapani during meeting with village officials.
The Arcade, one of Landmarks Illinois' 10 Most Endangered Historic Places, was recently the focus of a high-profile art initiative resulting in a 2,000 Sq. ft. mural that brought our entire community together. "This Place Matters," is the message residents have been sending of the Arcade and of Riverside. And now, someone with an appreciation of the Arcade's role in our community has come forward to begin the Arcade's return to service. "Mr. Zapani's plan for ground floor retail and mixed-use for the second and third floors in the Arcade will be a driver in helping the Village revitalize our entire business district," said Village President Michael Gorman.
Welcome news, indeed!
April 19, 2010
March 4, 2010
Arcade Mural Project on Video
For those who have only read about the plight of our landmark Arcade Building, a remarkable 2,000 square foot mural representing thousands of hours of volunteer labor was installed in December to demonstrate to surrounding communities and the nation just how much "This Place Matters."
For your viewing enjoyment, Riverside resident Sally Faust has filmed, edited and produced at 9.5 minute video which really captures the flavor of the Arcade, its history, the scope of the mural project and the local talent and passion that made this happen.
The video includes footage from the interior, showing proximity to Riverside's commuter train station, other historic commercial buildings and Township Hall . . . It is an effective visual demonstration of why the Arcade was Riverside's premiere commercial landmark for over 138 years.
Please click on the "Arcade Video" tag below and share this link with others . . . the Arcade is still in need of a purchaser experienced in the historic rehabilitation of commercial structures. Let's keep getting the word out!
Arcade Video
For your viewing enjoyment, Riverside resident Sally Faust has filmed, edited and produced at 9.5 minute video which really captures the flavor of the Arcade, its history, the scope of the mural project and the local talent and passion that made this happen.
The video includes footage from the interior, showing proximity to Riverside's commuter train station, other historic commercial buildings and Township Hall . . . It is an effective visual demonstration of why the Arcade was Riverside's premiere commercial landmark for over 138 years.
Please click on the "Arcade Video" tag below and share this link with others . . . the Arcade is still in need of a purchaser experienced in the historic rehabilitation of commercial structures. Let's keep getting the word out!
Arcade Video
November 27, 2009
Arcade Mural Project
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Thanks to the student artists at Riverside-Brookfield High School, the Riverside Arts Center, Metal Mites, ABAI, and countless community volunteers, for all their hard work. This is truly a beautiful collaboration of which we can all be proud!
Don't miss the official unveiling ceremony on Friday, December 4, 2009, at 5:15 PM (prior to the Holiday Walk).
Here is a sneak peek at some of the panels as they are being installed. We hope to see you on December 4!
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May 22, 2009
Arcade for Sale!
This just in from the Riverside Brookfield Landmark:
The owner of the Arcade Building in downtown Riverside has rejected all of the bids it had received for the property and will move to sell it on the open market.
Joe DeGroot, an asset manager for PrinsBank in Prinsburg, Minn., said Friday that he received 12 bids for the vacant local landmark, but that all of them fell short of expectations.
"We've returned all of the [bid deposits] to the bidders and we'll move ahead with a Realtor," DeGroot said. "By the end of next week it should be on the market."
See full article here:
http://rblandmark.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=5017
The owner of the Arcade Building in downtown Riverside has rejected all of the bids it had received for the property and will move to sell it on the open market.
Joe DeGroot, an asset manager for PrinsBank in Prinsburg, Minn., said Friday that he received 12 bids for the vacant local landmark, but that all of them fell short of expectations.
"We've returned all of the [bid deposits] to the bidders and we'll move ahead with a Realtor," DeGroot said. "By the end of next week it should be on the market."
See full article here:
http://rblandmark.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=5017
May 11, 2009
Arcade Bids due May 15 - this Friday!
A short - unadvertised - bid deadline of May 15 has been set for the Arcade building by mortgage holder Prinsbank. Landmarks Illinois quickly updated its "Ten Most Endangered" listing on the Arcade to include downloadable copies of the bid documents.
http://www.landmarks.org/ten_most_2009_1.htm
Prinsbank has not indicated whether it will arrange for an open house for prospective bidders to view the Arcade building before Friday's deadline. Thus far, according to an interview with Prinsbank's Joe De Groot published in the Suburban Life Prinsbank is 'looking more at the financial aspect of the purchase rather than the buyer's plans or knowledge of historic restoration.'
http://www.mysuburbanlife.com/riverside/newsnow/x362989322/Bid-deadline-approaching-to-submit-Arcade-building
A decision to simply unload the landmark Arcade as quickly as possible has repercussions. For example, in the words of "scafuri" who commented on the Suburban Life article:
". . . I am not suggesting that the bank give precedence to the historic aspect but they should at least give it a fighting chance to survive by allowing a better time frame to find purchasers. I do not live in Riverside but often visit. . . . (The Arcade) is the only beautiful centerpiece left in town. I have moved around the country alot and will certainly remember the PrinsBank negatively when I am in their locality."
While Prinsbank is ostensibly "letting those who have already shown us interest get the first chance" it would seem that free advertising to a wider audience such that offered by Landmarks Illinois would be in Prinsbank's best financial interest. What would Prinsbank's shareholders think?
In our view, Prinsbank should:
1) extend the bid deadline,
2) work with Landmarks Illinois on the marketing and
3) have an open house for all prospective bidders prior to the deadline.
In this way, Prinsbank could increase its potential recovery on the property and the Arcade would have a decent shot at attracting a reputable and experienced purchaser.
http://www.landmarks.org/ten_most_2009_1.htm
Prinsbank has not indicated whether it will arrange for an open house for prospective bidders to view the Arcade building before Friday's deadline. Thus far, according to an interview with Prinsbank's Joe De Groot published in the Suburban Life Prinsbank is 'looking more at the financial aspect of the purchase rather than the buyer's plans or knowledge of historic restoration.'
http://www.mysuburbanlife.com/riverside/newsnow/x362989322/Bid-deadline-approaching-to-submit-Arcade-building
A decision to simply unload the landmark Arcade as quickly as possible has repercussions. For example, in the words of "scafuri" who commented on the Suburban Life article:
". . . I am not suggesting that the bank give precedence to the historic aspect but they should at least give it a fighting chance to survive by allowing a better time frame to find purchasers. I do not live in Riverside but often visit. . . . (The Arcade) is the only beautiful centerpiece left in town. I have moved around the country alot and will certainly remember the PrinsBank negatively when I am in their locality."
While Prinsbank is ostensibly "letting those who have already shown us interest get the first chance" it would seem that free advertising to a wider audience such that offered by Landmarks Illinois would be in Prinsbank's best financial interest. What would Prinsbank's shareholders think?
In our view, Prinsbank should:
1) extend the bid deadline,
2) work with Landmarks Illinois on the marketing and
3) have an open house for all prospective bidders prior to the deadline.
In this way, Prinsbank could increase its potential recovery on the property and the Arcade would have a decent shot at attracting a reputable and experienced purchaser.
May 4, 2009
Arcade Up For Bid - Deadline May 15
Within days of the Arcade's designation as one of the "10 Most Endangered Historic Places" in Illinois, its mortgage holder, Prinsbank, has opened the bidding. The deadline for all bids is May 15, 2009.
Ideally, the people of Riverside would like to attract a reputable purchaser for the Arcade - one with experience in the rehabilitation of historic commercial properties. Bid applications can be obtained from Prinsbank or the Village of Riverside Preservation Commission. Text of the application is reproduced here:
Dated at Prinsburg, Minnesota, April 30, 2009 .
PARTIES TO THIS AGREEMENT:
Sellers: CapFinancial Properties CV3, LLC
508 3rd Street
PO Box 38
Prinsburg, MN 56281
Tel.: 320-978-9101
Fax: 320-978-4166
Buyers:
PROPERTY COVERED: See attached Exhibit “A”
BIDDING REQUIREMENTS:
Bids shall be considered an offer to purchase the Real Estate described in the preceding paragraph. A Bid deposit will be required for all bids submitted. The Bid deposit amount is $20,000, and must be submitted along with this Bid form. Bid deposits which are not part of an accepted bid will be returned to bidder.
ALL BIDS AND REQUIRED DOCUMENTATION MUST BE RECEIVED BY May 15, 2009.AT THE OFFICES OF CAPFINANCIAL PROPERTIES CV3, LLC, 508 3RD STREET, PO BOX 38, PRINSBURG, MN 56281.
CASH BID:
Bidder, as specified by signature below, offers to purchase the Real Estate described herein, for the cash sum of:
and /100 Dollars.
In the event that this offer is determined to be an acceptable offer, the Bid Deposit check of $20,000.00 will be considered a part of this offer. Bidder understands that by signing this contract they are legally bound to the terms of this agreement and possible forfeiture of the bid deposit should they fail to complete the purchase of this Real Estate.
BIDDER(S):
CLOSING CONDITIONS:
Property is conveyed “as-is, where is” with no warranty as to mechanical function or otherwise. Buyer to pay fees associated with the proper recording of any documents required by Seller in order to complete the transfer of the property or security interest of Seller associated with this transaction. Seller and their attorney may determine that a more formal purchase agreement is required and will provide such an agreement if Seller determines it is necessary. Seller will provide a limited warranty that they have placed no liens, encumbrances, delinquent taxes due upon the premises on the date of closing or that the same will be paid on said date. Current taxes including any current assessment or portion yet due under the real estate taxes, shall be prorated to the actual date of closing. The utilities obligated upon the property shall be prorated and calculated to said date of closing. Seller will determine an acceptable title company to handle the closing of this transaction and will provide a title commitment to show it possesses marketable title. If buyer desires an owners policy of title insurance, that cost will be the responsibility of the buyer.
AS IS CLOSING:
Closing date shall be determined if an acceptable bid is determined to allow a reasonable time for due diligence and inspection for the buyer, but in no case with this closing be more than 90 days from the time buyer and seller agree on a price if the offer is deemed acceptable.
Dated: SELLER
CapFinancial Properties CV3, LLC
By:
Its:
Dated: BUYER(S)
EXHIBIT “A”
LEGAL DESCRIPTION OF PREMISES
LOTS 486, 487 AND THE WEST 29 FEET OF LOT 488 IN BLOCK 13 IN THE SECOND DIVISION OF RIVERSIDE, IN SECTION 36, TOWNSHIP 39 NORTH, RANGE 12, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
PIN: 15-36-301-026-0000, 15-36-301-062-0000
ADDRESS: 1 RIVERSIDE ROAD, RIVERSIDE, ILLINOIS
Ideally, the people of Riverside would like to attract a reputable purchaser for the Arcade - one with experience in the rehabilitation of historic commercial properties. Bid applications can be obtained from Prinsbank or the Village of Riverside Preservation Commission. Text of the application is reproduced here:
Dated at Prinsburg, Minnesota, April 30, 2009 .
PARTIES TO THIS AGREEMENT:
Sellers: CapFinancial Properties CV3, LLC
508 3rd Street
PO Box 38
Prinsburg, MN 56281
Tel.: 320-978-9101
Fax: 320-978-4166
Buyers:
PROPERTY COVERED: See attached Exhibit “A”
BIDDING REQUIREMENTS:
Bids shall be considered an offer to purchase the Real Estate described in the preceding paragraph. A Bid deposit will be required for all bids submitted. The Bid deposit amount is $20,000, and must be submitted along with this Bid form. Bid deposits which are not part of an accepted bid will be returned to bidder.
ALL BIDS AND REQUIRED DOCUMENTATION MUST BE RECEIVED BY May 15, 2009.AT THE OFFICES OF CAPFINANCIAL PROPERTIES CV3, LLC, 508 3RD STREET, PO BOX 38, PRINSBURG, MN 56281.
CASH BID:
Bidder, as specified by signature below, offers to purchase the Real Estate described herein, for the cash sum of:
and /100 Dollars.
In the event that this offer is determined to be an acceptable offer, the Bid Deposit check of $20,000.00 will be considered a part of this offer. Bidder understands that by signing this contract they are legally bound to the terms of this agreement and possible forfeiture of the bid deposit should they fail to complete the purchase of this Real Estate.
BIDDER(S):
CLOSING CONDITIONS:
Property is conveyed “as-is, where is” with no warranty as to mechanical function or otherwise. Buyer to pay fees associated with the proper recording of any documents required by Seller in order to complete the transfer of the property or security interest of Seller associated with this transaction. Seller and their attorney may determine that a more formal purchase agreement is required and will provide such an agreement if Seller determines it is necessary. Seller will provide a limited warranty that they have placed no liens, encumbrances, delinquent taxes due upon the premises on the date of closing or that the same will be paid on said date. Current taxes including any current assessment or portion yet due under the real estate taxes, shall be prorated to the actual date of closing. The utilities obligated upon the property shall be prorated and calculated to said date of closing. Seller will determine an acceptable title company to handle the closing of this transaction and will provide a title commitment to show it possesses marketable title. If buyer desires an owners policy of title insurance, that cost will be the responsibility of the buyer.
AS IS CLOSING:
Closing date shall be determined if an acceptable bid is determined to allow a reasonable time for due diligence and inspection for the buyer, but in no case with this closing be more than 90 days from the time buyer and seller agree on a price if the offer is deemed acceptable.
Dated: SELLER
CapFinancial Properties CV3, LLC
By:
Its:
Dated: BUYER(S)
EXHIBIT “A”
LEGAL DESCRIPTION OF PREMISES
LOTS 486, 487 AND THE WEST 29 FEET OF LOT 488 IN BLOCK 13 IN THE SECOND DIVISION OF RIVERSIDE, IN SECTION 36, TOWNSHIP 39 NORTH, RANGE 12, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
PIN: 15-36-301-026-0000, 15-36-301-062-0000
ADDRESS: 1 RIVERSIDE ROAD, RIVERSIDE, ILLINOIS
April 29, 2009
Arcade Makes Top 10 Endangered List
The Blue Room at the State Capitol building was charged with anticipation on Tuesday, as Landmarks Illinois prepared to announce its 2009 "10 Most Endangered Historic Places" List. It was a standing-room only crowd, as representatives from nominee sites filled whatever seats had not been reserved for press and began lining the aisles.
While we knew for a certainty upon entering the Blue Room that morning that Riverside's own Arcade Building was among the Top Ten (the professional display boards with photos of the Arcade prominently featured were a dead giveaway) it was both exciting and gratifying to hear Jim Peters, President of Landmarks Illinois, explaining the program and criteria for selection.
The "Ten Most Endangered" program is well established. Now in its the fifteenth year, the annual announcement of our state's most endangered buildings is something that legislators and members of the preservation and development communities have come to expect.
"Often these sites are not threatened because no one cares about them. It's about raising attention to their plight and making people aware of what the locals already know about them," said Mr. Peters. "This is our work plan. This is a huge state and to focus our work on the buildings that are most critical, this '10 most' list does that."
The Arcade Building was designed in 1871 by Frederick Clarke Withers, then-partner of Olmsted and Vaux and famous in his own right. Withers' three story Victorian Gothic, designed as a multi-shop arcade, is nestled aside the commuter train station in the central business district, yet enjoys sweeping views of parkland. The Arcade completed Olmsted's vision for Riverside as a place in which "rural and urban advantages are agreeably combined" and until recently (see posts below), endured as a commercial focal point and contributed to our community identity.
Popular support for the Arcade has been tremendous. Landmarks Illinois received several hundred "Save the Arcade" letters from people from all walks of life: scholars, architects, historians, as well as Riverside residents including business and governmental leaders, former tenants of the Arcade and elementary school children. The Village of Riverside unanimously passed a resolution in support of the continued preservation of the Arcade and opposing any potential demolition. Locally, people recognize that the Arcade is critical to the historic integrity and vitality of Riverside.
Inclusion on Landmarks Illinois "10 Most Endangered Historic Places" List will give the Arcade Building much-needed wider exposure. While control of the Arcade has recently passed to an out-of-state mortgage holder - PrinsBank in Prinsburg Minnesota - the bank has indicated that it will not list the Arcade with a broker, but will merely wait for someone to make an offer. There is legitimate concern that when the bank sells to the highest bidder, experience with historic rehabilitation will not be a primary consideration.
As one of the "10 Most" endangered historic places in Illinois, Landmarks Illinois is now promoting the Arcade on its website: www.landmarks.org/ten_most_2009_1.htm
If you visit the site, you will see that they are actively directing interested parties with experience in historic rehabilitation to contact the Prinsbank account manager for the Arcade Building, Joe De Groot at 320-978-6351.
This type of exposure can only help. We are grateful to Landmarks Illinois for selecting the Arcade Building as one of its "10 Most Endangered." And this could not have happened without every one of you who wrote a letter a letter or signed a petition, or spread the word or lent a hand.
Thank you.
While we knew for a certainty upon entering the Blue Room that morning that Riverside's own Arcade Building was among the Top Ten (the professional display boards with photos of the Arcade prominently featured were a dead giveaway) it was both exciting and gratifying to hear Jim Peters, President of Landmarks Illinois, explaining the program and criteria for selection.
The "Ten Most Endangered" program is well established. Now in its the fifteenth year, the annual announcement of our state's most endangered buildings is something that legislators and members of the preservation and development communities have come to expect.
"Often these sites are not threatened because no one cares about them. It's about raising attention to their plight and making people aware of what the locals already know about them," said Mr. Peters. "This is our work plan. This is a huge state and to focus our work on the buildings that are most critical, this '10 most' list does that."
The Arcade Building was designed in 1871 by Frederick Clarke Withers, then-partner of Olmsted and Vaux and famous in his own right. Withers' three story Victorian Gothic, designed as a multi-shop arcade, is nestled aside the commuter train station in the central business district, yet enjoys sweeping views of parkland. The Arcade completed Olmsted's vision for Riverside as a place in which "rural and urban advantages are agreeably combined" and until recently (see posts below), endured as a commercial focal point and contributed to our community identity.
Popular support for the Arcade has been tremendous. Landmarks Illinois received several hundred "Save the Arcade" letters from people from all walks of life: scholars, architects, historians, as well as Riverside residents including business and governmental leaders, former tenants of the Arcade and elementary school children. The Village of Riverside unanimously passed a resolution in support of the continued preservation of the Arcade and opposing any potential demolition. Locally, people recognize that the Arcade is critical to the historic integrity and vitality of Riverside.
Inclusion on Landmarks Illinois "10 Most Endangered Historic Places" List will give the Arcade Building much-needed wider exposure. While control of the Arcade has recently passed to an out-of-state mortgage holder - PrinsBank in Prinsburg Minnesota - the bank has indicated that it will not list the Arcade with a broker, but will merely wait for someone to make an offer. There is legitimate concern that when the bank sells to the highest bidder, experience with historic rehabilitation will not be a primary consideration.
As one of the "10 Most" endangered historic places in Illinois, Landmarks Illinois is now promoting the Arcade on its website: www.landmarks.org/ten_most_2009_1.htm
If you visit the site, you will see that they are actively directing interested parties with experience in historic rehabilitation to contact the Prinsbank account manager for the Arcade Building, Joe De Groot at 320-978-6351.
This type of exposure can only help. We are grateful to Landmarks Illinois for selecting the Arcade Building as one of its "10 Most Endangered." And this could not have happened without every one of you who wrote a letter a letter or signed a petition, or spread the word or lent a hand.
Thank you.
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