Landmarks Illinois Contacts the WexTrust Receiver

Thanks in large part to the letters and emails sent by local residents and supporters of historic preservation, voicing their desire to save the historic Arcade building in Riverside, Landmarks Illinois has weighed in with its own letter - directly to Dewey & LeBoeuf, the WexTrust receiver.

On Friday, December 19, the president and CEO of Landmarks Illinois sent this letter offering targeted marketing assistance for the Arcade building. To the extent the receiver may have been thinking about liquidating this asset without regard to experience with historic rehabilitation, this letter from Landmarks Illinois comes none too soon...

December 19, 2008

Mr. Dean C. Gramlich
Dewey & LeBoeuf
Two Prudential Plaza, Suite 3700
180 North Stetson Avenue
Chicago, IL 60601

Re: WexTrust-owned “Arcade Building”, Riverside, Illinois
SEC v. Steven Byers et al., Case No. 08 Civ. 7104 (U.S. Dist. Ct. S.D. N.Y.)

Dear Mr. Gramlich:

It has come to our attention that your firm has been appointed as Receiver for the historic Arcade Building located at 1 Riverside Road in Riverside, Illinois.

As the statewide advocacy organization for historic preservation in Illinois, we would like to convey the importance of this historic structure and appeal to you for its speedy rehabilitation.

Based on the feedback we have received from local residents, their concerns are that the building be adequately secured, properly sealed to prevent water infiltration during the inclement winter months, monitored on a regular basis to prevent vandalism and sold to a new owner who can properly maintain the building.

While it is unfortunate that the rehabilitation plan between WexTrust and the Village of Riverside has come to a halt, your status as Receiver presents an opportunity to market this much-admired local landmark to a suitable buyer.

We would be happy to post the Arcade Building on the Imperiled Buildings For Sale section of our website and provide you with a list of real estate developers familiar with the adaptive reuse of historic properties.

If you feel this would be of assistance, we would be happy to discuss the matter further in person or over the telephone. Our offices will be closed for the holiday as of December 24th, but will reopen on Monday, January 5th.

Thank you for your attention to this matter.

Sincerely,

James Peters
President and CEO
Landmarks Illinois

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