Steppenwolf Theatre Finds Buyers For Lincoln Park Assets, Proceeds To Fund Campus Expansion
CA Ventures and Springbank Real Estate Group agreed to purchase Yondorf Hall, a landmarked building at 758 West North Ave. from Steppenwolf Theatre Company, according to the Chicago Tribune. The proceeds from the deal will be used to fund Steppenwolf's ongoing campus expansion.
The deal is contingent on city approval to build an eight-story apartment building on a parking lot next to Yondorf Hall. The building will be adjacent to the Brown and Purple 'L' tracks, in the heart of the Halsted Triangle. Steppenwolf put Yondorf Hall on the market in December 2016 and bids were expected to reach $20M.
Steppenwolf launched a $73M capital improvement campaign in 2014 to expand its campus. The plans call for a new $50M, 400-seat theater. Smaller theater space and a casual dining restaurant with Boka Restaurant Group had previously been completed. Yondorf Hall previously housed Steppenwolf's offices.