Land in the O'Hare submarket is at a premium, since there's so little of it available. So we expect bids on 2.8 acres now up for auction to be very active.
Madison Hawk is accepting offers on the site at 8201 W Higgins Rd via sealed bid. If that address sounds familiar, it's because developer Ashoo Sethi pleaded guilty to defrauding Chinese EB-5 investors of $158M in a failed hotel development. Sethi has repaid all but $11.5M and is working to collect the balance.
The property's zoning would allow the potential buyer to continue with Sethi's plans for a hotel, or could be amended to allow for multifamily, retail, office or senior living. Madison Hawk is hosting tours of the site May 16, May 24 and May 31 at 1pm.
