A sale could be in the works for the long-closed Edward Hines Lumber Co. property.
The property, located at 7820 Madison St., has been the subject of numerous prospective deals—including a plan for an ice rink—that eventually fell through during its four-year stay on the depressed real estate market. The lumberyard closed in 2009 along with a number of other Hines-owned stores in the region.
Now the property has recently been listed as under contract, meaning that the site again is likely being looked at by a buyer. The asking price for the property is currently $1.4 million.
The Hines site is owned by Chase Bank and being marketed by Prudential Rubloff Realty. Calls and emails sent to the listing agent were not returned for this story.
Despite his efforts to reach out to Rubloff, Village Administrator Eric Palm said he didn't have any leads on who the potential purchaser could be.
"I haven't had any substantive conversations with anyone recently, so there really isn't anyone in the background who I can think of," he said. "It's all been very quiet as of late."
But he didn't expect to be in the dark for long; Palm said that any type of development that could happen at the site would require plan reviews and approvals from the village.
"It's not a two week process—it's several months, depending on the complexity of the project," he said.
This would not be the first listing change for the 85,156-square-foot Hines site, tucked into the southwest corner of River Forest along the Madison corridor. Last year, a Berwyn-based investor made a contingent bid which could have seen a pair of ice rinks developed on the site.
That offer, which followed another from an unknown client, fell through due to lending issues. The site has been discounted several times from its original 2010 asking tag of $3.5 million to $1.4 million, posted in January.
Rubloff isn't the only entity looking to see a deal closed at the Hines property. Last year, the River Forest village board laid out a series of conceptual plans for the site and for its adjacent Public Works building. A 2010 corridor plan looking at possible uses for the site suggested a commercial retail building, a high-end grocery store or an assisted-living facility.
"The [Madison Street] corridor should be looked at as being ripe for redevelopment," said Cathy Adduci, currently a village trustee and a candidate for village president.
Opened in 1910, the Edward Hines Lumber Co. site on Madison Street was one of 22 locations operated by the Buffalo Grove-based company. Hines has been a subsidiary of US LBM Holdings, of Green Bay, since 2010.