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Auctioned Carson’s Ribs and 5757 Ridge Properties Remain In Limbo

5757ridgeThere were two auctions on very high profile Edgewater properties earlier this summer. Each auction had its own set of issues and the properties remain in limbo as no final sale has been confirmed. Now the community is asking questions as to what the future holds.

The Carson’s Ribs property at 5970 N. Ridge Ave. (between Clark and Paulina), has been unoccupied for years and residents were thrilled to hear the building was going on the auction block May 21, 2014. The auction resulted in a possible buyer, but contingencies were placed on the sale. Fine and Company Real Estate Auction and Advisory Services is currently in the process of working with the buyer to finalize these demands. We spoke with the auction company and they assured us that the deal will be complete soon. The vast tract of land offers a developer a very unique space with high visibility.

Unfortunately the other auction of the iconic 5757 N. Ridge ave. building left more questions then it answered. The bids were collected on May 28th by Hilco Real Estate Auctions. However, they did not meet the seller Rosario Rosi’s reserve. Supposedly the highest bidder was a theatre company that wanted to convert the space into its new art mecca. Because that bid was rejected by the seller, not only did the area lose a chance at a new performing arts space, it also was foreclosed on by the lender, Devon Bank. The property went back on the market with the bank as the seller and rumor has it that a third party may have finally purchased the space (but there has been no confirmation).

Now area residents who were looking to find closure to these large vacant spaces through auctions, will unfortunately have to rely on continued patience.


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