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Carson’s Ribs Property Sells For Under Half 2006 Price, No Development Plans Yet

Carson'sIt has been a long 10 years for residents interested in the future of the old Carson’s Ribs property at 5970 N. Ridge. Back in 2005 when the rib joint closed its doors, the large 22,000 sq. ft. property went on the market for $2.15 million. Vranas and Chioros Realty Group eventually bought the property with hopes of a development which never happened.

Since then, the tract of land has sat vacant for almost a decade. It had recently seen some movement in 2014 when Fine and Company Real Estate Auction and Advisory Services put it onto the auction block last May. They had high hopes that they would find the right developer saying, ““This is a rare opportunity of land coming available in Edgewater on a high-traffic street . This is also a chance to develop a landmark location on a very desirable half-acre of land.”

Once the auction was completed, there was in fact a prospective buyer, however that buyer had contingencies on the sale. That meant a further wait to find out exactly what was going to be happening.

Now, according to a Crain’s article, a venture of Schaumburg-based Crossroads Development Partners has officially purchased the site for less than half the price it sold for back in 2006, $1.2 million to be exact. Michael Nortman, principal at Crossroads, said he bought the property for its future potential including the high traffic presence and proximity to the new Metra Station which starts construction soon.

Unfortunately, anxious residents concerned about the state of the vacant property may need to wait much longer. Crossroads Development Partners said that there are currently no plans on the table at the moment.


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