Edgeville Buzz

Old Carson’s Ribs Land Up For Auction. New Development Potential.

The building that was once Carson’s Ribs, located at 5970 N. Ridge Ave.  (between Clark and Paulina), has been vacant for years and currently sits lifeless at a major intersection in the Andersonville and Edgewater area. On May 21, 2014, the building will be up for auction by Fine and Company.  Many neighbors have been eager to get the site moving into some direction. With the old Edgewater Medical Center just a few blocks away and vacant since 2002, these two large parcels  have residents closely monitoring their development.

Real estate broke Michael A. Fine of Fine and Company Real Estate Auction and Advisory Services sees tremendous potential in this auction. He said, “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.”

When Carson’s Ribs closed its doors in 2005 it went on the market for $2.15 million. Vranas and Chioros Realty Group bought the property with hopes of development. Owner Michael Chioros said, “When Vranas & Chioros  purchased the site of the iconic Carson’s Ribs in 2005, we saw it as an irreplaceable location for future development in the Anderson-Edgewater Community. With the wind-down of our business partnership we have decided it is time to sell this property rather than develop it ourselves.”

Chioros also stated “We selected the auction process because it is a systematic and sophisticated marketing approach to the sale of real estate not found in conventional brokerage. With an auction, we can set the terms of the sale, sell the property without long and unpredictable contingency periods and line up competing bids all on the same day.”

Though the old Edgewater Medical Center property plans may be stalled, the old Carson’s Ribs land seems to have better potential for development. Michael A. Fine states that this is a property zoned for mixed use and feels there is great opportunity for both retail and residential expansion. The intersection brings in a high amount of traffic, with an estimated 38,000 cars passing through every day. It is a major gateway for people commuting to and from the city up to northern neighborhoods. The site is 22,000 square feet and has build-ability for approximately 46,640 square feet of mixed-use development.

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