- Credibility:
BUCKTOWN — An auction date is now set for the property formerly occupied by Stanley’s Fresh Fruits and Vegetables in Bucktown, a large collection of properties that many figured would be snatched up for the nearby Lincoln Yards project.
The property, which includes 23 parcels comprising 45,877 square feet, goes to auction at 10 a.m. Nov. 19 at the Crowne Plaza Chicago West Loop, 25 S. Halsted St.
In July 2018, the Peters family — the owners of the old grocery store — hired real estate brokerage CBRE to sell the site.
Despite Sterling Bay buying up lots around the old grocery store, the property did not sell.
Paine Wetzel took over the property at 1558 N. Elston Ave. in July of this year.
“Everybody thought Sterling Bay was going to buy this,” Wabick told Block Club in August. “A lot of other developers thought Sterling Bay [would buy it], so they backed off of it.”
Predictions that Sterling Bay would buy the Stanley’s property were not unfounded.
Last summer, the owners of Star Car Wash, a gas station at 1901 N. Elston Ave., closed their business after selling to Sterling Bay for an undisclosed amount.
RELATED: Sterling Bay Buys Bucktown’s Star Car Wash But Iconic Neon Sign To Remain
Paine Wetzel and MWA Capital are marketing the property as three distinct groupings of parcels, which can be viewed at StanleysNorthAndElston.com.
In April, the Peters family abruptly closed Stanley’s after 52 years, leaving dozens of longtime employees out of a job.
The family-owned business was founded in 1967 by Stanley Peters, who retired several years ago.
Peters’ son and other family members continued to operate the store, which offered produce on its shelves from more than 50 Midwest farms.
Despite the announcement of the pending sale last summer, longtime employees continued to work for the Peters family until a Monday in April when dozens showed up to the market to find a sign on the door: “Closed for Remodeling. Employees come Wednesday for your checks. Thank you. The Mgmt.”
A few hours later, the staffers learned the Peters family had abruptly decided to close the store for good.
Stanley’s is just west of the Lincoln Yards development, where developer Sterling Bay aims to create a 55-acre sprawling residential, office, hospitality, recreational and entertainment district.
The April store closure took place just a few weeks after City Council signed off on $900 million in taxpayer-funded subsidies for Lincoln Yards.
The Lincoln Yards project is set to include new bridges over the Chicago River, a new Metra station, an extension of the 606 trail, water taxis, dedicated bike lanes as well as a potential light-rail transit way and extension of the city’s street grid.
You can pre-register for the live auction here. For information about available parcels, visit this website.
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