Wheaton to hire broker to sell vacant lots

Wheaton officials say that two vacant buildings in downtown Wheaton have seen increased “local interest” and that they want to take advantage of that momentum by hiring a commercial broker to sell them.

The two buildings, at 109 and 111 N. Main St., cover 5,500 square feet and were bought by the city for $650,000 through condemnation in 2006.

The buildings had been a men’s store and its storage location when the city condemned them, an economic development move done routinely when a building is “vacant for a significant amount of time or in disrepair,” City Manager Don Rose said.

“It is done to try to get them to an ownership that will maintain and operate them,” Rose said. “The economy was going south at the time and nothing has happened there since.”

As soon as the city acquired the titles, the real estate market started to tailspin. However, after limited interest in the property initially, a push late last year started to spark interest. But no formal offers came forward.

“There has been some interest expressed by individuals in the last couple of months but no one has truly pursued it,” Rose said. “We are seeing a little bit of movement in the real estate market now. There isn’t much being consummated but there are certainly a number of things happening that gives us a little hope that things are going to start to get better.”

Officials say they hope to award a contract to a broker by Nov. 7.

During a planning session Monday, Councilman John Rutledge said he would back a plan only that made the entire fee commission-based. Also, he said he favored awarding a contract that sets a specific time frame to get some movement on the property.

Wheaton Mayor Mike Gresk said he expected the city council to back such a plan.

“I think it’s a shrewd move on our part to get a professional brokerage firm,” he said. “I can’t see it being anything other than a commission-based fee.”

Wheaton’s director of planning, Jim Kozik, said he has heard positive feedback from people who have toured the buildings.

“It’s in rough shape, but the people who have gone through it, surprisingly, have been positive about it,” he said.

After distributing requests for proposals, officials will have two walk-through days. Those will lead to an Oct. 14 deadline for proposals.

“I have been through both (properties) and my belief is they are salvageable and there is value,” Rutledge said. “I think we can get something out of them as is.”