St. Charles looking for buyer for building next to Arcada

The price tag for rejuvenating the space next to the Arcada Theatre proved to be too high for St. Charles officials. Now aldermen hope to find a buyer who can fulfill their wishes to turn the downtown space into something that at least partners with the historic theater.

Aldermen took a preliminary vote Monday night to put out a request for proposals to find a buyer for the former George's Sporting Goods building at 107-109 E. Main St. Aldermen will use the request-for-proposal process, rather than just a straight real estate listing, so they can attach specific conditions on the sale, not just seek the highest price.

City officials bought the building in late 2012 with an eye toward preventing its further deterioration and seeing it transformed into more of an economic engine in the downtown. But recent estimates put the cost of renovating the exterior of the building at $1.1 million, far more than the $225,000 the city paid for the structure. A second option would involve demolishing the building. However, the location is within the city's historic district, making demolition a means of last resort. The costs for razing the building also came in at a hefty $900,000.

Aldermen didn't like the price tag of either of those options, leading to the decision to market the building to another buyer. They set four primary conditions for the sale:

• The city would prefer a buyer who intends to use the building to complement the Arcada Theatre.

• Any modifications to the building would require a review by the city's historic preservation commission. The commission would view any proposed facade changes with an eye toward making the building match the Arcada.

• City officials would like to see the building include public access from Walnut Drive through to Main Street.

• Time is of the essence. City officials want plans that have financing at the ready and would turn the property around quickly. The contract requires a 10 percent, refundable deposit of the proposed purchase price as earnest money.

Alderman William Turner said potential buyers might be able to access tax increment financing district funds and/or building improvement program money the city has set aside specifically for downtown structures.

City officials had approached the Seattle-based businessman who owns the Arcada about purchasing the George's Sporting Good building before the city put up the $225,000 in 2012. There was no interest in buying the building at that time.