Prospect Heights delays selling arena land after 'significantly higher' offer

A nearly $2.8 million deal for Prospect Heights to sell the final portion of city land once intended for a 12,000-seat arena is on hold.

The city council was expected to finalize terms of the deal in a vote this week to sell 10 acres at 25 Piper Lane to Conor Commercial Real Estate, which is planning a 130,000-squre-foot speculative industrial building on the property. However, William Graft, a land-use attorney at Graft and Jordan in Hoffman Estates, told city council members that his firm could provide a higher offer.

"We're here to provide a competing offer, which is very significantly higher than what we understand you're considering for the real estate that the city owns," Graft said.

City officials later met behind closed doors during executive session to discuss the real estate deal. They returned to open session and tabled the vote for a later meeting.

The land just south of Chicago Executive Airport is the final part of 33 acres once primed for an $88 million arena, which wasn't built after private funding fell through and voters rejected issuing bonds to help fund the development.