Historic Strategic Redevelopment Block 6 Properties Online Auction Sale La Salle, IL
INVESTMENT HIGHLIGHTS
- Historic redevelopment opportunity encompassing almost a full block of Downtown La Salle, with plans for an upscale 96-key hotel.
- Notable landmark site is home to the Hotel Kaskaskia and a historic office property that are listed on the National Register of Historic Places.
- Frontage to 3rd Street provides visibility to over 8,500 daily vehicles, and out-of-town clientele can easily find the property from I-39 and I-80.
- Developers can also utilize the portfolio to create mixed-use multifamily apartments/condos with ground-floor retail storefronts.
- Developments at the site benefit from more than 3 million annual guests visiting the area’s state parks and the I&M Canal National Heritage Area.
EXECUTIVE SUMMARY
Property tours are available on July 1st from 1:30pm through 4:00pm. Please contact Ryan Freed for scheduling at 773-355-3038 or email them at rfreed@lee-associates.com.
Pursue a dream redevelopment opportunity with this collection of lots, making up almost a full block of Downtown La Salle, Illinois. This extraordinary offer is situated within La Salle’s Historic District and includes the historic Hotel Kaskaskia, a six-story hotel that opened in 1915 and is listed on the National Register of Historic Places.
Spanning a total of 1.99 acres, this incredible offer provides versatility for a wide range of commercial projects. Plans are available for a contemporary 96-key, interior-corridor hotel spanning a total of 67,200 square feet across six stories. The luxury development calls for upscale amenities, including an on-site restaurant, a café, a library lounge, a rooftop terrace, high-quality meeting space, and a large ballroom. There is also fantastic potential for residential condos or multifamily apartments with ground-floor retail storefronts. The site also includes 241 Marquette Street, a historic office property that is a landmark of Downtown La Salle with an iconic columned entryway that offers an additional renovation or reuse prospect.
The portfolio sits in a perfect location for a new development serving the La Salle and North Illinois communities. Frontage to 3rd Street provides exposure to some of the city’s highest traffic counts, visible to more than 8,500 daily vehicles. Popular local restaurants and stores line the surrounding streets, empowering both residential and retail businesses with walkable shopping and dining options. Additionally, the development is only a few blocks from the I&M Canal, the country’s first national heritage area and a major tourist attraction. Visitors also flow to the area seeking accommodations during visits to Starved Rock State Park, Matthiessen State Park, and Buffalo Rock State Park.
La Salle County and the Starved Rock Area attract more than 3 million annual visitors, providing exceptional demand for new, high-quality hotels. The city is bisected by Interstates 39 and 80, allowing for easy access for travelers from nearby cities, including Peoria and Rockford, as well as the Greater Chicago area.
Don’t miss this rare chance to reshape the heart of Downtown La Salle with the mixed-use reimagining of the historic Hotel Kaskaskia. Visit the Data Room to review the plans and learn more about this fantastic opportunity.
Pursue a dream redevelopment opportunity with this collection of lots, making up almost a full block of Downtown La Salle, Illinois. This extraordinary offer is situated within La Salle’s Historic District and includes the historic Hotel Kaskaskia, a six-story hotel that opened in 1915 and is listed on the National Register of Historic Places.
Spanning a total of 1.99 acres, this incredible offer provides versatility for a wide range of commercial projects. Plans are available for a contemporary 96-key, interior-corridor hotel spanning a total of 67,200 square feet across six stories. The luxury development calls for upscale amenities, including an on-site restaurant, a café, a library lounge, a rooftop terrace, high-quality meeting space, and a large ballroom. There is also fantastic potential for residential condos or multifamily apartments with ground-floor retail storefronts. The site also includes 241 Marquette Street, a historic office property that is a landmark of Downtown La Salle with an iconic columned entryway that offers an additional renovation or reuse prospect.
The portfolio sits in a perfect location for a new development serving the La Salle and North Illinois communities. Frontage to 3rd Street provides exposure to some of the city’s highest traffic counts, visible to more than 8,500 daily vehicles. Popular local restaurants and stores line the surrounding streets, empowering both residential and retail businesses with walkable shopping and dining options. Additionally, the development is only a few blocks from the I&M Canal, the country’s first national heritage area and a major tourist attraction. Visitors also flow to the area seeking accommodations during visits to Starved Rock State Park, Matthiessen State Park, and Buffalo Rock State Park.
La Salle County and the Starved Rock Area attract more than 3 million annual visitors, providing exceptional demand for new, high-quality hotels. The city is bisected by Interstates 39 and 80, allowing for easy access for travelers from nearby cities, including Peoria and Rockford, as well as the Greater Chicago area.
Don’t miss this rare chance to reshape the heart of Downtown La Salle with the mixed-use reimagining of the historic Hotel Kaskaskia. Visit the Data Room to review the plans and learn more about this fantastic opportunity.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
PROPERTY FACTS
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 6 |
| Total Building Size | 80,214 SF |
| Total Land Area | 2.48 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT |
|---|---|---|---|
| 241 Marquette St, La Salle, IL 61301 | Office | 10,000 SF | 1934 |
| 608 3rd St, La Salle, IL 61301 | Retail | 3,014 SF | 1917 |
|
Hotel Kaskaskia
217 Marquette St, La Salle, IL 61301 |
Hospitality | 67,200 SF | 2027 |
| 610 3rd St, La Salle, IL 61301 | Land | 7,217 SF | - |
| 236 Gooding St, La Salle, IL 61301 | Land | 3,706 SF | - |
| 230 Gooding St, La Salle, IL 61301 | Land | 3,920 SF | - |
SALE ADVISORS
SALE ADVISORS
Chris Armes, Senior Vice President
(760) 613-9200
Contact
Chris Armes is a Senior Vice President and a member of the national hospitality services group at Lee & Associates. He handles investment sales while providing debt and equity solutions for acquisitions and ground-up development.
He also leads a ground up and renovation construction team for branded Hospitality properties. The construction team focused exclusively on hospitality, includes a complete turn-key construction solution for hotel owners, to include design, architectural, procurement, construction and direct manufacturing of FFE from our factory in Asia.
He also leads a ground up and renovation construction team for branded Hospitality properties. The construction team focused exclusively on hospitality, includes a complete turn-key construction solution for hotel owners, to include design, architectural, procurement, construction and direct manufacturing of FFE from our factory in Asia.
Ryan Freed, Executive Vice President
(773) 355-3038
Contact
Ryan Freed serves as the Executive Vice President of Property Management within Lee & Associates Illinois office. Ryan is an accomplished real estate professional with experience across multiple facets of the commercial real estate industry. He brings an entrepreneurial and hands on approach to real estate, which has been the foundation for building successful and long-term relationships with his clients.
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AUCTION CONTACT
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Contact
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