$1 Auction | 57,185 SF Office Building + Vacant Land – Illinois

• Historic Capital District Location: Prominent 12-story office building in Springfield’s downtown Capitol District, surrounded by government offices and civic institutions.
• Parking Lot potential Revenue: Potential Income outlined in Service Agreement in Due Diligence Vault
• Adaptive Reuse Potential: Vacant 57,185 SF asset offers a clear path for repositioning as renovated office space or conversion to multifamily housing with ground-floor retail.
• Strong Housing Demand: According to the State of Illinois, Springfield’s most pressing development need is additional housing, supporting a multifamily redevelopment strategy.
• Value-Add Repositioning: Full gut renovation opportunity allows investors to modernize the historic structure, including elevator upgrades, and bring the asset to current standards.
• Below Replacement Cost Basis: Opportunity to acquire a landmark downtown building at a fraction of replacement cost, providing significant upside through renovation and lease-up.

Offering Summary 

The 12-story Ridgely Building presents the investor with the opportunity to either renovate and re-tenant the building with Office and Retail tenants, likely government tenants from the State of Illinois, or re-purpose the building into Multi-Family Housing with ground-level Retail. According to the State of Illinois, the one asset-class that the city of Springfield needs the most right now is available housing.

Since the building has been entirely vacated, the city of Springfield has closed the building to the public for safety reasons. One should anticipate a gut-rehab of the Historic building as the asset needs to be renovated to modern standards. The two elevators in the building are in need of renovation. At 57,185 square feet, the opportunity affords the investor an opportunity to acquire an asset in the historic Springfield Capital District for a mere fraction of its replacement cost. With a basis as low as this, the proforma for renovation and conversion should work nicely, especially with the likely accommodations from the State of Illinois.

Auctioneer: Scott Bowers c/o Fisher Auction Company Inc. License: 040000273