Elmhurst City Council approved the purchase of 113-121 N. Addison Avenue at a City Council meeting held on April 15, 2019.
The site, also known as the Arcade Building, includes current businesses The Club, The Pizza Palace, and Coldwell Banker. The sale of the property by the Conway family coincides with their decision to close their business, Pizza Palace. The Club and Coldwell Banker will continue their leases. The City plans to maintain the leases while planning for future development and recovering the investment during the process.
While there are no immediate plans for the property, the area has been identified in the First Street & York Street Subarea Plan, approved by the Council on December 17, 2018. The First Street & York Street subarea is described as being in the “heart of Downtown.” The Arcade property abuts the present City owned property in the “donut hole” identified as the future Schiller Square by the subarea plan. In each of the alternatives suggested by the plan, this area includes an open space owned by the City utilized for public programming. The plan also states, there is redevelopment flexibility for this area and “redevelopment could take place as properties become available…developed individually or in conjunction with one another.”
The City believes that the purchase of this property will enhance the opportunities in the downtown area. The price for the purchase property is $2,250,000.