The 95th Street KMart property, at 95th and Pulaski, which once housed the controversial kid friendly “Chuck E. Cheese” and a KMart, is officially for sale, and could soon house multi-family units.
According to a listing for the property, the sellers are seeking $3,000,000 or more for what they are calling a “Redevelopment Opportunity” that occupies an “urban, infill site totaling 15.38 Acres”.
The property is currently zoned C-3 which allows regional shopping. However, at least three potential developers have discussed putting “mixed use”, including multi-family residential units on the property with retail. Those discussions have taken place with the administration at the village hall according to reliable sources.
The property, which is being offered to bidders, lists various investment highlights including a daily traffic count of 65,000 cars. The property has 183,893 square feet with 14.9 percent of the space occupied. Potential developers are also being told that the five mile Population is 549,264.
KMart occupied over 140,000 square feet of the property before closing in September of last year. The other large tenant, Chuck E Cheese occupied 15,934 SF and closed in January of 2018.
The remaining square footage is leased to other tenants, who reportedly are willing to remain as part of a development. Those tenants include, Pep Boys, Longhorn Steakhouse and Chase Bank.
The broker is CBRE and the property will be auctioned to the highest bidder with bidding beginning on February 26 in a live auction and ending on February 28th. In order to bid for the property, you need to post $25,000.
To see the auction listing, click the link Here