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This E-Sheet(r) is provided as conclusive evidence that the ad appeared in the Chicago Sun-Times on the date & page indicated. You may not create derivative works, or in any way exploit or repurpose any content.
Publication Date: 07/24/2013
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22 | WEDNESDAY, JULY 24, 2013 | CHICAGO SUN-TIMES | CHICAGO SUN-TIMES.COM
Italian American Sports Hall of Fame to be sold
BY DAVID ROEDER
AND FRAN SPIELMAN
DEEDS & DEALS
Staff Reporters
The National Italian American
Sports Hall of Fame, operating under a financial cloud, is in line to
be sold. Whether the deal assures
the museum’s future remains to
be seen. Mayor Rahm Emanuel’s
administration has a part of the
transaction, and its goal is to keep
the place open.
The museum’s pending sale was
revealed in an ordinance that tears
up a 1998 redevelopment agreement that included city-donated
land for the museum at 1431 W.
Taylor. For a $375,000 payment to
the city, the hall of fame will settle
allegations that it never completed
some required improvements to
the property. It also will settle a
complaint that it could never demonstrate it met standards for hiring
minority and women contractors
for its construction.
The ordinance, which could be
approved Wednesday by the City
The scoop on Chicago real estate
Council, states that the payment
will come from the museum’s expected buyer, Hall of Fame Acquisition No. 2 LLC. City officials
said the company is connected to
Nasser Kazeminy, an Iranian-born
businessman who chairs the National Ethnic Coalition of Organizations. The group raises money for
Ellis Island and supports American diversity, but its interest in
Italian-American sports heroes is
unknown.
A source said Kazeminy’s group
has an option to purchase the museum for $3 million and already has
bought its memorabilia, including a
Mario Andretti racecar and Rocky
Marciano’s first championship belt.
Andrew Scott, a Chicago attorney
for NECO, declined to comment.
Museum founder George Randazzo and “Little Italy” activist Oscar D’Angelo, who worked
to move it to Taylor Street from
the suburbs, did not return calls.
Jerry Colangelo, former owner of
the Phoenix Suns and the Arizona
Diamondbacks and a major supporter of the museum, could not be
reached. The museum’s property
has been in foreclosure since 2010.
City Hall is forgiving legal obligations, including a requirement that
the property continue as a museum
for 30 years. Nevertheless, the
settlement will help it survive, said
Peter Strazzabosco, spokesman for
the Department of Housing and
Economic Development. “This is
a practical solution. It keeps the
museum open and operating as opposed to going dark,” he said.
ON THE MAP: The old Chicago
Motor Club building at 68 E. Wack-
er Pl. may at last be on track for hotel conversion. A source said John
Murphy, president of MB Real Estate, will acquire the Art Deco gem
for less than $10 million and wants
to convert the old office space into
a Hampton Inn.
Murphy, best known for partnering with Peter Ricker on posh condos at 2550 N. Lakeview, also has
closed on a $45 million loan from
U.S. Bank for 100 W. Monroe, the
source said. The building will become a Hyatt. Murphy declined to
comment.
ALDERMANIC SCOOP: Ald.
Brendan Reilly (42nd) has taken
to using his electronic newsletter
to break news about developments
in his downtown and Near Northbased ward. His latest issue carried
the first rendering of a planned office tower at 400 W. Randolph, on
the west bank of the Chicago River.
The tower and landscaping would
be built on a deck over commuter
rail tracks that serve Union Station.
Details of the plan by developer
John O’Donnell are under wraps,
however, pending a public presentation Reilly is sponsoring with the
Fulton River District Association.
It’s scheduled for 6 p.m. July 31 at
the Hotel Allegro, 171 W. Randolph.
DENTAL DEVELOPMENT:
Sunstar Americas, a maker of
toothbrushes and floss, is moving
its headquarters and manufacturing from Chicago’s Northwest
Side to Schaumburg. Working with
the brokerage Paine/Wetzel TCN
Worldwide, the company bought
nearly 80 vacant acres north of
I-90 and east of Roselle Road. It will
have a groundbreaking Thursday
on a 300,000-square-foot building
and estimates it will move early in
2015.
David Roeder reports on real estate
at 6:22 p.m. Thursdays on WBBMAM (780) and WBBM-FM (105.9).
The reports are repeated at 10:22 p.m.
Thursday and 7:22 a.m. Sunday.
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