Giant Joliet Building Faces Online Auction

JOLIET, IL - If you're in the market for a large building - a very large building - you'll want to mark Jan. 28 down on your calendar. That is when an online auction begins on the former AT&T administrative offices in downtown Joliet. The property for sale at 65 W. Webster St. faces the Des Plaines River. It's just up the street from the busy Harrah's Casino & Hotel.

City economic development specialist Derek Conley has been involved in efforts to redevelop the vacant AT&T building. On Tuesday, he told Joliet Patch that the property "presents a fantastic development opportunity."

"Although its previous use was office, it’s probably more viable to convert the building into apartments," Conley explained.

On the other hand, a professional office could perhaps work, he said, if a single user was interested in acquiring the site.

"The city is interested in partnering with any developer that shares our vision," Conley told Patch. "The building is in good condition and offers great riverfront views.

"Downtown businesses are currently relying on the daytime population from people doing business at the city, county, courthouse, or other offices. More people living in the downtown would help support those businesses at night or on the weekends," he added.

The former AT&T office building has been vacant for roughly a year, the city said.

"The property is eligible for financial incentives at the federal, state, and local level," Conley explained in an email.

The financial incentive programs that are available include:

• Opportunity Zones (federal)
• New Market Tax Credits (federal)
• Des Plaines River Enterprise Zone (state)
• Downtown TIF (local).

The upcoming online auction is tentatively scheduled to end between noon and 4 p.m. Central Time on Jan. 30. The building was built in 1956 and located in Joliet's central business district.

To participate in the Ten-X commercial real estate online auction, make sure you are signed up ahead of time. You can do that here.

Images via John Ferak/Joliet Patch Editor