Frankfort Approves Sale Of Two Village Properties

FRANKFORT, IL — At its Dec. 16 meeting, the Frankfort village board approved authorizing the sale of two pieces of village-owned properties, located at 10 N. White St. and 2 Smith St.

According to the Economic Development committee report, the committee decided it is "desirable to sell the properties for the purpose of redeveloping" them to expand space available for commercial business opportunities in the downtown area.

The committee also considered a proposal from Row House Ltd., to develop a two-story mixed use structure on a portion of the 2 Smith St. property along the front of Oak Street. Board documents state the offer was to purchase a portion of the property, about 7,050 square feet along Oak.

The building would have commercial uses on the first floor, and it would be residential on the second floor. The developer proposed a purchase offer of the portion of the property for $7 per square foot, which is higher than the appraised value, board documents state.

The village board unanimously approved the sale of both properties.

The village will open a comment period on the purchase offer for the portion of the Smith Street property until Jan. 31 for comments or alternative proposals. The White Street property will be listed with a real estate agency.