University Of St. Francis To Sell Building Next To Joliet's City Square, Dome Of Unity: Asking Price Revealed

JOLIET, IL — Now that he has finished his first year trying to guide the University of St. Francis out of its terrible financial mess he unexpectedly inherited from retired president Arvid Johnson, President Ryan Hendrickson has enlisted a Naperville-based real estate company to sell off University of St. Francis's downtown three-story building known as The Mode Building.

The property is at 16-18 W. Van Buren St. It's right next to the new City Square and the Dome of Unity. According to the property listing shared on the commercial real estate site, LoopNet, Hendrickson is seeking $2.3 million for The Mode Building.

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The brick building encompasses 18,000 square feet.

"Rare opportunity in the heart of Joliet’s downtown business district, across from Rialto Square Theater. This high-profile location offers built-in foot traffic from year-round
performances and events," the LoopNet listing reads. "Directly across from the building, Joliet City Square enhances the area with a plaza-style park and performance space, driving additional pedestrian activity. An exceptional opportunity for users seeking premier downtown exposure, with major changes coming through the Equitable Transit-Oriented Development Plan and Joliet Comprehensive Plan, positioning this location at the center of continued residential, retail, and office growth and revitalization.

According to LoopNet, real estate broker Nicholas Weiss out of Naperville's Suburban Real Estate Services is listing agent for the University of St. Francis's Mode Building. He can be reached on the phone at 630-778-1800.

"The City of Joliet is open to an incentive package. Located in the River Edge Redevelopment Zone," the listing reads.

Last October, Joliet Patch published the following story, headlined, "Dark Days Ahead At University Of St. Francis: New President Eliminates 18 Positions."

During the same month that the University of St. Francis installed Ryan C. Hendrickson as its 10th president, the University of St. Francis also revealed its implementation of an academic reorganization, designed to strengthen the institution for the future.

At the time, President Hendrickson noted, “The University of St. Francis has an impressive legacy and record of producing alumni who contribute to the financial and social fabric of Joliet and elsewhere. The steps we are taking position us for future growth and a bright future.”

Hendrickson's initiatives included 18 workforce reductions and faculty non-renewals.