With the drop of a gavel, the Evanston/Skokie School District 65 administration building property was sold for a cool $2.8 million Wednesday night.
At an open auction facilitated by Sheldon Good & Co. that drew about 75 possible buyers, Vladimir Novakovic won the bidding war that began at $750,000. The Chicago-based developer with Terranova Properties said he was pleased with the price, calling it lower than he had expected.
The three buildings included in the sale occupy the nearly 95,000-square-foot property bordered by Ridge and Asbury avenues and Dempster Street.
Novakovic said he plans to convert the nearly 15,000-square-foot mansion District 65 uses as its administration building into a series of condominiums. The two smaller buildings will be transformed into townhouses, he said.
By building the condominiums on the property, Novakovic said he plans to leave open the view of the mansion from Ridge Avenue.
The buildings all are contained in the Evanston Ridge Historic District, and the mansion and a smaller building used as a District 65 warehouse are listed on the National Register of Historic Places.
Novakovic said the properties he develops, mostly located on the north side of Chicago, are vintage sites.
His goal, he said, is to retain the architectural history of the locations while providing high-end amenities.
No plans for the property have been drawn up yet and the number of units that will be built has not been decided, Novakovic said. Still, he said he expects that the townhouses probably will sell for between $600,000 and $900,000.
Novakovic said he will work with the Evanston City Council and city staff to develop a building plan that fits the city’s requirements.
The developers were drawn to the area by a partner who lives in Evanston and toured the property about a month ago. Laura Atwood, a designer with Terranova, said the site appealed to the company because of the city’s character.
“Evanston has a good name,” she said. “It brings value to anything we can put there.”
The main building in Wednesday night’s auction was the Joseph E. Hill Administration Building. Built in 1917 for $150,000, it was known as the George B. Dryden Mansion, named for the industrialist who commissioned its construction.
The two other buildings in the auction, which Novakovic said he plans to convert to townhouses, serve as the district warehouse and a food service building.
Hardy Ray Murphy, superintendent of District 65, said he was pleased with the outcome of the auction.
“I think it’s a win-win situation for the Evanston community,” Murphy said. He added that the selling price was fair and would help the school district with its budget difficulties.
“Any infusing of revenue is helpful,” Murphy said.
The decision to sell the building was part of a referendum passed more than two years ago that brought funding for the new administration building.
Administrators will move into their new home at Lake Street and McDaniel Avenue when construction is finished, probably in August.
Murphy said the sold building was situated in a great location, but there are better sites for educational services.
“The new building won’t have the history,” Murphy said. “But it is still a fine building.”
