New Owner Could Mean New Hope for 136-Year-Old Building in Riverside, Ill.
By Margaret Foster | Online Only | May 27, 2009
The Arcade Building was one of the first in the planned village of Riverside, Illinois, the work of Frederick Law Olmsted and Calvert Vaux.
Credit: Landmarks Illinois
Before the economic crisis, the future looked bright for an 1873 building in downtown Riverside, Ill., a National Historic Landmark District. The village had approved a restoration plan for the Arcade Building in 2007, but last summer a bank foreclosed on the property, stalling the project. Vacant since January, the Arcade will be offered for sale in June, giving its fans new hope that the local landmark will be restored.
Riverside, one of the country's oldest planned communities, was the brainchild of Frederick Law Olmsted and Calvert Vaux. An architect in Vaux's office, Frederick Withers, designed the two-and-a-half-story structure, which, with its interior light well, is a precursor to the modern shopping mall.
Prins Bank, the Minnesota company that bought the Arcade Building for $2.9 million last summer, hasn't put a price tag on it yet. Preservation groups are trying to find a buyer with restoration experience to snatch up the structure as soon as possible.
"It was vacant for the whole winter. That's never a good thing," says Eiliesh Tuffy, director of preservation programs at Landmarks Illinois, which last month named the Arcade Building one of the 10 most endangered historic places in the state.
Landmarks Illinois, along with the Midwest Office of the National Trust for Historic Preservation, has provided advice to village officials and requested that local police keep an eye on the empty building. Some of its leaded-glass windows were removed and are now unaccounted for, Tuffy says.
"We're afraid some of those pieces may have been lost," she says. "Original material is disappearing, and it's been boarded up for a year now."
Prins Bank is aware of the Arcade Building’s importance in Riverside. “We’re trying to work with [the city] and take as good of care of the building as we can,” says Joe DeGroot, the bank’s asset manager.
Some city officials say the Arcade Building could be the perfect project for the right developer. "I’m strongly encouraged," says Aberdeen Marsh-Ozga, a member of the city’s preservation commission. "The building is a fantastic architectural gem. It has a sweeping view of an Olmsted-designed park, and it's next to a commuter train station in the heart of our central business district. ... The availability of federal tax incentives for the rehabilitation of commercial landmarks, as well as the county program, will help to make this a viable project."
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Comments
Submitted by Aberdeen at: November 10, 2009
Update: Arcade list price reduced from $2.5 million to $1,990,00.
Submitted by Anonymous at: June 4, 2009
Some day, if you need help with your interior cabinetry or Architectural Millwork of your home, please call my office at 203-228-3105 or e-mail me at rickbrownvermony@yahoo.com Historical Preservation
Submitted by Anonymous at: June 3, 2009
Brian is right. The building was designed with a spire. Don't know when this was removed, or why. But it could easily be replaced with a deal with a cellular provider. The building is structurally sound. Arch windows have been restored to their original beauty. The roof is new. Modern sprinkler systems installed. New bathrooms installed, plumbing secure. All the building needs is a developer buyer with an historic sensibility.
Submitted by Brian at: May 30, 2009
I'm pretty sure that I saw this building featured on another preservation site, or perhaps somewhere on this website. I think there was originally something taller in the middle of the roof, like flags, or something like that.
Submitted by Aberdeen at: May 28, 2009
The Arcade is integral to Riverside's history and, with its premiere location adjacent to an Olmsted-designed park and commuter train station, is a commercial focal point. Hopefully someone experienced in the rehabilitation of historic commercial properties will find the Arcade an intriguing investment. Federal historic tax credits and the Cook County Class L property tax incentive for commercial landmarks can only help the balance sheet.