WEST ROGERS PARK — The long-vacant, brick-clad building on Western Avenue — known as Monsoon Plaza — could have a buyer, officials said.
The bank-owned retail and parking structure at 6301 N. Western Ave. was built by Dunkin' Donuts mogul Amrit Patel shortly before the real estate market crash, according to reports at the time, and has sat empty for years.
"We're still finalizing all the details" about the possible sale, Ald. Debra Silverstein (50th) said Wednesday.
If a sale of the building, widely listed at $3.5 million, were to go through, Silverstein said, "it would be very beneficial to the neighborhood."
"We want more businesses in the neighborhood," she said, declining to share further details about the potential buyer for the property located a block south of Devon Avenue. "No one likes a vacant building."
Patel, who also owns the kosher Dunkin' Donuts at 3132 W. Devon Ave., faced 14 foreclosure cases in 2009 in which creditors sought more than $28.4 million, according to a Crain's Chicago Business report at the time.
In one of those cases, United Central Bank sought to collect on an $8.8 million construction loan for Monsoon Plaza, Crain's reported.
Since then, the building was put on the market.
"I was looking to buy it," said Adrian Tudor, who owns the vacant lot across the street from the building — the site of the old Nortown Theater — and other properties in the area, including a taxi garage at 6500 N. Western Ave.
Tudor said he entered a contract to buy the property and began to settle outstanding construction liens. But then ended up "pulling out" of the deal.
Tudor said he envisioned constructing a multi-unit building in his empty lot and using Monsoon Plaza's parking spots for his tenants.
Now he has plans to transform his empty lot into a surface parking lot, he said.
"I heard the same rumors that someone is trying to build something there," he said of chatter that a deal might be eminent for Monsoon Plaza.
The building's broker didn't respond to requests for comment.