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94-Year-Old 'Arcade' Shopping Center Sold; Businesses Must Leave By Dec. 31

By Linze Rice | February 3, 2017 6:02am
 The building at the corner of Broadway and Sheridan at Edgewater's northernmost point was sold recently.
The building at the corner of Broadway and Sheridan at Edgewater's northernmost point was sold recently.
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DNAinfo/Linze Rice

EDGEWATER — The future of the 94-year-old Woodruff Arcade building at the corner of Broadway and Sheridan Road in Edgewater is uncertain, as its long-time owner recently sold the property and current commercial tenants have been asked to leave by the end of 2017. 

Former owner Michael Keller held the property for at least 30 years, but sold the two-story building at 6361 N. Broadway in December.

The new owner is Doruk Borekci of Borekci Real Estate and Algonquin Ventures Real Estate LLC., a Northbrook development and construction company headquartered in Turkey, according to the company's website.

In the past, Borecki Real Estate has developed residential, commercial and hotel properties.

A representative of the new owner could not be reached.

The building houses over two dozen local businesses or offices, such as one of the city's only Planned Parenthood clinics, a bank branch, dental office, tax services, costume design business, coffee shop, salon, Christian bookstore and more. 

Some of those tenants said they were given the option to renew their lease for the remainder of 2017, but needed to move from the building by Dec. 31. 

While the move came as a surprise to some, others said they saw it coming.

"It was not a surprise at all," said Travis Halsey, who moved his costume design firm Halsey On Stage into the building a year ago after renting a couple of storefronts on Thorndale Avenue.

He said he met a few weeks ago with the new owners who talked about his options going forward. 

Anvi Parikh, of SRJ Consulting, a financial services firm in the building, said her office was told the building was slated to be razed and rebuilt as a six-story development.  

Dan Luna, Ald. Harry Osterman's (48th) chief of staff, said the alderman's office had seen some potential plans for the property but there was "nothing concrete" yet. 

His office is scheduled to meet with the new owners by the end of the month, Luna said.

In the meantime, some businesses said they're not sure what the future holds. 

Halsey, who rents two storefronts plus storage in the building's basement, said he's hoping to find a bigger location in the neighborhood, possibly something with housing above it that he can buy. 

Parikh said her office is not yet sure where it will move either, but owner Shiv Jhawar hopes to find another location along the lakefront. 

The Coffee Shop, an independent cafe in the building, said it would be shuttering its business by the summer, while a representative for the Planned Parenthood said it would be moving to a new location, according to the Loyola Phoenix

The Mustard Seed, a Christian bookstore that has been a tenant since 1978, was also still weighing its future, the Phoenix reported.

The building first opened in 1923 and served as a shopping center for goods, services and food items, something it has continued to do over the years, according the Edgewater Historical Society. 

The Woodruff Arcade building likely first opened in 1923, according to the Edgewater Historical Society. [DNAinfo/Linze Rice]

The building houses multiple tenants who have been given until the end of the year to move out, several business owners said. [DNAinfo/Linze Rice]