Frankfort to Sell Vacant Downtown Property Valued at $325,000 for Commercial Redevelopment

FRANKFORT – The Village of Frankfort is officially putting a prime piece of vacant, village-owned land in its historic downtown up for sale, aiming to spur immediate commercial redevelopment. The Village Board on Monday unanimously approved an ordinance authorizing the sale of the surplus real estate located at the northwest corner of White and Elwood Streets.

A certified MAI appraisal established the property’s value at $325,000. The nearly 1.2-acre parcel, which currently generates no tax revenue, is composed of four separate property index numbers and is zoned H-1 Historic District.

Trustee Maura Rigoni presented the ordinance, explaining that the village’s ownership of the property is no longer considered necessary or in the best interest of Frankfort. The sale is intended to facilitate new commercial use that complements the character of the historic downtown area.

“If approved, the ordinance will allow the village to solicit bids for the purchase and commercial redevelopment of the property,” Rigoni stated. “In evaluating proposals, the village will consider both the purchase price and the proposed use of the property to determine if any contract proposal is in the best interest of the village.”

The decision follows a discussion at the village’s Committee of the Whole meeting on July 9, 2025, where the board agreed to move forward with the sale.

According to the ordinance, the village will now solicit sealed contract purchase proposals. Bids will be evaluated not only on the financial offer but also on how the proposed development aligns with the existing mix of businesses in the historic downtown. The village reserves the right to reject any or all proposals.

Prospective buyers must submit detailed proposals outlining the nature of the business activity, proposed hours, target customers, estimated construction costs, architectural renderings, and project financing. A minimum earnest money deposit of $5,000 will be required with each proposal.

The property is strategically located across the street from a commercial strip center and adjacent to both residential homes and a parking lot serving nearby restaurants. Its sale and subsequent development could add a significant new commercial enterprise to the downtown landscape.

The board waived the first and second readings of the ordinance to expedite the process. Village staff are now authorized to market the property and manage the bidding process, which will be formally announced through public notices.

A resident, Brian Johnson, asked during public comment where the proceeds from the sale would go. Mayor Keith Ogle confirmed the money would return to the village’s general fund.

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