How Much Is Evergreen Terrace Worth? Trial to Begin In March Unless City, Owners Reach Deal

Unless an agreement is reached between the City of Joliet and the owners of Evergreen Terrace, a trial to determine its value is scheduled to start March 10.

On Tuesday, the city released two appraisals submitted in federal court: one for $13.76 million and one for $14.3 million. An appraisal submitted by current property owner New West/New Bluff is significantly higher, at $23.52 million.

City Manager Jim Hock told the Herald-News that the property generates $4.5 million per year in revenue.

In September, the city won a condemnation suit to take over the Broadway Street complex. The second phase of the condemnation began Dec. 29, according to the city. Now, Joliet and the owners of Evergreen can work on negotiating a settlement, including a purchase price and time of ownership transfer, the city said in a press release.

The property includes Evergreen Terrace I, with three buildings and 241 units, and Evergreen Terrace II, which has 115 units in two buildings.

If the two sides fail to reach an agreement, a five-day trial to determine the buildings’ value is set to start March 10. After the jury makes a decision, the transfer of ownership will take 90 to 120 days, according to the city. The owners of Evergreen could also appeal the decision to a higher court.

The city battled for nearly a decade to win the right to acquire Evergreen Terrace.

“The City of Joliet’s goal from the start of this litigation was to eliminate the blighted conditions of the development for the residents who live there,” the city said in a press release Tuesday. “City staff will be meeting with Holsten Management Group this week to initiate the planning process regarding purchase and management of the property.”

Suggestions from Holsten, which was part of the redevelopment of Chicago’s Cabrini Green housing complex, will be presented to community members before action is taken to redevelop the property, Mayor Tom Giarrante said last fall.

Related:

• Giarrante, O’Dekirk Spar Over Evergreen Terrace After Woman’s Murder
• Murder at Evergreen Terrace -- Young Woman Butchered in Laundry Room, Man Charged with Slaying
• Alleged Evergreen Ripper Found Victim on Internet Escort Site, Met With Her For Sex: Prosecutor
• Crime at Evergreen More Than Three Times Joliet Average: Police