Golf course near Chicago sold in $9 million agreement with real estate firm

South Gleason Golf Course and Gilroy Field sold to private Illinois equity firm

Two historical remnants of Gary, Ill., have been sold for $9 million to a Chicago based equity firm. One of the properties included with the price tag is a golf course. 

The Gary Redevelopment Commission approved the sale of the South Gleason Park Golf Course and Gilroy Field in early September. Both properties are located in a flood-prone area. 

Bradford Real Estate purchased the city-owned land for about $1.34 per square foot, according to nwi.com.

As part of the agreement, Bradford will be providing immediate resources needed to shrink Gary's floodplain footprint in the Glen Park neighborhood that's home to Indiana University Northwest and residential homes.

Mayor Jerome Prince said the hope is to remove 1,000 acres of land along the Little Calumet River from the regulatory floodplain and potentially relieve homeowners in the affected area who now pay hefty insurance premiums.

“Bradford recognized the great opportunity that the city of Gary represents and shared my vision for responsible development done in partnership with the local community," Prince said. “I look forward to working with them on a world-class development that delivers good jobs, tax revenue and prosperity to our community.”

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