With cleanup completed at the former Jaffe Drugs building in downtown Kankakee, the Kankakee Regional Land Bank Authority listed the commercial property for sale.

After extensive discussion in executive session during Tuesday’s board meeting, the bank decided to list the property at 217 E. Court St. for $99,900. Local real estate agent Buck Tamblyn also was approved as the broker to manage the listing.

Lisa Sanford, president of the Land Bank board of directors, said the list price for the building, which has been vacant for several years, is competitive.

“We believe that is the correct marketing value price with the condition that it’s currently in, and the challenges that come with it for what it is,” she said. “It’s a lovely building. The upstairs has tall, tall ceilings. It’s cool.”

All the leftover pharmaceuticals were removed from the former drugstore, and asbestos was abated from the basement as required. Access to the upper two floors will have to be constructed, as previous access to that part of the building is in the adjacent property to the east, which is not part of 217 E. Court St.

“If you use it for a restaurant or whatever, most likely, the fire department will require a sprinkler system,” Sanford said.

There also is some miscellaneous junk on the first floor, along with some medical equipment including braces, wheelchairs, walkers and crutches. The Land Bank has reached out to nonprofit organizations and invited them to collect those items. It would be a donation by the Land Bank.

The Land Bank is hopeful that the Jaffe building can be sold in the next few months.

Residential listings

The Land Bank also acquired a home at 427-431 S. Chicago Ave. in Kankakee as a gift from the city of Kankakee. Abandoned properties with no owner can be acquired by the Land Bank, and it takes ownership once the deed is recorded.

The South Chicago address is a two-unit property in a block of recently rehabbed homes and would be a restoration project. It’s listed for $45,000 and is being marketed by real estate agent Monica Pizano.

Interested buyers will be expected to complete all repairs and bring the property up to code within 12 months of transfer.

The Land Bank also received the abandoned property at 254 W. Merchant St., just a couple of blocks west of the Kankakee depot, as a gift from the city with the purpose of demolishing the home. The Land Bank board toured the home and determined that it was beyond salvageable.

“It’s a complete teardown,” said Brian White, interim executive director for KRLBA.

The demolition would not exceed $40,000, and the Land Bank will get reimbursed by the Illinois Housing Development Authority through its Strong Communities Program. The 254 W. Merchant St. location is a corner lot and would become a vacant lot after demolition. A neighbor has expressed interest in purchasing the lot.

Officers

The Land Bank also unanimously approved a resolution for officers for its board of directors for two-year terms.

Sanford will continue as president/chairman, Randy Chaplinski as vice chairman and Barbi Brewer-Watson as secretary/treasurer. Other board members are Norm Gaskin, Victor Nevarez and Joe Nugent.