Germain/Polaris Amphitheater property sold for $5.5M

Pretty soon the former Germain Amphitheater — a concert venue that’s become a haven for graffiti writers — will be redeveloped. From the Dispatch:

The long-vacant and graffiti-covered Germain Amphitheater and surrounding acreage has been purchased for $5.5 million by Polaris-area developer NP Limited.

The developer has long had its eye on the 90-acre property, which went on the market in 2006, about a year before the final concert at the Far North Side amphitheater that once drew big crowds to see country music and rock ’n’ roll’s biggest stars.

“We looked at it several times in the past, but could never get comfortable with the price,” said Franz Geiger, managing director of NP Limited, developer of the area known as the Polaris Centers of Commerce. “Then, the opportunity was right to buy it at what we thought was a fair price.”

In addition to the $5.5 million sale price, Geiger said there were about $1 million in additional costs for taxes and other fees owed by the owner of the property, Live Nation, a California-based entertainment company. (full story

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