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- LoopNet Team
1375 W Lake St
Chicago, IL 60607
Fulton Market Re-Development Opportunity · Land For Sale
·
0.54 AC
INVESTMENT HIGHLIGHTS
- In the immediate vicinity of high-density luxury residential existing / planned / under construction projects.
- Development also benefits from Transit Oriented Development (TOD) eligibility and is applicable for an ARO Tax Credit if a development complies
- Current owner has flexibility to allow a developer adequate time to successfully up-zone the property.
- Several surrounding residential projects achieving an 11.50 FAR.
- Substantial value in the existing facility, which encompasses a +18,000 SF music venue with multiple bars, a full-service commercial kitchen, etc.
- Located in the immediate vicinity of "The 1901 Project," which will transform Chicago's West Side with an investment of +$7 billion
PROPERTY FACTS
DESCRIPTION
SVN CHICAGO COMMERCIAL is pleased to offer for sale a ±23,000 SF redevelopment opportunity in Chicago’s dynamic Fulton Market neighborhood. The property, located at 1375 W Lake Street, has been the longtime home of “Bottom Lounge”, a renowned ±18,000 SF hospitality venue specializing in live music with a full-service restaurant kitchen, large bar/restaurant space, and a 2nd floor catering facility with a large outdoor deck and parking for ±25 cars. The site is currently zoned C1-3 but sits in the “Downtown Expansion-West” area as well as being in a TOD ( Transit Oriented Development) zone, both of which allow for increases in density and parking relief for vertical multi-family development. The property is positioned in the midst of many recent and soon-to-come high-rise residential, mixed-use, office, life-science, hotel, etc., properties and is suitable for many different types of redevelopment. The current ownership is in a position to afford a developer time for re-zoning the property to suit their needs. This is a rare opportunity to acquire a large development site in one of the most sought-after submarkets in the entire country.
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $553,751 | |
| Land Assessment | $570,250 | Total Assessment | $1,124,001 |
PROPERTY TAXES
