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2340 S Michigan Ave 0.31 Acres of Commercial Land Offered at $2,500,000 in Chicago, IL 60616
Investment Highlights
- High visibility frontage on Michigan Ave.
- Flexible development opportunities: high-density commercial, hospitality, or mixed-use multifamily projects...
- Opportunity Zone
- Sale By Owner
Executive Summary
Prime South Loop Corner Development Site Available
This 13,632-square-foot corner parcel offers a rare, high-visibility development opportunity within the historic Motor Row District of Chicago's South Loop. Positioned just two miles from the Chicago Loop and one block west of McCormick Place, this site is ideally zoned for high-density commercial, hospitality, or mixed-use multifamily projects.
• Lot Features: High-traffic corner lot, fully fenced, and paved.
• Zoning: DS-5 (Downtown Service District), allowing flexible, high-density development.
• Tax Incentive: Located within a federal Opportunity Zone, offering substantial capital gains tax advantages
Location & Transit Connectivity
• Convention Hub: Located one block from McCormick Place and two blocks from Wintrust Arena.
• Mass Transit: Situated steps from the CTA Cermak-McCormick Place Green Line station and major bus routes.
• Vehicular Access: Offers direct frontage along Michigan Avenue with rapid connectivity to I-55, I-90/94, and Lake Shore Drive.
Strategic Development Potential
• Hospitality: Prime location to capture high-volume convention and tourism traffic.
• Multifamily/Mixed-Use: Strong submarket demand for transit-oriented luxury rentals or condominiums.
• Flagship Retail: Capitalize on heavy pedestrian traffic and prominent Michigan Avenue frontage.
• Opportunity Zone Overlay: Because this property resides inside a federal Opportunity Zone, the eventual buyer can roll capital gains into this project to defer or completely eliminate future asset sale taxes.
• Zoning Bonus Upside: The DS-5 classification allows developers to apply for transit-oriented development (TOD) bonuses due to its proximity to the Cermak-McCormick Place Green Line station. This could legally push the FAR past 5.0, directly increasing rentable square footage without changing the underlying land mass.
This 13,632-square-foot corner parcel offers a rare, high-visibility development opportunity within the historic Motor Row District of Chicago's South Loop. Positioned just two miles from the Chicago Loop and one block west of McCormick Place, this site is ideally zoned for high-density commercial, hospitality, or mixed-use multifamily projects.
• Lot Features: High-traffic corner lot, fully fenced, and paved.
• Zoning: DS-5 (Downtown Service District), allowing flexible, high-density development.
• Tax Incentive: Located within a federal Opportunity Zone, offering substantial capital gains tax advantages
Location & Transit Connectivity
• Convention Hub: Located one block from McCormick Place and two blocks from Wintrust Arena.
• Mass Transit: Situated steps from the CTA Cermak-McCormick Place Green Line station and major bus routes.
• Vehicular Access: Offers direct frontage along Michigan Avenue with rapid connectivity to I-55, I-90/94, and Lake Shore Drive.
Strategic Development Potential
• Hospitality: Prime location to capture high-volume convention and tourism traffic.
• Multifamily/Mixed-Use: Strong submarket demand for transit-oriented luxury rentals or condominiums.
• Flagship Retail: Capitalize on heavy pedestrian traffic and prominent Michigan Avenue frontage.
• Opportunity Zone Overlay: Because this property resides inside a federal Opportunity Zone, the eventual buyer can roll capital gains into this project to defer or completely eliminate future asset sale taxes.
• Zoning Bonus Upside: The DS-5 classification allows developers to apply for transit-oriented development (TOD) bonuses due to its proximity to the Cermak-McCormick Place Green Line station. This could legally push the FAR past 5.0, directly increasing rentable square footage without changing the underlying land mass.
Property Facts
1 Lot Available
Lot
| Price | $2,500,000 | Lot Size | 0.31 AC |
| Price Per AC | $7,988,547.62 |
| Price | $2,500,000 |
| Price Per AC | $7,988,547.62 |
| Lot Size | 0.31 AC |
Prime South Loop Land For Sale By Owner
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Very walkable
80/100
Exceptionally drivable
100/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 17-27-109-026-0000 | Improvements Assessment | $1,677 |
| Land Assessment | $40,893 | Total Assessment | $42,570 |
Property Taxes
Parcel Number
17-27-109-026-0000
Land Assessment
$40,893
Improvements Assessment
$1,677
Total Assessment
$42,570
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2340 S Michigan Ave