4834-4850 S COTTAGE GROVE Ave
Chicago, IL 60615
OZ Site near University Of Chicago · Land For Sale · 0.51 AC

33 Realty is pleased to bring to market a development site with 22,095 SF and with a zoning of C2-3. The property is located in the rapidly gentrifying Kenwood neighborhood on Chicago's south side which is 1 mile west of the Lake Michigan and 1.5 miles north of the University of Chicago. Recently, the Obama Library received the final approval to move forward which is 2.5 miles south of the property. Another nearby project is the proposed combination of the Jackson Park Golf Course with the South Shore Golf Course into a Tiger Woods championship course. Located only 3 miles from downtown, the commute from Kenwood to Chicago’s central business district is easy. Public transportation is available and shared with its neighbor to the south, Hyde Park. There is convenient access to a number of bus stops and the 47th Street Green Line "L", all of which connect to downtown. Lake Shore Drive is just east of Kenwood and I-90 Expressway is 1.5 miles to the west. The neighborhood offers residents a variety of dining and cultural options. Notable restaurants are Norman's Bistro and Some Like It Black Creative Arts Bar. Kenwood has also established itself as a center for the arts. A couple design and art galleries are located in the community, supplying residents and other Chicagoans with venues to exhibit their creative talents. The commercial district in Kenwood and nearby Hyde Park boasts national retailers that include Whole Foods, Starbucks, Target, Walmart, Office Depot, CVS, and Walgreens. The current zoning of C2-3 allows a FAR of 3 with a total building size of 66,285 SF. The Minimum Lot Area is 400 SF which allows 55 units to be built as of right. The building height allowed under this zoning is 60 feet. The current zoning does not require on-site affordable housing. However, if on-site affordable is included in the project, FAR bonuses are granted by the City. A significant benefit of this site for Investors is that they have the opportunity to participate in a ground-up development in an Opportunity Zone. The new Opportunity Zone program encourages private investment in low-income communities by offering tax incentives for qualified investors. Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund until the earlier of the date on which the investment in a Qualified Opportunity Fund is sold or exchanged, or December 31, 2026.