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2328 S Michigan Ave
Chicago, IL 60616
Land For Sale
·
0.70 AC
INVESTMENT HIGHLIGHTS
- One half mile to I-55, 1.6 miles to I-90, and 3 miles to Lake Shore Drive.
- Accessible location with bus routes along Michigan Avenue and steps away from the Cermak/McCormick Green Line stop.
- Steps away from Wintrust Arena (Chicago Sky, De Paul University Basketball) and McCormick Place (see page 15).
- Highly Accessible & Visible Property (Previous Use was a Burger King with a Drive-Thru.
EXECUTIVE SUMMARY
CBRE is pleased to announce the opportunity to acquire 2328 South Michigan Avenue, Chicago, Illinois. (“Property” or “Site”). This ± 30,492 square foot site
located at 2328 South Michigan Avenue, Chicago, IL in the dense urban South Loop neighborhood.
2328 S Michigan is centrally located between I-55, I-90, and Lake Shore Drive, providing easy access to virtually anywhere in the City and surrounding
Chicagoland area. Further, the property is located in an amenity rich area, quick access to popular attractions like Wintrust Arena, Soldier Field & Museum
Campus, Northerly Island, and McCormick Place Convention Center, the largest convention center in the United States.
The subject property was recently rezoned into a Planned Development (1592), with underlying DX-5 zoning and fully entitled for 256 residential units. The PD
plans currently show a phased development with two different residential product types - high-rise and mid-rise development. The mid-rise along Michigan Ave
is currently programmed as 7 stories with ±104 units, while the high-rise portion, which sits behind the mid-rise, is entitled for up to 18 stories with a 152 units.
The two buildings allow a developer to do a phased approach over time, and it creates a unique courtyard amenity for future residents.
located at 2328 South Michigan Avenue, Chicago, IL in the dense urban South Loop neighborhood.
2328 S Michigan is centrally located between I-55, I-90, and Lake Shore Drive, providing easy access to virtually anywhere in the City and surrounding
Chicagoland area. Further, the property is located in an amenity rich area, quick access to popular attractions like Wintrust Arena, Soldier Field & Museum
Campus, Northerly Island, and McCormick Place Convention Center, the largest convention center in the United States.
The subject property was recently rezoned into a Planned Development (1592), with underlying DX-5 zoning and fully entitled for 256 residential units. The PD
plans currently show a phased development with two different residential product types - high-rise and mid-rise development. The mid-rise along Michigan Ave
is currently programmed as 7 stories with ±104 units, while the high-rise portion, which sits behind the mid-rise, is entitled for up to 18 stories with a 152 units.
The two buildings allow a developer to do a phased approach over time, and it creates a unique courtyard amenity for future residents.
PROPERTY FACTS
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Condition | Redevelopment Project | Proposed Use | Multifamily |
| No. Lots | 1 | Total Lot Size | 0.70 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Zoning | PD 1592 - Planned Development | ||
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Multifamily |
| Total Lot Size | 0.70 AC |
| Opportunity Zone |
Yes |
| Zoning | PD 1592 - Planned Development |
1 LOT AVAILABLE
Lot
| Lot Size | 0.70 AC |
| Lot Size | 0.70 AC |
Fully entitled site for up to 256 residential units! Current project calls for a mix of mid-rise and a high-rise building that can be developed in phases.
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $5,259 CAD | |
| Land Assessment | $75,389 CAD | Total Assessment | $80,648 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$75,389 CAD
Improvements Assessment
$5,259 CAD
Total Assessment
$80,648 CAD
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