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880 Summit St - AUCTION - 7 AC CHICAGO MSA DEVELOPMENT SITE Lot • Terrain commercial • 7,11 Acres • 280 340 $ CAD • Elgin, IL 60120

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Faits saillants de l'investissement

STARTING BID $200,000 | 7.11 Acre Development Site | 150 Residential Units & 17,000 SF Retail Previously Approved | 18K VPD | AUCTION SEPTEMBER 22-24
Previously approved mixed-use development plan for approximately 150 residential units, ±17,000 SF of retail space, and 312 parking spaces.
Main east-side Elgin commercial corridor location with full ingress/egress from Summit Street and Waverly Drive with traffic counts exceeding 18,000 v

±7.11-acre development site in Elgin, Illinois, approximately 35 miles northwest of Chicago.
Surrounded by established retail including Jewel-Osco, Aldi, Walgreens, O’Reilly Auto Parts, Dunkin’, 7-Eleven, Chase, Anytime Fitness, Subway, Taco B
Public utilities available including sanitary sewer, storm sewer, and gas, offering a head start for future development planning.

Résumé de l'annonce

Marcus & Millichap presents Bella Casa Development, a rare opportunity to acquire a ±7.11-acre development site along Summit Street in Elgin, Illinois (the “Property”). The Property consists of four parcels and is zoned PAB – Planned Area Business, a zoning designation intended to support planned commercial development serving neighborhood, community, and regional demand. Prior plans contemplated approximately 150 residential units, ±17,000 square feet of retail space, and 312 parking spaces, creating a compelling path for a buyer to revisit a mixed-use development strategy, subject to updated approvals and buyer due diligence.
Positioned along Summit Street, one of Elgin’s key commercial corridors, the site benefits from strong frontage, full ingress/egress, available utilities, and proximity to established retail, restaurant, medical, service, and daily-needs users. The surrounding trade area provides meaningful residential density and income demographics, with approximately 181,580 residents and $111,408 average household income within 5 miles. Located approximately 35 miles northwest of Chicago with access to I-90 and the broader Fox Valley employment base, the Property is well suited for a developer seeking an infill mixed-use, multifamily, retail, or service-commercial redevelopment opportunity in the Chicago MSA.

AUCTION_ 7 AC CHICAGO MSA DEVELOPENT SITE

Offering Memorandum

Faits sur la propriété

Prix	280 340 $ CAD	Type de propriété	Terrain
Type de vente	Investissement	Sous-type de propriété	Terrain commercial
Condition de vente	Projet de redéveloppement	Utilisation proposée	Commercial Commerce de détail Usage mixte Unités d’appartements
Nombre de lots	1	Taille totale du lot	7,11 AC
Zonage	PAB - PAB (Planned Area Business)

Prix	280 340 $ CAD
Type de vente	Investissement
Condition de vente	Projet de redéveloppement
Nombre de lots	1
Type de propriété	Terrain
Sous-type de propriété	Terrain commercial
Utilisation proposée	Commercial Commerce de détail Usage mixte Unités d’appartements
Taille totale du lot	7,11 AC
Zonage	PAB - PAB (Planned Area Business)

1 Lot disponible

Lot 4

Prix	280 340 $ CAD	Taille du lot	7,11 AC
Prix par AC	39 428,97 $ CAD

Prix	280 340 $ CAD
Prix par AC	39 428,97 $ CAD
Taille du lot	7,11 AC

Description

The City of Elgin previously approved approximately 150± residential units, approximately 17,000 square feet of retail space, 312 parking spaces, and four seperate pin#'s for a total of 7.11 acres. The original plan called for five buildings, two along Summit Street (each with a retail component) and three interior buildings. The zoning is PAB (Planned Area Business), a specialized district in Elgin, IL, for commercial developments of at least two acres. It allows deviations from standard AB (Area Business) zoning regulations, such as parking, landscaping, or building height requirements. These districts are often used for planned shopping centers. As of February 2026, the apartment vacancy rate in Elgin, Illinois, is approximately 1.8%, representing an extremely tight rental market (Apartments.com).

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