Located on the corner of Lake and Peoria, 901 W. Lake Street, is a 25,000 Sq. Ft. building on a 12,478 Sq. Ft. site. Much like its surrounding properties, this property has been used for food production and is now perfectly positioned for adaptive reuse development. The subject property is currently zoned C1-1 Commercial and is within the City of Chicago’s new downtown expansion area allowing for an increased FAR to promote higher density
The subject property benefits from its location in the thriving West Loop neighborhood. This neighborhood has seen a dramatic shift in the past five (5) years from food production warehouses to creative loft office, retail and residential conversions. Redevelopment is the highest-and-best use for many properties in this submarket. Furthermore, the CTA Green and Pink Lines run adjacent to the property on the North. Specifically in the West Loop, the City has earmarked the South side of the CTA Green and Pink Line tracks that run along Lake Street as a prime location for highrise development, in an effort to create a “buffer” from the train and the surrounding neighborhood.
|Proposed Building Size||+ 25,000 Sq. Ft.|
|Land Size||+ 12,478 Sq. Ft.|
|2014 Taxes||$1.51 PSF|
|Sale Price||Subject to Offer|