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$6,950,000
Est. payment /mo
0.54 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12338751
Annual Tax Amount $226,655
Tax Year 2024
Lot Size 0.540 Acres
Lot Dimensions 124x188
Property Sub-Type Land
Property Description
PRICE REDUCED! SVN CHICAGO COMMERCIAL is pleased to offer for sale a renowned 18,000 SF hospitality venue in Chicago's dynamic Fulton Market neighborhood. Specializing in live music with a full-service commercial kitchen, large bar/ restaurant space and a 2nd floor catering facility with a large outdoor deck and parking for 25 cars, the property, located at 1375 W Lake Street, has been the longtime home of "Bottom Lounge". In addition to the opportunity to own and operate the existing facility, this +/- 23,000 SF land site is also prime for redevelopment into a mid or hi-rise residential or mixed-use property. It's currently zoned C1-3 but sits in the "Downtown Expansion-West" area as well as being in a TOD (Transit Oriented Development) zone, both of which allow for increases in density and parking relief for vertical multi-family development. The property is positioned in the midst of many recent and soon-to-come high-rise residential, mixed-use, office, lifescience, hotel, etc., properties and is suitable for many different types of re-development. The current ownership is in a position to afford a developer some time for re-zoning the property to suit their needs. Additionally, the business (Bottom Lounge), will continue to operate for a period of time and is open to entertaining a short-term sale-leaseback. This is a rare opportunity to acquire a large development site in one of the most sought-after sub-markets in the entire country.
Location
State IL
County Cook
Area Chi - Near West Side
Zoning COMMR
Interior
Fireplace N
Exterior
Utilities Available Electric to Site, Natural Gas Available, Sewer Connected, Water Available
Building
Dwelling Type Land
Water Municipal Water
Schools
School District 1 , 1, 1
Others
Ownership Fee Simple
Special Listing Condition None
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Listed by Wayne Caplan of Sperry Van Ness