18,000 sq ft
Commercial: Mixed Use - MLS# 12338744
Tools & Resources:
Description
Pleased to offer for sale a 23,000 SF re-development opportunity in Chicago's dynamic Fulton Market neighborhood. The property, located at 1375 W Lake Street, has been the longtime home of "Bottom Lounge", a renowned 18,000 SF hospitality venue specializing in live music with a full-service restaurant kitchen, large bar/restaurant space and a 2nd floor catering facility with a large outdoor deck and parking for 25 cars. The site is 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, life- science, hotel, etc., properties and is suitable for many different types of re-development. The current ownership is in a position to afford a developer 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.
Features
- Property Type: Commercial
- Sub Type: Mixed Use
- Listing Status: Active
- County/Area: Cook County
- Zip Code: 60607
- Year Built: 1920
- Sq.Ft.: 18,000 sq ft
- Stories: 3
- Units: 1 unit
- Zoning: COMMR
- # Of Stores: 1
- Additional Parcels: Yes
- Approximate Age: Older
- Building Area Total: 18000
- Built Before 1978 (Y/N): Yes
- Construction Materials: Brick
- Cooling: Central Air
- Directions: On W Lake St at Ogden Ave
- Electric: Circuit Breakers, Service - 201 to 600 Amps
- Geographic Locale: Chicago West
- Heat/Ventilation: Forced Air, Gas
- Information: List Broker Must Accompany, 48-Hr Notice Required
- Lot Size Square Feet: 23518
- Main Type: Commercial Sale
- Other SqFt: 18000
- Outdoor Parking: 6-12 Spaces
- Property Sub Type: Mixed Use
- Tax Annual Amount: 226655
- Tax Year: 2024
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