Land For Sale or Ground Lease Chicago 3.89 Acres

Highlights:

• Re-development opportunity
• Mixed size apartments
• Tawnhouses
• 150 parking space
• Retail & commercial
• Assisted living allowed
• Hotel permit required
• Mix-use
• Zoning B3-1
• Will divide

Description:

Redevelopment in TIF oriented district with other initiatives from city, county and state. This prime 3.89-acre parcel presents a unique opportunity for developers and investors interested in a significant mixed-use apartment and commercial space project. The land offers ample space for a comprehensive development that can cater to a variety of residential and commercial needs, making it an ideal site for a landmark project in the region. With its considerable size, the property is perfectly suited for an ambitious vision, providing the flexibility to design a development that includes a range of apartment units, retail spaces, and other amenities that today's urban dwellers and businesses seek.

Located at the strategic intersection of Belmont Avenue and Milwaukee Ave in Avondale, Chicago, this land sits at the heart of a vibrant and growing community. Avondale is known for its dynamic demographic, strong and stable market for both residential and commercial investments. The area is characterized by its cultural diversity, flourishing local business scene, and excellent connectivity to the broader Chicago metropolitan area. This location is not just a place; it's a bustling hub that offers developers and investors the chance to tap into a thriving, engaged community ready for growth and innovation.

From a zoning perspective, the subject properties are zoned B3-1 Business, and they fall within the Fullerton/Milwaukee Tax Increment Financing (TIF) district. This offers attractive tax incentives for investors and developers. With several potential vacant sites for redevelopment, the Belmont Triangle presents a rare opportunity to create a thriving, community-focused destination in the heart of Avondale.

Property Overview: The subject properties for this commercial real estate presentation are located in a prominent location within the Belmont Triangle, spanning approximately 3.89 acres. They are situated between Belmont Avenue, Pulaski Road, and Milwaukee Avenue in the heart of the Avondale community in the Northwest Region of Chicago. The triangular block bounded by these three corridors offers excellent visibility and accessibility. The area is a bustling hub with a significant daily commuter presence, with three CTA bus lines serving approximately 44,000 commuters every day. The site benefits from its proximity to residential neighborhoods in all directions, providing stability and support for new development. Overall, the subject properties offer an excellent opportunity for commercial real estate development in a highly visible and accessible location within a thriving community. With strong commuter traffic, supportive residential neighborhoods, and the potential for corridor revitalization, these properties are well-positioned for successful commercial ventures.