FOR SALE: Motor Row Redevelopment Opportunity

Highlights:

• REDEVELOPMENT OPPORTUNITY | Highly viable property with high ceilings and large windows offers endless redevelopment opportunities.
• INCENTIVES | Qualified Opportunity Zone, Class L Property Tax Incentive, Landmark District permit fee waiver program, and 24th/Michigan tax increment financing.
• ACCESSIBILITY | Immediate access to multiple expressways and major transportation corridors. Public transit options include CTA train, CTA bus, Metra train, and Divvy bike stations.
• 24/7 NEIGHBORHOOD | Across the street from McCormick Place, Wintrust Arena, and several event and entertainment venues. There were over 1,671 new hotel rooms built in the last five years with at least 376 more planned.

Description:

Transwestern, as the exclusive listing agent, is pleased to announce the opportunity to purchase the brick-and-timber loft warehouse at 2221 S. Michigan Ave. in Chicago’s historic Motor Row District in the South Loop. The three-story property contains approximately 33,500 square feet of floor space and sits on a 9,988-square-foot site. The property has been owner-occupied as a furniture warehouse for over 40 years.

The property is located in the center of the Motor Row District and enjoys substantial foot traffic from Wintrust Arena, the CTA Green Line Cermak Station, and McCormick Place, the largest convention center in North America. The pre-pandemic momentum of the area has taken hold again with several new developments in the final planning stages. Prominently, developers of The 78 will transform a 62-acre plot of land in the South Loop into residential and commercial space. The first structure will be the University of Illinois’ Discovery Partners Institute headquarters, a 200,000-square-foot research and education hub. The organization has also been pitching the Chicago White Sox—and local politicians—on building a new stadium on the land. In addition, a new $150 million Chicago Public School is planned for 2450 S. State Street. The recent and upcoming development activity in the neighborhood emphasizes 2221 S. Michigan Ave.’s future potential.

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