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Listed by Wayne Caplanof Sperry Van Ness
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Est. payment | /mo
18,000 SqFt
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Est. payment | /mo
18,000 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 18,000 sqft
MLS Listing ID 12338744
Year Built 1920
Annual Tax Amount $285,222
Tax Year 2024
Lot Dimensions 124x188
Property Sub-Type Mixed Use
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
Zoning COMMR
Interior
Cooling Central Air
Fireplace N
Exterior
View Y/N true
Building
Structure Type Brick
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