Prime Downtown Chicago Redevelopment Opportunity

314-316 S. Federal Street Chicago, IL 60604

314-316 S. Federal Street, Chicago, IL, 60604
314-316 S. Federal Street, Chicago, IL, 60604
FOR SALE
Property Type:
Multi Tenant Office
Amount:
Please Call Broker for Price

Last Verified:
Jan 07, 2021

Highlights

  • INVESTMENT HIGHLIGHTS
  • Historic Tax Credits available
  • Rare loop adaptive reuse redevelopment
  • Immediate access to CTA transportation
  • Tremendous accessibility
  • Access Chicago’s best recreational amenities
  • SUBMARKET HIGHLIGHTS
  • High Average HH Income – $152,221
  • Density – 17,642 population (half mile)
  • Daytime Employment (half mile) – 314,735

Description

COLLIERS INTERNATIONAL is pleased to exclusively offer for sale, an exceptional historic redevelopment opportunity located at 314-316 S Federal in Chicago, IL. Located in the heart of the notable Chicago ‘Loop’ submarket, the Property offers the unique ability for an investor to immediately rehab and reposition a seven story, walk-up style boutique building in one of the historically strongest areas in Chicago.

314-316 S Federal is an exemplary candidate for redevelopment. Its 2,500 SF rectangular floor-plates lay out well for office, residential, or hospitality use and the property offers proximate access to Chicago’s best amenities as well as direct access to the Loop and financial district.

In a submarket that has seen new inventory limited to Class-A Luxury office and residential towers, absorption has remained strong over the last four quarters for B and C buildings and demand is projected to outpace supply over the next several years making downtown Chicago and the South Loop one of the most stable multifamily markets in the Chicago metro area. The strength of 314-316 S Federal Street’s proximity to the downtown Chicago CBD speaks to the long-term viability and growth of this asset.

Year Built: 1912
Landmark Status: Orange Rated
Gross Bldg. Area: 17,500 SF | 2,500 SF Floor Plates
Net Rentable Bldg. Area: 15,400 SF estimated at 12% circulation loss post construction
Zoning: DC-16
Bldg. FAR: 7
Tax PIN: 17-16-232-014-0000
Parking: None, grandfathered & garage next door
Walk Score: 99
Transit Score: 100

INCREDIBLE ACCESS TO PUBLIC AND PRIVATE TRANSPORTATION
The property has incredible access to public and private transportation and is within walking distance to a multitude of CTA ‘L’ lines and busses. The property is also within immediate proximity to I-290, I-94, and Lake Shore Drive which offers incredible access to area employment and a direct thoroughfare to the Chicago Metro Area


Year Built: 1912
Building Size: 17500sq ft
Building Class: C
Lot Size: 0.06 acres

Map of 314-316 S. Federal Street, Chicago, IL, 60604

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.