1408 West Madison Street, Chicago, IL, 60607
1408 West Madison Street
Chicago, IL 60607
Highlights
- The Palace Grill presents a rare, never-before-available opportunity to acquire a corner property in the heart of Chicago's West Loop.
- The asset is being offered as-is with its existing C2-3 zoning in place and encompasses approximately 18,753 SF of land at the prominent intersection of Madison Avenue and Loomis Street.
- Strategically positioned at the gateway to the United Center and the forthcoming 1901 Project, a transformative $7 billion private investment on Chicago's Near West Side, the site is exceptionally well-located for long-term growth.
- The property is ideally suited for residential rental, condominium, mixed-use redevelopment, or an owner-user opportunity in one of the city's most dynamic urban corridors.
Description
The Palace Grill presents a rare opportunity to acquire a corner property encompassing approximately 18,753 SF of land at the prominent intersection of Madison Avenue and Loomis Street. Offered as-is with existing C2-3 zoning, the site features approximately 56,259 SF of buildable area and is ideally suited for residential rental, condominium, mixed-use redevelopment, or an owner-user opportunity. Strategically positioned at the gateway to the United Center and the forthcoming $7 billion 1901 Project, the site is exceptionally well-located for long-term growth on Chicago's Near West Side.
Located in the heart of Chicago’s most transformative growth corridor, West Loop has evolved into a premier destination for institutional investment, large-scale development, and best-in-class mixed-use projects. Anchored by the Fulton Market District and surrounded by global headquarters, tech campuses, and award-winning dining, the submarket continues to experience outsized demand driven by strong demographics, limited land availability, and sustained capital inflows. Proximity to downtown, access to major transportation arteries, and a proven track record of successful redevelopments position the West Loop as a high-barrier, high-return environment—making it one of Chicago’s most compelling locations for land and redevelopment opportunities.
