Pilsen Redevelopment Opportunity

1650 W 17th Street Chicago, IL 60608

1650 W 17th Street, Chicago, IL, 60608
1650 W 17th Street, Chicago, IL, 60608 1650 W 17th Street, Chicago, IL, 60608 1650 W 17th Street, Chicago, IL, 60608
FOR SALE
Property Type:
Other Hospitality
Amount:
$3,950,000
Last Verified:
Oct 30, 2024

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Highlights

  • Rarely Available Large Assemblage
  • 1 Block to Pink Line
  • Located within TOD for Reduced Parking Minimums
  • 4 Buildings + Land
  • Corner Exposure
  • Potential Student Housing or Medical
  • Walking Distance to Illinois Medical District
  • On-Site Parking

Description

Four buildings totaling ±82,250 SF plus a large garage and ±44,000 SF of additional land for future development and/or parking.

Total land square footage of ±93,000 SF on a highly visible corner, just steps to the CTA Pink line, Costco and the 18th Street retail corridor.

Building 1 is the former convent building and is ±25,200 SF spanning five (5) floors, with a garden level. It features original hardwoods, wood molding, stained glass windows & more.

Building 2 is St. Adalbert's Church and is ±25,200 SF and features beautiful architecture and twin 185-foot towers, and nearly 60' ceiling heights inside.

Building 3 is the rectory building and consists of ±10,500 SF over four floors.

Building 4 is currently operating as a school and is ±20,955 SF over three (3) floors and has a beautiful courtyard with a playground adjacent to the property.

Located in the heart of Chicago's East Pilsen neighborhood steps from the 18th Street Pink Line stop and within walking distance to schools, public transportation, restaurants and shopping.

The subject property is located in a TOD (Transit Oriented Development), potentially allowing for increased density and parking.

Easy access to I-90/94, I-55, and I-290 and just a mile from Chicago's Business District (The Loop), University of Illinois (UIC) and the Illinois Medical District.


Year Built: 1912
Building Size: 82250sq ft
Lot Size: 2.14 acres


Documents

St. Adalbert's Offering Memorandum

Map of 1650 W 17th Street, Chicago, IL, 60608

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.