Colliers International is pleased to present an exceptional opportunity to purchase a high-profile, 9,902 SF (.23 acre) development site (“The Property”), ideally located on the southwest corner of St Clair St. and Grand Ave. in Chicago’s exclusive “Streeterville” neighborhood.
161 E Grand Avenue offers prospective residents a walk to work environment surrounded by high end shopping and within immediate proximity to the Chicago’s thriving River North entertainment district. The property features tremendous access to public transportation and is also within walking distance to area recreation such as Lake Michigan, Millennium Park, and Navy Pier. The site is in the epicenter of a premier 24/7 urban core community that offers a Live, Work, Play environment to residents of all ages encompassing all the crucial elements investors look for in a high-end multifamily site today.
- 45,000 SF brick office building with raised basement. The land parcel measuring 9,902 SF has extraordinary visibility and tremendous accessibility in an established, desirable, affluent community
- Prime development or redevelopment site zoned as DX-12
- One block east of Chicago’s renowned Michigan Avenue
- A modification in zoning to allow for additional density will enhance the value of the investment and offer diversification in ultimate uses
- Site ideal for multi-family, condominium, or hotel development
The feasibility of new apartments on the North St Clair Street and East Grand Avenue site is extremely sound. Historically low vacancy rates and an area workforce of more than 100,000 support apartment or condo development.
The Property could also support a hotel or incorporate one as part of a mixed-use development. The superior location, within the immediate vicinity of the North Michigan Avenue shopping district, has high visibility and an excellent 98 out of 100 walk score, would all play a significant role in the success of a hotel on the Property.