University Village Developement Site
KIG, as exclusive agent, presents the University Village Development Site at 1488 S. Racine Street for acquisition consideration. This site offers the opportunity to acquire a fully entitled 30,000 sf vacant land parcel in an area with a growing residential need.
Surrounded by the booming submarkets of Pilsen and University Village, this opportunity allows a developer to quickly build a project that meets the housing demands of 29,000 employees of the Illinois Medical District and the students and employees of the University of Illinois at Chicago.
* Fully entitled for 216 units
* Entitled building is not subject to new ARO fees and standards
* Three blocks from University of Illinois at Chicago with 27,000 students and 12,000 employees
* Six blocks from the Illinois Medical District, which is the largest urban medical district in the country, employing over 29,000 people and contributing to $3.4B to Chicago’s economy
* This area lacks new market-rate housing
* Urban infill site that adjoins University Village, Little Italy and Pilsen, all of which are neighborhoods seeing a spur of development
* Typical unit sizes are small and will appeal to students, UIC staff and Medical District employees
* Approved building is designed for rapid construction with a pre cast concrete structure