University Village Developement Site

1488 S Racine Ave


Chicago, IL

Main

Land Area: 0.69 acres

Status: Available








Property Type

Land

Location

University Village

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.

Quick Facts:


* 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

Asset Photos



Contact Sales Team



Todd Stofflet


Managing Partner

Todd Stofflet
Phone: 312.477.7004
Mobile: 312.622.2339
Email: todd@kigcre.com

Jason Stevens


Senior Director - Sales

Jason Stevens
Phone: 312.477.7012
Mobile: 312.608.6188
Email: jason@kigcre.com

Susan Tjarksen


Principal, Managing Broker

Susan Tjarksen
Phone: 312.477.7006
Mobile: 312.523.7617
Email: susan@kigcre.com