Essex Realty Group, Inc. has exclusively been engaged to market for sale 188 N. Wells St., a prime commercial redevelopment opportunity in the heart of Chicago’s loop.
The approximately 4,450 SF site boasts DC-16 zoning and is located in the most active pocket of the loop, steps from the new Chicago Riverwalk, Art on the Mart, Facebook’s headquarters and the new Google headquarters at the Thompson Center. This prime location makes it ideal for a variety of uses, including high-rise office, residential, retail, and hospitality, all of which are permitted by the current zoning.
The property currently houses a 7-unit commercial property with two office units and five ground-level retail units, all with short-term leases that situate the building appropriately for a developer to reassess consumer needs and reimagine the site’s potential. With the extremely visible, highly-trafficked corner lot and favorable zoning – developers should have a significant amount of flexibility to provide their eventual tenants with a highly desirable space.
Chicago’s Central Business District, commonly known as “The Loop”, is widely recognized as one of the nation’s premier real estate markets. As the second largest commercial business district in the United States – corporations like Boeing, Blue Cross Blue Shield, United Airlines, Kraft, Exelon (countless similar) all have homes in Chicago and evidence an undeniably prominent commercial office market.
The Loop’s attraction extends well beyond the office space, however. This area is home to some of the city’s most premier public open spaces including Grant Park, Buckingham Fountain, Maggie Daley Park, Millennium Park and the newly built Chicago Riverwalk. These open spaces provide the grounds for a number of cultural festivals including the Chicago Jazz Festival, Chicago Blues Festival, Taste of Chicago and Lollapalooza which attract nearly 28.4 million visits per year. Further, the Loop is home to 22 institutions of higher education for an estimated total enrollment of just over 41,000 students. It’s filled with shopping along State Street, a vibrant theatre district, historic architecture on almost every corner, restaurants and bars and provides almost immediate access from any point to the city’s well-known commuter train system, commonly referred to as “The L”. It is for all of these reasons, and countless others, truly the Heart of Chicago.
- A+ Loop Location, between Facebook and New Google Headquarters
- Corner (+/-) 4,450 SF Lot with DC-16 Zoning and 16 FAR
- TOD Ordinance Applicable
- Short Term Leases for All Existing Tenants
- Significant Daily Traffic Counts
- 40' x 111' Site Dimensions (Approx.)