4727 S Wabash Ave Chicago, IL 60615

Located in Chicago's Bronzeville/Grand Boulevard district, the property at 4727 S Wabash Avenue presents a redevelopment opportunity. The site encompasses approximately 8,270 square feet of land and features a single-story masonry building of about 6,135 square feet, originally constructed as a church. The building includes a pitched roof facade and a masonry shell, opening into a sanctuary with high ceilings. The property will be delivered vacant, offering a blank canvas for developers. The parcel is zoned RT4 (Residential Two-Flat, Townhouse, and Multi-Unit), which permits low-density multi-unit developments. This zoning allows for converting the former church into loft residences or constructing new townhouses or a small apartment building. Institutional and community uses are also possible through special-use approval. The site is located within a Federal Opportunity Zone, allowing investors to defer and potentially eliminate capital gains taxes. It is also eligible for the Neighborhood Opportunity Fund and is near the 47th/King Drive TIF district. The property is located blocks from the CTA Green Line 47th station and within a half-mile of the CTA Red Line 47th station. Major bus routes on 47th Street, King Drive, and State Street supplement rail service, while the Dan Ryan Expressway (I-90/94) and Lake Shore Drive are nearby. The Grand Boulevard area's population increased between 2010 and 2020. Projects are underway in the neighborhood, including the Bronzeville Lakefront redevelopment and 43 Green, a mixed-income transit-oriented development. New retail and grocery options have opened on nearby streets, and the City's Invest South/West initiative is re-energizing commercial corridors along 43rd and 47th Streets. The generous lot and adaptable interior allow for a range of uses, from loft apartments or townhomes to a community arts center or educational facility.