1375 W Lake St, Chicago, IL 60607

This is a redevelopment opportunity in Chicago’s Fulton Market neighborhood. The property, located at 1375 W Lake Street, is approximately 23,000 SF. It has been the longtime home of Bottom Lounge, an approximately 18,000 SF hospitality venue specializing in live music with a full-service restaurant kitchen, a large bar/restaurant space, and a 2nd floor catering facility with a large outdoor deck and parking for approximately 25 cars. The site is currently zoned C1-3 but sits in the Downtown Expansion-West area as well as being in a Transit Oriented Development (TOD) zone, both of which allow for increases in density and parking relief for vertical multi-family development. The property is positioned in the midst of many recent and soon-to-come high-rise residential, mixed-use, office, life-science, hotel, etc., properties and is suitable for many different types of redevelopment. The current ownership is in a position to afford a developer time for re-zoning the property to suit their needs. The Fulton Market development site is located in the Downtown Expansion - West Area and eligible for bonus density. It is suitable for high-rise residential and/or commercial development and is in the immediate vicinity of high-density luxury residential existing / planned / under construction projects. Several surrounding residential projects achieving an 11.50 FAR. Development also benefits from Transit Oriented Development (TOD) eligibility and is applicable for an ARO Tax Credit if a development complies with on-site affordable housing requirements. The existing facility encompasses a +18,000 SF music venue with multiple bars, a full-service commercial kitchen, catering facility and a large roof-top deck. The current owner has flexibility to allow a developer adequate time to successfully up-zone the property. It is located in the immediate vicinity of "The 1901 Project," which will transform Chicago's West Side with an investment of +$7 billion and ±55-acres of mixed-use development surrounding the United Center. It is easily accessible to I-90/94 and public transportation via Ashland CTA station and surrounded by high-profile Fulton Market corporate headquarters including Google, McDonald's, WPP, Tik Tok, Ernst & Young, John Deere, Aspen Dental, Kimberly-Clark, Tock, CCC, MoLo Solutions, Chan-Zuckerberg Biohub and more. There is potential for additional land assemblage bringing the total site size to approximately 45,000 SF.