2328 S Michigan Ave Chicago, IL

This property is a fully entitled site suitable for the development of up to 256 residential units. The current project design includes a mix of mid-rise and high-rise buildings, allowing for phased development. The current zoning is PD 1592, with an underlying zoning of DX-5 and a previous zoning of DS-5. The property is located within a qualified Opportunity Zone. Potential highest and best uses include hotel, medical, drive-thru QSR, automotive, car dealership, and self-storage facilities. The site benefits from approximately 170 feet of frontage along Michigan Avenue. Its location offers convenient access, with bus routes along Michigan Avenue and proximity to the Cermak/McCormick Green Line stop. It is one half mile to I-55, 1.6 miles to I-90, and 3 miles to Lake Shore Drive. The property is steps away from Wintrust Arena and McCormick Place. The property is highly accessible and visible, with a previous use as a Burger King with a drive-thru. Traffic counts indicate 7,200 vehicles per day on Michigan Avenue and 137,100 vehicles per day on I-55. The property consists of multiple PIN numbers: 17-27-109-008, 17-27-109-009, 17-27-109-010, 17-2-109-011, 07-27-109-012, and 17-27-109-013.