1001 Oak Ave Prospect Heights, IL 60070

This exceptional 5.3-acre commercial land parcel in Prospect Heights, Illinois, presents a remarkable development opportunity. Currently tax-exempt, the property boasts pre-approved plans for a 69-unit townhome community, comprising 35 two-bedroom and 34 three-bedroom units, each averaging 1,850 square feet. An estimated Tax Increment Financing (TIF) reimbursement of up to $6,852,000 from property taxes is available to the developer, significantly reducing upfront costs. The site enjoys a prime location, just two miles from the Prospect Heights Metra Station, offering convenient daily service to Chicago. Excellent access to major roadways, including I-294 via Willow Road and I-290 via Palatine Road, ensures easy commuting. Situated directly north of Muir Park and Pheasant Run Park, the property benefits from a desirable residential setting. Furthermore, it falls within the highly-rated Wheeling High School District 214, ranked #72 Best Public High School in Illinois by Niche. High traffic counts on surrounding roads—15,300 vehicles daily on Elmhurst Road (Rt 83), 34,200 on Palatine Road, and 17,000 on Hintz Road—underscore the property's strong visibility and accessibility. The asking price for this exceptional development opportunity is $1,800,000.