640 Washington Blvd Chicago, IL 60661

Property Details for 640 Washington Blvd

Property size

35,667 SF

Property type

Commercial real estate

Description

This exceptional 35,667-square-foot retail property at 640 West Washington Boulevard in Chicago, Illinois, presents a unique investment opportunity. Located at the highly visible intersection of Washington Boulevard and Des Plaines Street, this site boasts unparalleled exposure to over 228,000 vehicles daily, thanks to its proximity to I-90. Its large, rectangular shape is ideal for high-rise development. The property is fully entitled under DX-7 zoning for a substantial mixed-use luxury residential project (rental or for-sale condos), as per Planned Development (PD 1502). Entitlements include 413 residential units, with only 10 designated as affordable housing, significantly less than the current Chicago requirement. This A+ location is steps from Fulton Market, the Central Business District ("The Loop"), and other desirable neighborhoods like River North. The surrounding area boasts an affluent population with an average household income within a one-mile radius of $194,052. The site is conveniently located near numerous amenities, including Randolph Street's "Restaurant Row," Whole Foods and Mariano's, Ogilvie Transportation Center, and the CTA Clinton Station. The fully designed site plans, created by HPA, allow for capturing stunning city views. The absence of a lengthy zoning process further enhances the appeal of this property. Comparable new multifamily buildings in the West Loop/Fulton Market are currently commanding rents exceeding $4.25 per square foot, reflecting strong demand and occupancy. This property offers a rare chance to capitalize on Chicago's thriving real estate market.