Prime Downtown Chicago Redevelopment Opportunity
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Listing was updated on: 01/10/2021
Property Overview
| Price/Rent PSF | Inquire |
| Asset Type | Office |
| Trade Type | Sale |
| SQ. FT. Available | 17,500 |
| Date Available | 01/07/2021 |
| Additional URL | Link |
| Floors | 7 |
| Additional parameters | Show |
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Description
Location
INCREDIBLE ACCESS TO PUBLIC AND PRIVATE TRANSPORTATION
The property has incredible access to public and private transportation and is within walking distance to a multitude of CTA ‘L’ lines and busses. The property is also within immediate proximity to I-290, I-94, and Lake Shore Drive which offers incredible access to area employment and a direct thoroughfare to the Chicago Metro Area
Sale
COLLIERS INTERNATIONAL is pleased to exclusively offer for sale, an exceptional historic redevelopment opportunity located at 314-316 S Federal in Chicago, IL. Located in the heart of the notable Chicago ‘Loop’ submarket, the Property offers the unique ability for an investor to immediately rehab and reposition a seven story, walk-up style boutique building in one of the historically strongest areas in Chicago.
314-316 S Federal is an exemplary candidate for redevelopment. Its 2,500 SF rectangular floor-plates lay out well for office, residential, or hospitality use and the property offers proximate access to Chicago’s best amenities as well as direct access to the Loop and financial district.
In a submarket that has seen new inventory limited to Class-A Luxury office and residential towers, absorption has remained strong over the last four quarters for B and C buildings and demand is projected to outpace supply over the next several years making downtown Chicago and the South Loop one of the most stable multifamily markets in the Chicago metro area. The strength of 314-316 S Federal Street’s proximity to the downtown Chicago CBD speaks to the long-term viability and growth of this asset.
Year Built: 1912
Landmark Status: Orange Rated
Gross Bldg. Area: 17,500 SF | 2,500 SF Floor Plates
Net Rentable Bldg. Area: 15,400 SF estimated at 12% circulation loss post construction
Zoning: DC-16
Bldg. FAR: 7
Tax PIN: 17-16-232-014-0000
Parking: None, grandfathered & garage next door
Walk Score: 99
Transit Score: 100
Location