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Chicago , IL - Development Land in the Heart of Chicago
Why Buy This Property
OPPORTUNITIES FOR ASTUTE BUYERS: This square block is fully fenced and gated. The site is 48,480 square feet - ready for development or investment.
LOCATION: This property is located in Chicago’s Bronzeville neighborhood – the best location for accessing the Interstate Highway System which is just blocks away, along with Lake Shore Drive, McCormick Place, downtown, and Chicago's fantastic lakefront! So if you are seeking an investment opportunity with a diversity of options, this is it.
CONVENIENT ACCESS: Strategically located at the hub of Interstate Highways I-55, I-90, I-94, and Lake Shore Drive.
NEW RESIDENTIAL MULTIFAMILY HOUSING ONE BLOCK AWAY: Newly completed residential developments are just blocks away!
NEW ESPORTS VENUE SCHEDULED ONE BLOCK AWAY: Three blocks away is the City Council approved, proposed $30 million Esports arena (called "Surge") featuring an IMAX style video canvass to create a unique viewing experience for up to 800 spectators, gaming competitions, and three kitchens to serve spectators.
BRONZEVILLE REDEVELOPMENT PROJECT AREA TAX INCREMENT FINANCING PROGRAM REDEVELOPMENT PLAN AND PROJECT: The property is located in the Bronzeville TIF District. The Plan assists with the renovation and rehabilitation of existing buildings and housing stock through the redevelopment project area.
BRONZEVILLE LAKEFRONT DEVELOPMENT PROJECT: The former Michael Reese Hospital 50 acre development site, owned by the City of Chicago, is four blocks away. The site has received Chicago Plan Commission approval for a $3.8 billion development. Phase One is the ARC Innovation Center. In addition, the plan includes market-rate and affordable housing, retail, green space, and a community center.
ILLINOIS INSTITUTE OF TECHNOLOGY: The Illinois Institute of Technology is less than a half-mile away.
We encourage bidders to perform their due diligence for the latest information on the timing and approvals for the TIF District program and new development projects listed above.
Description
A 48,576 SF entire fenced and gated block. Zoned M1-3
Property Location
Auction / Date / Time
December 01, 2022 2:00 P.M. CDTProperty Video
Offering Strategy
$1,425,000 - MINIMUM BID AUCTION - DECEMBER 1 - This property will be sold subject to a Minimum Bid of $1,425,000 and the Terms of Sale. This is a sealed bid auction event. Bidders are encouraged to ask questions in advance. The purchase of a Bidder's Information Packet and wire-transferred funds to the Title Company listed in the Purchase and Sale Contract in advance of bidding. See Bidder's Information Packet for more details.
Inspection Dates
Contact Michael FIne (312) 953-9534. Please do not contact the Seller or enter the property without permission
Auction Location
Sealed Bid Auction- This is a sealed bid auction event. Bidders are encouraged to ask questions in advance. The purchase of a Bidder's Information Packet is required to bid. Bidders are required to submit a wire-transferred auction deposit to the Title Company listed in the Purchase and Sale Contract and fill in and sign the auction Purchase and Sale Agreement in order to bid. See Bidder's Information Packet for more details.
Bids are to be delivered to Fine & Company LLC via email to info@fineandcompany.com on or before 2:00 p.m. Local Time on the date to be announced. The Sale Contract is important for you to review and understand. Should you have any questions, please contact Fine & Company at 312.278-0600 extension 101.
Bids received after the bid deadline will not be eligible for consideration and will be returned to the sender.
Details
Certified Funds To Bid : $25,000
Buyer's Premium (Buyer's Fee) : 6% of the bid price
In Cooperation With : PRUSA
Order Bidder's Information Packet
A Bidder's Information Packet is required to bid. The packet includes auction and property information, title report, environmental reports, survey, real estate tax bill, local information, auction purchase and sale agreement, auction deposit agreement, and terms of sale.
Bidder's Information Packets are available in PDF format for $30.00. To order your Packet click on the link below and download the Bidder's Information Packet Orde
Contact Us
Fine & Company LLC
Michael A.Fine, CCIM, CAI, AARE
Illinois, United States
312-852-8523
michael@fineandcompany.com
Other Information
Broker Participation : Buyer's Agent participation is invited!
A 2% referral fee will be paid to th REALTOR®/Broker whose registered buyer closes on this property. Please refer to the Buyer Broker registration requirements in the Terms of Sale. Seller has provided a variable commission rate.
Licensing : Fine & Company LLC, Licensed Illinois Broker
Terms Of Sale : This auction is being conducted subject to the Terms of Sale and Purchase and Sales Agreement contained in the Bidder's Information Packet.
Disclaimer : The Seller, Broker, and Auctioneer and their agents assume no liability for inaccuracies, errors, or omissions in the auction marketing materials, including the Bidder's Information Packet. All square footage, dimensions, real estate taxes, and common area fees, if any, are approximate. All materials are subject to inspection and verification by all parties relying on them. This offering is subject to prior sale and may be withdrawn, modified, or cancelled without notice at any time. This is not a solicitation or offering to residents of any state where this offering is prohibited by law.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap status, familial status or national origin or any other classes under state or local law or intention to make any such preference, limitation, or discrimination.