Request for Offer

32,524 Building rsf · 15,681 parking lot sf · four stories · Zoned rm-5, b2-3, and b3-2

1431 West Taylor Street- Commercial Building
Built in 2003 and costing in excess of $12M to construct, this four-story (plus lower level) commercial building was built to suit the National Italian American Sports Hall of Fame (NIASH).   Prior to closing of this property sale, the NIASH will vacate the premises entirely.  The property is approximately 32,524 rentable square feet with approximately 8,100 square feet floor plate sizes.  Each floor has well configured layouts consisting of two stairwells, 1 passenger elevator, 1 freight elevator, and a dramatic spiral staircase leading from the lower level to the third level of the building.  The stairwells and elevators are all located along the perimeter of each floor keeping an open spacious layout on each level.  The property has been impeccably maintained through the years, as the quality of construction and current condition will easily be seen when walking through building.  Considering the strong immediate economic drivers nearby (health system and university) and immediate area population, the offering presents multiple adaptive re-use strategies for investors and owner-users alike.  Purchasers will also be pleased to see the dramatic ceiling heights on every floor including in the lower level, which was originally designed to serve as a theatre venue but never was never fully finished. The top floor penthouse opens up to a large terrace area outlooking to Chicago’s city skyline.  In recent years, the property has become a popular destination for banquet and wedding reception events.   


Parking Lot- Development Opportunity
The parking lot located behind the commercial building is 15,681 square feet (0.36 acres) and poised for a residential development similar to the other projects recently completed on the street. The land site has multiple parcels with varying zoning densities and requirements. These include B2-3, RM-5 and B3-2, however, surrounding zoning on Filmore is RM-5. The current zoning allows for a developer to execute on a myriad of business models, which include: single family, condos, mixed use and/or residential rentals. 

 

Investment Highlights

• Four-Story Commercial Showroom Building | Delivered Vacant at Sale | Adaptive Re-Use Offering
• 2003 Construction | Extensively Built with High End Finishes | $12M+ Invested into Building to Complete
• Rooftop Terrace | Dramatic City Skyline Views | Popular Banquet and Wedding Reception Venue
• Open Space Floor Layouts | 18’ Ceiling Heights | 16’ in Lower Level | Luxurious Spiral Staircase from LL to 3rd Floor
• Taylor Street Retail Corridor | Ample Amenities and Attractions all Within Walking Distance
• 30,000+ Student Population | University of Illinois at Chicago
• Three Blocks from Illinois Medical District | Largest Urban Medical District in the US
• Additional Land Development Component | 15,681 SQFT in Rear of Property | RM-5 Zoning