Typically dominated by single family homes and condominiums, Chicago’s Multiple Listing Service (MLS) occasionally yields unexpected commercial redevelopment opportunities. Take for example this 70,000-square-foot lot located just south of Goose Island on the east bank of the Chicago River at 1100 N. Kingsbury Street. Once home to a U-Haul rental truck lot, this property is a stone’s throw from the tech offices at 600 W. Chicago and directly north a townhouse development. While the river’s north branch was previously dominated by heavy industry, its recent emergence as the Chicago’s next great frontier for recreation, residential development, and innovative businesses has caught the attention of developers.
Though the parcel is currently zoned M3-3 — restricting use to heavy manufacturing, warehouses, and junkyards — the current owner is willing to accept an offer contingent on obtaining a zoning change. The property is also faces the challenge of being situated directly west of a large electrical substation and is bisected by high tension power lines. Yet, despite these obstacles, it wouldn’t be too surprising to see the site and its 500 feet of uninterrupted river frontage sell at or near its asking price of $14 million. Stay tuned.