River North Re-development Opportunity

Chicago's River North neighborhood is the city's most popular area to live, work, and play. Located steps from the Loop CBD, River North is home to tens of thousands of high-income residents who take advantage of the neighborhood's proximity to shopping, restaurants, nightlife, and culture. Home to Chicago's massive Merchandise Mart, the neighborhood is one of the major centers for design and home furnishings in the US, and boasts the largest concentration of art galleries in the US outside of Manhattan. It is home to many existing and planned large developments, restaurants, nightclubs, and hotels, in addition to housing many companies of varied industries, including Salesforce, Motorola Mobility, Conagra, Grainger, Medline, Yelp, & Kirkland and Ellis, to name but a few. It boasts some of the most popular and well- known restaurants in the US including Bavette's, Asador Bastian, Chicago Cut Steakhouse, Gene and Georgetti's, Frontera Grill/ Topolobampo, three RPM-branded venues, and so many more. It's conveniently located to all highways and mass transportation, as well as many other vibrant neighboring Chicago neighborhoods.Positioned in the heart of River North, 219 W Erie Street offers a 7,500 SF land site with existing DX-5 zoning, allowing for an approximately 37,500 SF development without any zoning relief. Erie Street frontage and two adjoining alleys create three open sides, offering flexibility for building access, light, and air in a future design. The walkable location near dining, retail, employment, and transit supports potential multifamily or hospitality development with street-level retail, subject to a buyer's design and zoning review. The approximately 8,200 SF existing building is the current long- time home of Kozy Bike Shop and was once the home of "Walter Payton's America's Bar". It features a bow-truss roof and skylights that could anchor a distinctive restaurant, retail, gallery, or other adaptive reuse concept. The property sits in a Transit Oriented Development (TOD zone, allowing for substantially decreased or eliminated parking requirements for new residential development. The DX-5 zoning also has a low Minimum Lot Area (MLA) of land required per unit of only 200 SF, which provides for substantial development flexibility.