What is the asking price for 7.11 Acre Chicago MSA Development Site | 150 Residential Units & 17,000 SF Retail Previously Approved | 18K VPD?

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What is the total size of 7.11 Acre Chicago MSA Development Site | 150 Residential Units & 17,000 SF Retail Previously Approved | 18K VPD?

The total area of 7.11 Acre Chicago MSA Development Site | 150 Residential Units & 17,000 SF Retail Previously Approved | 18K VPD is 7.11 Acres.

How many parking spaces are available at 7.11 Acre Chicago MSA Development Site | 150 Residential Units & 17,000 SF Retail Previously Approved | 18K VPD?

Parking information for the property isn't currently listed. However, other nearby parking options include Pace Bus I-90 & IL-25 Park-n-Ride, located 1.32 miles away , and Parking St. John's Lutheran Church, which is 1.44 miles away.

880 Summit Street, Elgin, IL 60120

For Sale Contact for pricing
Property Type Land
Property Size 309,711.6 SF
Lot Size 7.11 Acre
Date Updated Aug 24, 2026

Description

Starting Bid $200,000

Auctioneer: Scott Bowers

Auctioneer Company: c/o Fisher Auction Company Inc.

Auctioneer License: 40000273

±7.11-Acre Infill Development Opportunity: Site sits approximately 35 miles northwest of Chicago in an established suburban growth market.
Prior Mixed-Use Plan Creates Head Start: Approvals contemplated ±150 residences, ±17,000 SF of commercial space, and 312 parking spaces.
High-Visibility East Elgin Corridor Access: Full ingress and egress from Summit Street and Waverly Drive serve traffic exceeding 18,000 VPD.
National Retail Anchors Surround the Site: Jewel-Osco, ALDI, Walgreens, Dunkin’, Taco Bell, Chase, and other daily-needs users sit nearby.
Tight Apartment Market Signals Strong Demand: Vacancy measured just 1.8% in Feb. 2026; five-mile population totals ±181,580 with $111,408 AHHI.
Flexible PAB Zoning with Utilities in Place: Sewer, stormwater, and gas service are available, supporting a range of future mixed-use concepts.

Brokered by Marcus & Millichap and powered by RealINSIGHT Marketplace, the Property is a ±7.11-acre infill development site along Summit Street in Elgin, Illinois (the “Property”). The four-parcel site is zoned PAB – Planned Area Business, supporting planned commercial and mixed-use development. Prior plans contemplated approximately 150 residential units, ±17,000 square feet of retail space, and 312 parking spaces, offering a strong foundation for a buyer to revisit a mixed-use strategy, subject to updated approvals and due diligence. The Property benefits from prominent frontage, full ingress/egress, available utilities, and proximity to established retail, dining, medical, service, and daily-needs users. Approximately 181,580 residents with an average household income of $111,408 live within 5 miles. Located about 35 miles northwest of Chicago with access to I-90 and the broader Fox Valley employment base, the site is well positioned for multifamily, retail, service-commercial, or mixed-use redevelopment in the Chicago MSA.