Nate Gautsche represented the buyer in the acquisition of 2635 S Wabash Ave on the border of the South Loop and Bronzeville for $3,498,000. This 96,000 SF, four-story building sits on a 38,000 SF lot that includes a fenced and gated 40 car parking lot. The site is strategically located at the hub of Interstate Highways I-55, I-90, I-94 and Lake Shore Drive.
The immediate area is experiencing a substantial amount of development and investment. The site is four blocks away from the 50 acre former Michael Reese Hospital site that received Chicago City Council approval for a $3.8 billion mixed-use development which includes a 500,000 SF ARC Innovation Center, retail space, community center, mixed income senior housing and a new park in Phase 1.
The site is also adjacent to the City Council Approved Surge Esports Venue. The $30 million project will span 108,000 SF on two floors that will accommodate up to 1,040 ticketed capacity. This site will house an esports arena and become a virtual reality hangout working in partnership with the Illinois Institute of Technology to launch the Bronzeville Esports League.
Built in 1910, this property has an interesting history being first built for the White Motor Car Company and subsequently used by “Chicago’s Taxi Cab King.”
“This was a great opportunity to purchase a large property in the path of progress on Chicago’s near south side,” says Nate Gautsche. “The close proximity to McCormick Place, Illinois Institute of Technology, Bronzeville Lakefront and Surge Esports Venue all made this a desirable project for my client. I’m excited to see what comes next for this site and the immediate area over the next few years.”
Please reach out to Nate or more information on this transaction.