12.18.19
RE Journals: Mixed-use Gold Coast property hits the market
Kiser Group and Zacuto Group are marketing 56 E. Chicago Avenue for sale. Located between Chicago’s Gold Coast and River North neighborhoods, 56 E. Chicago Avenue is positioned near the Magnificent Mile, at the intersection of Chicago Avenue and Rush Street. The six-story, mixed-use building is being marketed unpriced and features 25 residential units and three commercial retail spaces with frontage along Chicago Avenue. The property is zoned DX-12 and is vacant.
“The location of this property makes it a once-in-a-generation opportunity to acquire a building with unique architectural details at the intersection of Gold Coast and River North,” said Jake Zacuto, Zacuto Group. Zacuto Group’s Jake Zacuto and Connor Sears are co-listing agents with Kiser Group’s Lee Kiser and Jake Parker.
“The site has interesting development potential given the zoning, location and assemblage possibilities,” said Lee Kiser, Kiser Group’s principal and managing broker. “This acquisition will be challenging for a developer, as are most projects in the heart of Chicago. Additional layers of complexity are added given the potential scale of the development, the historical designations involved, air rights that might enter the equation and probable changes coming to the Affordable Requirements Ordinance. We’re excited to bring our expertise to this effort as Zacuto Group’s Chicago partner.”