Rehab Opportunity Near 79th and Halsted
No Longer Available For Sale
839 W. 79th St.
Chicago, Illinois
55,890 SF
Redevelopment Project
The Details
- 55,890 SF former office building
- Four stories plus full basement
- Building Zoning: RM-5
- Adjacent parking lots
- Land Zoning: B1-2
- 42 spaces in west lot
- 12 spaces in east lot
- Land Area: 0.69 acre or 29,932 SF
- 265 feet of frontage on 79th St.
- Part of 79th Street Corridor TIF
- Taxes (2013): $24,787
Built in 1926, this four-story former office building features two adjoining parking lots. The building is situated on a rectangular parcel with 265 feet of frontage on 79th St.
As part of the 79th St. Corridor TIF, this property will benefit from reduced taxes through 2021. The building portion was rezoned to RM-5, multi-family residential, providing an opportunity to redevelop and repurpose this investment. Under the current zoning, this property may be used as a school, daycare facility, as well as an assisted or senior living facility. It can also be converted into a multi-family building containing up to 56 apartments. Alternatively, it may be possible to have the building rezoned for commercial use.