CBRE has been retained by ownership to list a 60,948-square-foot (1.39 acre) land site at the corner of North Avenue and Elston Avenue in Chicago’s North Branch Corridor. Keely Polczynski of CBRE will represent ownership in the listing.
Currently, the site is occupied by long-time neighborhood grocer Stanley’s Fresh Fruit and Vegetables at 1558 N. Elston. A popular, family-owned produce market that opened 1967, ownership has decided to exit the market and take advantage of the surging development demand in the area.
“This is a prime corner in one of the fastest-developing markets in the city,” said Polczynski. “We have seen this kind of activity and interest in areas like Fulton Market in recent years and it’s clear that development is now pushing north along the river into Lincoln Park. This is an excellent opportunity for developers to enter this market and be at the forefront of the city’s next big development wave. As zoning changes are taking place in the market, this site would be able to support an excellent mixed-use property.”
The property is located one block west from Kennedy Expressway and approximately 1.2 miles north of the loop, in one of the most popular residential neighborhoods in Chicago, Lincoln Park. Its access to major transportation modes—such as the Metra Clybourn Station, which is a half mile north, the North and Clybourn CTA, and the Kennedy Expressway—provide a significant amount of exposure to commuters traveling into and out of downtown Chicago. The vehicular traffic totals for this intersection are 52,300 and 276,600 along the Kennedy Expressway, one block west.
Other major projects have launched in the area in recent years, including the mixed-use NEWCITY project, and several mega-developments are planned, such as the proposed River District and Lincoln Yards projects.
The latter is a 70-acre planned development along the Chicago River that will link Lincoln Park and Bucktown. The developer, Sterling Bay, plans a 20,000-seat United League soccer stadium, a year-round entertainment district and the potential for 12 million square feet of both commercial and residential buildings.