Highlights
Land Size: 15,142 SF
Frontage: 145.18 FT
Depth: 104.30 FT
Zoning: B1-2
Real Estate Taxes: $30,703
Potential for TOD redevelopment
Located across from the Illinois Medical District at the entrance to the Little Italy neighborhood
Within 4 minute walk to Pink Line CTA station
Accessible to public transportation located less than two miles west of Chicago’s downtown loop
Description
Jameson Commercial is pleased to bring to market this 15,141 land site. The property is ideal for redevelopment, adaptive reuse of the current space or as a restaurant. The building is currently the home of the iconic “Pompei Italian Restaurant”, one of Chicago’s oldest and most beloved Italian eateries. The site is a prime location just across Ashland Ave from the Illinois Medical District and at the entrance to Little Italy on Taylor Street. The property was built in 2000, it includes the Pompei restaurant plus a 2nd story 3,700 SF “owner’s apartment” with an outside patio, 2-car garage, elevator access and views of the Chicago skyline.
The Illinois Medical District (IMD) is the largest concentration of healthcare institutions in the state, and is a major contributor to the city, state, and regional economy. It provides an estimated $3.4 billion in economic impact annually. Four major healthcare institutions anchor the District, and are supported by a growing number of small educational, not-for-profit, and community health organizations. Together, these core institutions of the IMD have 2,200 hospital beds (Illinois Department of Public Health, 2013). The four core medical institutions are: University of Illinois Hospital & Health Sciences System• John H. Stroger Jr. Hospital of Cook County• Rush University Medical Center• Jesse Brown Veterans Affairs Medical Center. The
District has a unique mix of uses and the most diverse patient population in the country. This diversity sets the stage for important research and healthcare innovation. More than 700 clinical trials and 500 National Institutes of Health funded principal investigator grants take place in the District every year. In addition, the District serves as a hub for higher education, including two major medical universities which enroll over 9,000 students - University of Illinois College of Medicine at Chicago and the Rush University Medical College. The District is a significant economic development resource for the region and is recognized for the following unique characteristics:
• Nation’s largest urban medical district
• Statewide hub for biotechnology
• Provides incubation for approximately for approximately 30 emerging technology-based companies.
Due to its proximity to the both IMD and U of I Medical at Chicago, the Little Italy neighborhood has been a popular neighborhood for the institutions’ employees. Little Italy’s diverse neighborhood is typically younger when compared to the city as a whole, with a median age of 28.
The subject property is located just a 4 minute walk to a CTA Pink line train stop. We believe it to have excellent potential for redevelopment as a TOD. As such, ownership will consider offers conditional on rezoning for a multi residential mixed use development or any medical related use.
Location
The site is a prime location just across Ashland Ave from the Illinois Medical District and at the entrance to Little Italy on Taylor Street. Due to its proximity to the both IMD and U of I Medical at Chicago, the Little Italy neighborhood has been a popular neighborhood for the institutions’ employees. Little Italy’s diverse neighborhood is typically younger when compared to the city as a whole, with a median age of 28.
