Listed by Strauss Realty
$18,000,000
3278-80 Milwaukee
Details
Property Type Retail, Land
Sub Type Commercial
Square Footage 142,789
Acreage 3.280
Zoning B3-1
Retail | 142,789 SF
Marketing description
Incredible development opportunity in avondale! Belmont triangle site – approx. 3.28 acres parcel for sale – at belmont ave, milwaukee avenue and pulaski road.
Strauss realty, ltd. Is proud to offer a rare opportunity to redevelop a substantial, 3.28 acre contiguous site in the heart of avondale – bordered by pulaski road (20k vpd), belmont avenue (16k vpd), and milwaukee avenue (17k vpd). This prominent parcel is ideally suited for a higher-density, mixed-use development that could include residential units, a grocery store, restaurants, bars, entertainment venues, or even a lifestyle center with community-focused retail. Formerly home to industrial buildings, small businesses, and auto-related uses, the site is now largely vacant – creating a noticeable gap in avondale’s commercial landscape. Recognizing its potential, the previous alderman supported zoning changes to allow for four- to five-story buildings, signaling readiness for revitalization. There is strong community support for redevelopment, with the shared goal of transforming the “belmont triangle” into a vibrant, mixed-use destination that reflects the neighborhood’s character and needs. A 2022 survey revealed that most respondents access the site by walking or driving, and expressed strong interest in open spaces along with dining and retail options. In 2022, the department of planning and redevelopment designed three schemes (see brochure). As nearby neighborhoods like logan square and bucktown continue to rise in cost, avondale is becoming an increasingly attractive alternative for residents and investors alike. Demand for both residential and commercial uses remains strong, positioning this site for significant returns.
Investment highlights
- The site offers outstanding accessibility and exposure, with easy access to transportation including i-90/94, the belmont blue line station, and the irving park metra station.
- Great traffic counts- pulaski road sees 20,200 vehicles per day, belmont avenue sees 16,000 vehicles per day, and milwaukee avenue sees 17,500 vehicles per day.
- The surrounding neighborhood features a mix of community assets such as schools, churches, and a range of active retail establishments, reinforcing the site’s potential for impactful mixed-use development.
- Nearby tenants include walgreens, bp gas, cvs, las islas marias, hr block,at&t store, mcdonald’s, pnc bank, shops, laundry and dining.
- Development incentives include etod, nof, tif, lihtc, federal subsidies grants and loans, cook county tax incentives for class 7a, 7b and l properties.
- The population within 1 mile is 44,014 with 17,021 households and average household income of $97,116.
Listing Contacts
Listed by Strauss Realty
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