Chicago Redevelopment/Adaptive Reuse Opportunity
161 East Grand | Rare Redevelopment and Adaptive Reuse Opportunity | Heart of Chicago’s Streetervill
Marketing description
Colliers is pleased to present 161 East Grand Avenue, a rare redevelopment and adaptive reuse opportunity in the heart of Chicago’s Streeterville neighborhood. Located just off North Michigan Avenue and within close proximity to Navy Pier, the Chicago River, and the Loop, the property offers premier visibility, exceptional connectivity, and a highly desirable location within one of the city’s most established and affluent urban submarkets.
The property is currently improved with an approximately 45,148-square-foot brick office building, including a raised basement, situated on a 9,902-square-foot parcel. Originally built in 1924 and extensively renovated, the building provides meaningful near-term functionality while also presenting substantial long-term redevelopment potential.
DX-12 by-right zoning supports a wide range of uses at the underwritten density. Up-Zoning to achieve a 16+ FAR represents buyer-pursued upside, subject to confirmation with city zoning approval and processes.
Supported by strong surrounding demand drivers, immediate access to transit and major transportation corridors, and healthy downtown multifamily fundamentals, 161 East Grand Avenue offers investors and developers a unique opportunity to acquire a strategically located asset with both current utility and compelling future upside.
Investment highlights
Streeterville Hard-Corner Position
45,148 SF brick office building with raised basement. The land parcel measuring 9,902 SF has extraordinary visibility on a hard corner and tremendous accessibility in an established, desirable, and affluent community. Two-street frontage offering 99 feet on Grand and 100 feet on St. Clair for branding visibility in one of Chicago’s most walkable submarkets.
Clear path for Redevelopment, Free of Encumbrances
The owner-occupant plans on vacating at closing which will enable the property to be immediately re-tenanted for retail, experiential, or creative office uses.
DX-12 Zoning with Density Optionality
Downtown Mixed-Use base zoning supporting residential, hospitality, retail, office, medical, and adaptive reuse programs. Approximately 118,824 SF as-of-right buildable area at FAR 12, with higher-density capacity available to a planned development and cooperation with the City of Chicago Zoning Board.
Adaptive Reuse
The property is an orange-rated 1924 built masonry property previously used as a recording studio and as creative office. It has many timber-loft features and includes four full floors and a +/- 5000 SF finished English basement with two existing full-service kitchens.
Core North Michigan Avenue / Streeterville Location
Situated within one of Chicago’s most established submarkets, defined by sustained residential demand, ongoing institutional investment, and consistent walkability. Streeterville combines residential, medical, retail, hospitality, and lakefront recreational density in a way that few Chicago submarkets approach.
Walkable to Chicago’s Top Demand Drivers
Within a five to ten minute walk of Northwestern Medicine’s downtown medical campus, the Magnificent Mile retail corridor, the Riverwalk, Navy Pier, hotels, cultural institutions, and the dense Streeterville residential population. Highly walkable, transit-served, and convenient to both Lake Shore Drive and the Loop.
Positioned for the North Michigan Avenue Recovery
Submarket retail vacancy has compressed from cyclical peaks, residential rent growth has sustained, and institutional capital continues to deploy along the corridor. A limited near-term residential delivery pipeline supports lease-up timing for new completions.
Multiple Value-Creation Pathways
The site’s scale, two-street frontage, finished lower level, and flexible floor plates support a range of potential outcomes including residential redevelopment, experiential activation, medical and life science, hospitality, members club, creative office, and adaptive reuse strategies.
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