10-22 West Erie Street
As-Of-Right DX-5 Development Site | River North
Marketing description
Greenstone Partners, as the Exclusive Investment Advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in 10-22 West Erie Street (the “Property” or “Investment”), a premier urban infill development site in Chicago’s River North neighborhood. The Property consists of four contiguous parcels totaling 13,940 square feet of land along West Erie Street. The two western parcels combine for ±6,904 square feet of vacant land; 14 West Erie includes ±2,940 square feet of land and is improved with a vacant three-story, ±5,298-square-foot orange-rated building; and 10-12 West Erie adds ±4,084 square feet of vacant land to the east.
The Property is zoned DX-5, allowing for as-of-right high-density mixed-use development. This zoning provides a clear path to redevelopment and avoids the time and uncertainty associated with a zoning approval process. Notably, the development would not require on-site affordable housing under the Affordable Requirement Ordinance (ARO).
Located just steps from Michigan Avenue and the Magnificent Mile, the Property is surrounded by River North’s dense concentration of residential towers, hotels, acclaimed restaurants, nightlife, and destination retail. River North continues to attract strong investment and tenant demand as one of Chicago’s premier live-work-play environments, driven by its central location, affluent demographics, and proximity to major employment hubs, while the broader downtown market remains supported by limited new housing supply, reinforcing the long-term appeal of well-located development opportunities in core urban neighborhoods.
The Property also benefits from exceptional connectivity and daily convenience, with walkable access to the Chicago Avenue CTA Red Line station, multiple bus routes, and immediate access to the Kennedy Expressway and Lake Shore Drive, providing seamless connectivity throughout the city and greater region.
Investment highlights
- Premier River North Location
The Property sits just off the corner of Erie Street and State Street, three blocks from Chicago’s Magnificent Mile, in the heart of River North - one of the city’s most dynamic live-work-play neighborhoods. Surrounded by acclaimed dining, nightlife, and boutique retail, the area offers a dense, walkable, amenity-rich environment with seamless access to both everyday conveniences and destination experiences.
- Limited Supply of Housing
Downtown Chicago’s multifamily market remains fundamentally constrained. Class A occupancy has held strong at 95.1%, while rents grew 8.6% year-over-year as of Q4 2025, according to Integra Realty Resources. At the same time, new supply remains historically limited, with just 149 units delivered in 2025 and approximately 800 units expected in2026. Together, these dynamics highlight a continued imbalance between constrained supply and sustained demand for high-quality urban housing.
- Ideal DX-5 Zoning for As-of-Right Development
The Property is located in a Downtown Mixed-Use (DX) zone with an existing 5:1 Floor Area Ratio as of right. DX-5 zoning allows most uses including multi-family, office and retail. The Property presents a highly desirable as-of-right development opportunity, helping to avoid lengthy zoning approval timelines. Additionally, the Property is located in a transit-served location due to its proximity to the CTA Red Line station at Chicago Avenue.
- Proximity to Transit
The Property is located just two blocks south of the CTA Red Line ‘L’ station at Chicago Avenue, which sees more than 2.5 million passengers annually. CTA bus routes #22, #36, #65, and #66 run within three blocks of the Property, ensuring access to all parts of Chicago. The Property is also within 0.5 miles of the Kennedy Expressway on-ramp and Lake ShoreDrive. WalkScore.com awarded the Property a perfect score (100/100) for Walkability and Transit and deemed it to be Very Bikeable (84/100).
- Strong Neighborhood Dynamics
The Property is positioned just south of One Chicago, the $850 million mega-development comprised of 795 apartments, 75 condominiums, 50,000 square feet of office, a Whole Foods, and a Lifetime Fitness. Other recent projects in River North include 311 W. Huron, a 16-story, 153,000 square foot office development; The Leo, a 168-unit multifamily development; Hugo, a 227-unit multifamily development; and Margaux, a 14-story luxury condominium development.
- Superior Demographics
The Property benefits from its location in River North, an affluent and bustling neighborhood home to professionals of all ages seeking proximity to work and nightlife. The Property has a 1-mile population of 138,702, average household income of $156,000+, and a median home value of $545,000+. 83% of residents within 1-mile possess a bachelor’s degree or higher.
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