2622 W NORTH
Chicago, IL 60647
Property Type: Land/Building FOR SALE
City of Chicago Land Sales
Use: Mixed-Use 1 affordable rental unit required
* Offers may be below or above the asking price.
The properties will be sold in as-is condition without warranty. Sales will be all cash, and the City will not offer the purchaser financial assistance of any kind. The sale will be made by quitclaim deed. All offers must be accompanied by a 10% good faith deposit payable to the City of Chicago and include a brief description of the intended use.
Property information, listing sheets and bidding instructions can be obtained from Cushman and Wakefield website https://cushwake.box.com/v/citylandsales
The City of Chicago reserves the right to reject any and all proposals and to waive any informalities in the submission. The City further reserves the right, but shall have no obligation, to extend the bid date, seek clarification of any element of a bid, and negotiate with any of the responsive bidders subsequent to the due date. The sale will not be final until approved by council action, published in the Journal of Council Proceedings, and signed by the Mayor. It is the responsibility of the offeror that his or her offer is received by Cushman and Wakefield on or before the designated time.
The City of Chicago represented by Cushman & Wakefield offers this outstanding development parcel for sale. Zoned B3-2 offers a wide range of development opportunities.
Affordable Housing Requirement: - Affordability period will be 15 years. - Affordability level will be 80% AMI. New tenants will qualify at that level but their income will be allowed to rise up to 120% AMI. Once income exceeds that amount - then the landlord will either not renew that lease or convert another unit to affordable occupancy. - Rent levels will be set by the annual HUD rental sheet. - Affordable units must be indistinguishable from the market units in terms of type/size and comparable in interior finishes. - DPD will certify tenant incomes for new applicants and then annually thereafter.
Zoning Designation: B3-2
• Land owned by the City of Chicago
• PIN 13-36-428-031
• Zoned B3-2
• Near Humboldt Boulevard
• Affordable housing requirement
• Short walk to Damen and Western Blue Line Stations
• Near Wicker Park and Humboldt Park neighborhoods
• Blocks from Humboldt Park