Posted Mar 25, 2024, 7:00 PM
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Join Date: Sep 2002
Location: Chicago
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https://www.chicagobusiness.com/comm...sidential-site
Former South Loop church site pitched as redevelopment opportunity
By Rachel Herzog
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A Chicago-area megachurch has put its shuttered South Loop campus up for sale, teeing up the site for a redevelopment play that could include hundreds of residential units.
Willow Creek Community Church ceased operations in February at its downtown location and has hired real estate brokerage CBRE to sell the property at 1319-1347 S. State St. While the one-acre site holds a low-slung building that includes offices, day care space and a 730-seat auditorium, prospective buyers are most likely eyeing the site for its proximity to a planned megaproject, The 78, and its potential for denser development.
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The site's zoning allows up to 200 residential units, and CBRE’s marketing materials play up the opportunity for a buyer to take advantage of the city’s Neighborhood Opportunity Bonus program. Doing that would let the buyer pay into a city fund and build up to 503 residential units.
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