Active
17 E Main Street
Lake Zurich IL, 60047
$2,000,000
$85.03 per sqft
Active
0.54 Acres
Land
Courtesy of Coldwell Banker Commercial NRT
Seller financing available! Prime real estate potential development opportunity on the corner of Main St and Old Rand Rd in the heart of downtown Lake Zurich, IL. Located at two main crossroads of the rapidly redeveloping Main Street Commercial District, this zoned B-2 and .5 (21,780SF) of an acre redevelopment opportunity Is located in the TIF district where a developer can work hand in hand with the village of Lake Zurich to develop some type of mixed-use property or residential living development. The site currently has three buildings (which can be sold separately) located on the property, two retail structures and one house. The property offers 59' feet of frontage on Main Street and 260' feet on old Rand Road with 17,000 vehicles per day passing through the intersection while located at a four-way intersection. The property has four Pin#s:1420102010,1420102008,1420102004,1420201003 addresses 17 E. Main St, 44 S. Old Rand Rd, 36 S. Old Rand Rd & 20 S. Old Rand Rd. A RESOURCE GUIDE TO TAX INCREMENT FINANCING (TIF) What Is TIF? Tax Increment Financing (TIF) is a program that allocates future increases in property taxes from a designated area, or TIF district, to pay for improvements within that area. In Illinois, the TIF district can remain in place for up to 23 years after its creation. The district can be extended for another 12 years, but an extension requires an act of the state legislature. Other states' laws regarding TIF vary, but the key principles are similar across the country.
11784067
MLSⓇ ID
May 14, 2023
Listed
May 9, 2024
Updated
Map
17 E Main Street
Lake Zurich IL, 60047
Exterior/Building Features
Lot Size
0.54 Acres
School Information
School District
95
Other Property Details
Area Name
Hawthorn Woods / Lake Zurich / Kildeer / Long Grove
Taxes
$19,188
Tax Frequency
Annually
Days on Market
126
Garage
No
Parking Total
0
View
No
County
Lake
Municipality
Ela
Pool
No
Zoning
COMMR
Buyer Agency Compensation
2%( MINUS $495.00)
Courtesy of Coldwell Banker Commercial NRT, Paul Proano,
Listing Contact: 312-860-4043
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Data last updated 6:35 AM UTC, 5/9/2024