Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Large Lots Program Expands on South, West Sides
More than 3,200 vacant city-owned lots on Chicago’s South and West Sides are now available for purchase for $1. The lots are available through the seventh round of Chicago’s Large Lots program, created in 2015. To date, more than 1,240 lots have been sold through the program.
“With the continuing expansion of the Large Lots program in local neighborhoods, an increasing number of property owners are helping to rebuild their communities one lot at a time,” Planning and Development Commissioner David Reifman said.
To qualify as a buyer, an applicant must own property on the same block and have no outstanding debts to the city. City lots proposed for purchase must be vacant and zoned for residential. The lots were acquired by the city primarily through property tax and demolition liens.
Eligible Chicago property owners can acquire up to two parcels, which are sold as-is through a quit claim deed.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
