PREMIER INFILL DEVELOPMENT OPPORTUNITY ON CENTRAL STREET
Exceptional commercial land parcel located on North Evanston’s highly desirable Central Street commercial corridor. Measuring approximately 30' × 140' (~4,200 SF), this rectangular infill site offers a streamlined path for a ground-up mixed-use boutique development.
ZONING & DEVELOPMENT HIGHLIGHTS:
Zoning: B1a Business District with Central Street Subarea 5 (Mixed-Use B) Overlay Guidelines.
Density & Capacity: Base 2.0 Floor Area Ratio (FAR) allowing up to ~8,400 buildable GSF.
Height & Setbacks: 3-story / 40-foot max height envelope with 0-foot side yard setback potential to maximize street frontage.
Feasibility Concept: Ideal configuration for ~2,600 SF of ground-floor retail/commercial space paired with upper-story luxury residential apartments.
Access & Parking: Serviced by direct rear public alley access providing off-street parking layout options with potential Transit-Oriented Development (TOD) parking reductions.
EXISTING IMPROVEMENTS & SITE CONDITIONS: Includes an existing 495 SF standalone storefront structure offering immediate functional use or holding income during entitlement/permitting. Site is fully serviced with municipal utilities and confirmed free of asbestos. Sold AS-IS.
THE NORTHWEST EVANSTON LOCATION PROFILE
1. High-Net-Worth Trade Area & Built-In Rent Roll Support
Exceptional Disposable Income: The surrounding North Evanston trade area boasts a median household income exceeding $160,000 and single-family home values averaging between $750,000 and $1M.
High Quality-of-Life Community: Supported by top-rated public schools (Willard Elementary, Haven Middle, Evanston Twp High School) and immediate proximity to local parks and golf courses, ensuring consistent demand for luxury residential rentals and premium local retail.
2. Major Institutional Foot-Traffic Drivers & Business Ecosystem
Key Institutional Anchors
Endeavor Health Evanston Hospital: 0.7–0.8 miles east at Central St. & Ridge Ave. (~15-minute walk / 2-minute drive) Employs thousands of healthcare professionals, specialists, and support staff, generating a daily, round-the-clock customer base for fast-casual dining, coffee, boutique services, and nearby housing.
Ryan Field / Northwestern University Athletic Corridor: 1.3 miles east (~22-minute walk / 4-minute drive) Home to Welsh-Ryan Arena and the state-of-the-art new Ryan Field stadium project. The athletic campus drives multi-season regional traffic from collegiate football, basketball, concerts, and university events.
Vibrant "Village Main Street" & Active Business Support
Boutique Ecosystem: Central Street is defined by an eclectic mix of independent shops, artisan bakeries, and upscale dining options.
SSA Protection: Managed under local Special Service Area (SSA) frameworks that fund continuous streetscape improvements, seasonal decorations, marketing, and community events to sustain high commercial property values.
Active Business District: The Central Street Business Association actively promotes the corridor through neighborhood events (Sidewalk Sales, Holiday Strolls, Takeout Picnics), keeping customer footfall consistent year-round.
Multi-Modal Transit Hub
Central Street Metra UP-N Station: 1.2 miles east at 1601 Central St. (~20-minute walk / 4-minute drive)
Ridership: Average weekday ridership of ~500 to 700 boardings/alightings per day.
Commuter Profile: One of the highest-performing suburban stations along the UP-North Line, driven heavily by commuters working in downtown Chicago (~25-minute train ride) and hospital professionals traveling into Evanston.
CTA & Micro-Mobility: Steps from local CTA bus lines, Purple Line connections, and bike-share hubs, offering true transit-oriented connectivity.
Local Schools & Family Anchors
Willard Elementary & Neighborhood Schools: Located within walking distance (Willard Elementary is ~0.2 miles away), creating consistent morning drop-off and afternoon pick-up foot traffic from neighborhood families and educators.
Haven Middle School & Evanston Township High School (ETHS): Nearby secondary schools feed regular student, teacher, and parent traffic through the North Evanston corridor.
Community & Recreational Destinations
Canal Shores Golf Course & Park System: Runs along the North Shore Channel nearby, attracting golfers, runners, dog walkers, and outdoor enthusiasts year-round.
Ladd Arboretum & Canal Trails: Popular greenway destinations nearby that draw local residents for weekend and evening recreation.
3. Quantified Corridor Exposure & Traffic Metrics
Positioning a brand or residential development on Central Street guarantees immediate, continuous visual exposure:
Traffic & Metric Category Volume / Statistic
Baseline Daily Vehicular Traffic (ADT) 10,500 – 15,100+ Vehicles per Day
Commuter Peak Hours Flow 12% ADT (Morning & Evening Rush Traffic)
Big Ten Stadium Game Day Influx 35,000+ Fans & Commuters along Central St. Corridor
Welsh-Ryan Arena Event Capacity ~7,000 Attendees per Basketball / Volleyball Event
Daily Medical Facility Footprint ~3,000+ Employees & Visitors at Evanston Hospital
Metra Commuter Rail Proximity 0.3 Miles (5-minute walk to Central St. Station)
Vehicular Exposure: Over 10,000 to 15,000 vehicles pass the site daily.
Foot Traffic Spikes: Major game days and arena events channel 35,000+ visitors down Central Street from Metra and transit lines, delivering high foot-traffic exposure for ground-floor commercial tenants.
4. Strategic Value Creation Pathways
Path A: For the Boutique Developer
Concept: Construct a 3-story mixed-use building consisting of ~2,600 SF ground-floor commercial space and four high-end 2BD/2BA apartments.
Value Drivers: Capitalize on North Evanston's tight rental inventory and strong demand from medical professionals, university faculty, and transit commuters.
Path B: For the Commercial Buy-and-Hold Investor
Concept: Collect interim holding rent on the existing 495 SF brick storefront while securing site approvals, architectural plans, and commercial pre-leases.
Value Drivers: Low pre-construction carrying costs with long-term land appreciation along a high-demand North Shore main street.
Path C: For the Owner-User / Flagship Operator
Concept: Construct a customized flagship retail, restaurant, medical, or professional office suite on the ground floor while producing passive rental income from the upper-story residential units.
Value Drivers: Establish a permanent presence on an active streetscape with built-in customer traffic, while residential cash flows offset property debt.
PJ Dhawan
Baird & Warner
