Rare redevelopment opportunity in the heart of Downtown Chicago. 314-316 S. Federal Street is a historic 1912 asset spanning 17,500 total square feet across seven 2,500-square-foot floors, plus a fully built-out, usable 2,500-square-foot lower level. Positioned steps from LaSalle Street in the Financial District and adjacent to Jackson and Dearborn CTA transit hubs (Blue, Brown, Orange, Pink, and Purple lines), this location offers unmatched regional connectivity with rapid access to I-290, I-90/94, and DuSable Lake Shore Drive. The property's versatile 2,500-square-foot floor plates present an exceptional baseline for a wide array of adaptive reuse concepts. Capitalizing on the historic character and proven success of boutique lodging in the Loop, the building is perfectly suited for transformation into an exclusive private members club, a boutique hotel, or a vibrant youth hostel. Creative enterprises can leverage the structured floor plans and subterranean space for high-end music recording studios or media production facilities. Alternatively, the building translates seamlessly into a modern corporate headquarters, creative office environment, or collaborative coworking space. A vertical mixed-use strategy offers endless possibilities for ultimate activation. The high-foot-traffic ground floor and lower level provide an ideal setting for a destination restaurant, flagship bar, or boutique retail storefront-building on the proven success of the long-running restaurant that previously occupied the space. Upper levels can be converted into high-end private residences or multi-family units, capped by exclusive top-floor owner's penthouse suites. Further enhancing its investment profile, the property carries DC-16 zoning, which allows for vertical expansion of up to nine additional stories. Convenience is maximized by direct adjacency to a large public parking garage along the building's south wall. Built in 1912, this historic asset is also a prime candidate for Chicago's Class L Property Tax Incentive, drastically reducing operating costs and maximizing long-term yields.

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Based on information submitted to the MLS GRID as of 2026-09-09 10:00 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Last checked: 2026-09-09 10:00 AM UTC
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