180 Smith St Palatine, IL 60067

This exceptional 1-acre property in downtown Palatine, Illinois, presents a unique redevelopment opportunity. Currently housing a 21,500 square foot building encompassing a bar/restaurant with a full kitchen, a 7,000 square foot entertainment venue with a mezzanine and rooftop deck, and a 2,500 square foot bank with a drive-thru, the site boasts significant existing infrastructure. Previously approved plans allow for a new six-story mixed-use building, featuring approximately 52 residential units (a mix of two-bedroom/two-bath and two-bedroom-plus-den/two-bath units) on floors two through six. The ground floor will offer approximately 9,900 square feet of commercial space, divisible to suit various tenants. The development also includes a rooftop residential amenity deck with an enclosed area, terraces, and elevator access. The existing building includes approximately 1,250 square feet of covered patio space and 42 surface parking spaces. Located across from the Palatine train station, this property is situated within a transit-oriented development area, meeting all parking requirements. The asking price is $3,250,000, with a price per square foot of $151.16. This prime location in a thriving commercial area offers significant potential for investors and developers seeking a high-return mixed-use project in a vibrant community. The permitted zoning is P.