ACO Brokers Sale of Former People’s Gas Site for $8 Million

This content was originally posted on The Real Deal on September 6, 2023.  To view the original post, click here.

Nonprofit serving Asian Americans buys Bridgeport development site for $8M 

Plans to build a mixed-use campus to serve the growing Asian American population.

A vacant development site in the Bridgeport neighborhood is poised for a major transformation that will serve Chicago’s growing Asian American population.  

The Chinese American Service League recently bought the property at 3000-3052 South Pitney Court for $8 million, with plans to turn the 5.2-acre lot into a mixed-use campus that includes affordable senior housing, an early child-care center and a commercial kitchen for senior meals and culinary training programs, Crain’s reported. 

In addition, the development is slated for a community center with sports programs, meeting space and outdoor garden space along the south branch of the Chicago River.

The property, once home to a Peoples Gas manufacturing plant more than a century ago, has undergone extensive environmental remediation over the past 15 years.

ACO Commercial brokers George Toscas and Linda Hattar marketed the property on behalf of the seller, St. Louis-based Soho Investments. The firm had paid $1 million in 2008 for the option to purchase the site from People’s Gas, then Soho forked over $3.7 million more to buy the site in 2021 once environmental remediation had taken place.

The large-scale project plan also highlights the heavy influx of Asian American residents in Chicago.

“The (Asian American-Pacific Islander) community is the fastest-growing population, especially along the I-55 corridor, and the data continues to show us that more and more members of our communities in Chicago and the surrounding areas need more access to support and services,” CASL’s Brandi Adams told the outlet. 

CASL’s purchase follows a “generous gift” it received from the Sue Ling Gin Foundation, the philanthropic trust of the late Chicago businesswoman and Flying Food Group founder. To move forward with the project, CASL will need City Council’s approval to rezone the property from light industrial.

In January, 11th Ward Ald. Nicole Lee wrote a letter in support of the project, calling it the “largest, most comprehensive development for a social service agency in Chicago.”