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Opportunity Zone Building in Chicago's Motor O PP O RTU N I TY ZO N E B U I L D I N G I N C H I CAG O' S M OTO R R OW 2 3 2 9 S M I C H I G A N AV E , C H I C AG O, I L 6 0 6 1 6 O F F M A R K E T O F F I C E B U I L D I N G F O R S A L E MIKUS KINS BE COMMERCIAL 312.925.8013 3352 N Sheffield Ave. | Chicago, IL [email protected] 60657 773.234.3363 | berealtygroup.com O F F M A R K E T O P P O R T U N I T Y Z O N E I N C H I C A G O ' S M O T O R R O W 2 3 2 9 S M I C H I G A N A V E , C H I C A G O , I L 6 0 6 1 6 OFFERING SUMMARY PROPERTY OVERVIEW Sale Price: $2,490,000 OFF MARKET – CONFIDENTIAL: Rare opportunity to purchase this historic Holabird & Roche designed three story building. Originally built in 1909 for the Quality Car Building Size: 15,240 SF Company, this building served as a showroom for the Premier and Moline car brands in Available SF: Chicago’s booming Motor Row. This 15,240 SF building is located in a designated opportunity zone and a Chicago TIF district. The building was parally renovated in 2008 Lot Size: 5,577 SF with a new front and rear stairwell and a new passenger elevator. The first floor is built out Price / SF: $163.39 as a physician’s office with a 5-car heated garage located in the rear. The second and third floors have 15-foot ceilings and are wide open raw spaces with bright and expansive floor Year Built: 1909 to ceiling windows overlooking Michigan Avenue. The rear of the building sll has the old Renovated: 2007 automove elevator that brought cars down to the glamorous showroom from the second Zoning: DS-5 and third floors. The building also had a new roof installed in 2019. Located in the heart of the Motor Row and McCormick Place Entertainment District, the building is zoned DS-5 Market: South Chicago “Downtown Service District” and the permied business uses are extensive. The zoning Submarket: Motor Row also allows for a F.A.R. of 5 which translates into a permissible building size of almost 28,000 SF. Potenal opon to build up and add an impressive roof deck with stunning Traffic Count: 18,000+ views overlooking Downtown, the Lake and McCormick Place. This is a perfect investment for an opportunity zone fund and needs “substanal improvement” and upgrades to make it a remarkable fixture in this hot and rapidly evolving neighborhood. Do not miss this opportunity to purchase arguably one of the best opportunity zone properes available in the country. MIKUS KINS BE COMMERCIAL 312.925.8013 3352 N Sheffield Ave. | Chicago, IL [email protected] 60657 773.234.3363 | berealtygroup.com C H I CA G O' S N E W E N T E R TA I N M E N T D I S T R I C T 2 3 2 9 S M I C H I G A N A V E , C H I C A G O , I L 6 0 6 1 6 LOCATION DESCRIPTION - MOTOR ROW The Motor Row District is a historic district in Chicago's South Loop. Motor Row includes historic buildings on Michigan Avenue just South of Cermak, directly west of McCormick Place convenon center and the new 10,000+ seat Wintrust Arena home of the DePaul Blue Demons and the WNBA. The district was built between 1905 and 1936 by a number of notable architects. At Chicago Motor Row's peak, as many as 116 different makes of automobiles were sold and repaired on the street. Recently the City of Chicago designated the strip for redevelopment as a new entertainment and dining district in McCormick Place area. The former Motor Row showrooms of Ford, Buick, Fiat, Cadillac, Hudson, Locomobile, Premiere and Marmon are being redeveloped into theater, restaurant, bar, nightclub, hotel and retail storefronts. The area also boasts several new major hotels including The Chicago Marrio Marquis, The McCormick Hiltons (3 hotels), Hya Regency McCormick Center. Several more bouque hotel projects are in the planning stage including FBRK (Fabric) which is being developed by former Chicago Bears stars Israel Idonije and Julius Peppers at the former Hudson Motor Building at 2222 S. Michigan Ave. They plan to turn that five-story building into a co-working and technology incubator with a gym, barbershop, four residenal units, a member only club, roof top pool and a 109-room bouque hotel all slated to open in 2021. MIKUS KINS BE COMMERCIAL 312.925.8013 3352 N Sheffield Ave. | Chicago, IL [email protected] 60657 773.234.3363 | berealtygroup.com A P P R OVE D S T R E E T R E D E VE LO P M E N T P L A N S 2 3 2 9 S M I C H I G A N A V E , C H I C A G O , I L 6 0 6 1 6 CHICAGO DEPARTMENT OF TRANSPORTATION MICHIGAN AVENUE STREETSCAPE PLANS – CERMAK ROAD TO 24TH PLACE PROJECT GOALS •Widen sidewalks to improve walk-ability and increase opportunies for outdoor dining •Add site furniture and landscaping to create a welcoming streetscape •Add idenfiers to create a sense of place and enhance the historic Motor Row District •Increase safety in the area by reducing crossing distances and encouraging lower driving speeds PROJECT DESCRIPTION The proposed streetscape design is intended to enhance the identy of the Motor Row Historic District and improve the pedestrian experience in the area. • Road Diet Design narrowing Michigan Ave to 3 lanes • Streetscape Improvements (Michigan Ave): – New widened sidewalks – Upgraded lighng with light pole idenfiers – Gateway idenfiers – Paver parkways – New curb, guer and street repaving – Catch basin upgrades/replacement – Trees and tree grates – Hanging baskets on light poles – ADA ramps – Site furniture – New crosswalks • Decorave parkway pavers on 23rd St (State to Wabash) IDOT approved road diet with the following requirements: – 53’ road width minimum to handle future traffic and potenal detour needs – Trees and light poles located 4’ clear from curb – 5 lanes at Cermak Road and 24th Place maintained for intersecon capacity • Road diet provides: – 13.5’ wide sidewalks (increase of 5.5’) – 2 travel lanes, center turn lane, and parking on both sides MIKUS KINS BE COMMERCIAL 312.925.8013 3352 N Sheffield Ave. | Chicago, IL [email protected] 60657 773.234.3363 | berealtygroup.com PR E M I E R AUTO M OT IVE A N D M OTO R R OW 2 3 2 9 S M I C H I G A N A V E , C H I C A G O , I L 6 0 6 1 6 PREMIER AND QUALITY CAR COMPANY 2329 S Michigan Ave was built in 1909 for the Quality Car Company. The building served as a showroom for Quality Car Co. to display the Premier and Moline car brands in Chicago’s booming Motor Row. The Premier Motor Manufacturing Company was founded in 1903 by George A. Weidely and Harold O. Smith in Indianapolis, Indiana. The company was known for building automobiles with air-cooled engines. Quality Car Company selected 2329 S Michigan Ave for their showroom as the area had become the perfect zone for dealerships. Aer the Chicago Fire in 1871, the street was re- zoned as a Boulevard which caused a building boom of large homes and wide paved streets and alleys. In fact, the Boulevard was coined one of the best paved streets in Chicago in 1891 and was known as the best automobile course in any city in the country. Soon, automobile dealers from all over the City used the Boulevard as the best place to test cars. The Motor Row Boulevard remained Chicago's largest concentraon of automobile and specialty showrooms unl aer World War II. A 1933 city guidebook sll referred to Michigan Avenue south of 18th Street as “Automobile Row,” nong that lining either side of the street “are the salesrooms of virtually all American and many foreign motor cars.” CHICAGO EXAMINER, SUNDAY, FEBRUARY 6, 1910 “Passing Twenty-third street one comes to a big bunch of important agencies and branch concerns. The first of these is the store and building of the Quality Car Co., which handles the Premier and Moline in Chicago. This company has the whole building at 2329 Michigan avenue. It is a beauful building, although the showroom is small, affording only space enough to display four cars. It has a big garage and storeroom in the rear and above stairs and does a lively business.” MIKUS KINS BE COMMERCIAL 312.925.8013 3352 N Sheffield Ave. | Chicago, IL [email protected] 60657 773.234.3363 | berealtygroup.com HOLABIRD & ROCHE 2 3 2 9 S M I C H I G A N A V E , C H I C A G O , I L 6 0 6 1 6 CHICAGO SCHOOL OF ARCHITECTURE The firm was founded in 1881 by William Holabird and Marn Roche who met while working under William LeBaron Jenny, the “father of the modern skyscraper.” Holabird and Roche were instrumental in the development of the Chicago School of Architecture.
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