Integra Realty Resources Chicago Market Study

Integra Realty Resources Chicago

Market Study ‐

Evanston Gateway Proposed 26‐Unit Apartment Property 100 Chicago Ave. Evanston, Cook County, Illinois 60202 Client Reference: Evanston Gateway, LLC

Prepared For: Harrington Brown, LLC

Effective Date of the Appraisal: January 2018

IRR ‐ Chicago File Number: 194‐2018‐0045

Evanston Gateway 100 Chicago Ave. Evanston, Illinois

Integra Realty Resources 400 E Randolph Street T 312.565.0977 Chicago Suite 715 F 312.565.3436 Chicago, IL 60601‐7388 www.irr.com

March 9, 2018

Mr. David R. Brown Harrington Brown, LLC 4256 N Ravenswood Ave Chicago, IL 60613

SUBJECT: Market Study Evanston Gateway 100 Chicago Ave. Evanston, Cook County, Illinois 60202 IRR ‐ Chicago File No. 194‐2018‐0045

Dear Mr. Brown:

Integra Realty Resources – Chicago is pleased to submit the accompanying market study of the referenced property.

Information for this report was researched and gathered from property inspections and conversations with brokers, developers, lenders, investors, managers, and leasing agents involved in the Suburban Chicago apartment market. On a quarterly basis since 2005, we have also researched the rental apartment market for Suburban Chicago. This ongoing work, along with our database going back 40+ years, well positions us to analyze and understand market trends specific to the proposed project.

Should you have any questions about this report or desire further consultations as you decide to move forward, please do not hesitate to call us directly.

Mr. David R. Brown

Harrington Brown, LLC March 9, 2018 Page 2

If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service.

Respectfully submitted,

Integra Realty Resources ‐ Chicago

Gail Lissner, SRA, CRE Joyce Marquez Certified General Real Estate Appraiser Certified General Real Estate Appraiser Illinois Certificate # 553.001842 Illinois Certificate # 553.001143 Exp. 09/30/2019 Exp. 09/30/2019 Telephone: 312‐565‐3423 Telephone: 312‐565‐0977 Email: [email protected] Email: [email protected]

Table of Contents

General Information 3 The Subject Property ‐ Recommended Rents Purpose of the Market Study 3 (average) 16 Effective Date 3 The Subject Property ‐ Estimated Absorption 17 Intended Use and User 3 Competition Market Survey Summary and Applicable Requirements 3 Projections for the Subject Units 18 Report Format 3 Development Plans for the Subject Property 22 Prior Services 3 Site Plan 22 Executive Summary and Conclusions 5 Floor Plans 23 Location 5 Architect’s Renderings 27 Recommendations 5 Area Map 29 Surrounding Area Map 30 Analysis and Conclusions 6 Aerial View of Site 31 North Shore Market Area 6 Property Location 6 Suburban Chicago Apartment Market 34 North Shore Rental Market Conditions 7 Market area defined 34 Rogers Park / Uptown Rental Market Survey property profile 35 Conditions 7 Rent Trends & Concessions 35 Renter Profile 7 Occupancy 35 Competition Overview 8 Market Revenue Performance 36 Rental Apartment Pipeline (Proposed and Performance by Property Class 38 Under Construction) 11 Summary of Rent, Occupancy & Concession Trends by Submarket 41 Conclusions Regarding the Subject Property 15 Demand Generators 43 Project Components 15 The Subject Property ‐ Location 15 North Shore Apartment Submarket Overview 46 The Subject Property ‐ Unit Mix 15 Suburban Multi‐Family Housing Supply 49 The Subject Property ‐ Unit Finishes and Demographic Trends – 2018 Statistics 52 Amenities 15 Qualifying Income 55 The Subject Property ‐ Building Amenities 16 The Subject Property ‐ Parking Amenity 16

Evanston Gateway Table of Contents

Rental Competition Survey 56 Existing Competition 56 Rental Competition Summary and Details 62 Lease‐up Absorption Survey 78 Certification 79 Assumptions and Limiting Conditions 81 Addenda A. Appraiser Qualifications

Evanston Gateway General Information 3

General Information

Purpose of the Market Study The purpose of this report is to provide:

 An overview of the Evanston and Chicago’s Rogers Park rental apartment market.  Analysis of the market demand for rental apartment units at the subject location.  Survey and overview of the primary rental apartment competition in the market in terms of current and proposed inventory, unit sizes and mix, amenities and finishes, parking, rent trends, occupancy levels, and absorption rates.  Critique of the proposed rental apartment units including the unit mix, unit sizes, unit finishes and project amenities  Conclusions regarding market rent levels and absorption projections for the proposed units. The rent levels will be projected in current dollars and at the time of occupancy. Effective Date The effective date of the analysis and conclusions is January 2018.

Intended Use and User The addressee on the letter of transmittal is the client and the intended user of this report.

This report is prepared for exclusive use by the addressee for internal planning purposes.

Applicable Requirements This market study is intended to conform to the requirements of the following:

 Uniform Standards of Professional Appraisal Practice (USPAP);  Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute; Report Format This report is prepared under the Appraisal Report option of Standards Rule 2‐2(a) of USPAP.

Prior Services USPAP requires appraisers to disclose to the client any other services they have provided in connection with the subject property in the prior three years, including valuation, consulting, property management, brokerage, or any other services. We have not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three‐year period immediately preceding acceptance of this assignment.

Evanston Gateway General Information 4

Inspection Gail Lissner, SRA, CRE conducted an inspection of the property on January 26, 2018. Joyce Marquez conducted an inspection on January 20, 2018.

Evanston Gateway Executive Summary and Conclusions 5

Executive Summary and Conclusions

Location 100 Chicago Avenue Evanston, Cook County, Illinois 60202 Concept An approximately 26,000 SF site is planned for development with a mixed‐use building that will include first floor retail space, second floor office space and 26 apartment units on Floors 2 to 5. There will be five units on the Floor 2 and seven apartments per floor on Floors 3 to 5. There will be a common roof deck. The subject of this market study is the apartment component only.

The proposed site plan shows 30 outdoor parking spaces towards the north end of the site, with an asphalt paved outdoor garden yard at the middle of the site between the apartment building and the surface parking lot.

The developer proposed unit mix consists of 46% 1BRs that average 756 sf and 54% 2BR/2BA units that average 1,081 sf. The developer proposed overall average unit size is 931 SF.

Recommendations Based upon our analysis of the subject location, the overall development concept, and the suburban rental apartment market, we believe that rental apartments will be marketable at this location.

We conclude that the proposed unit mix and unit sizes are within market parameters and should result in a timely absorption of the 26 apartment units. We concluded net effective rents of approximately $2.13 PSF should be achievable in current dollars, along with surface parking at $100 per space per month. Rent increases have not been projected for the next year due to the significant amount of rental apartment development activity which has been occurring in the market area, with 2% annual increases projected thereafter. Given the small size of the proposed development, we are projecting lease‐up within approximately six months, with the spring/summer months being the strongest leasing period.

Evanston Gateway Analysis and Conclusions 6

Analysis and Conclusions

North Shore Market Area The North Shore submarket is defined by Lake Michigan to the east, the city of Chicago on the south, Interstate 294 to the west and the southern edge of Lake County on the north. Historically, Evanston has been the primary rental market although recent expansion in rental supply has recently been occurring throughout the North Shore market. Property Location The subject property is located on Chicago Avenue at Howard Street within the corporate limits of Evanston. Howard Street is the dividing line between Evanston to the north and Chicago’s Rogers Park community to the south. While technically within Evanston, the subject’s specific location is more characteristic of Chicago’s Rogers Park community than Evanston. Howard Street in Evanston has been undergoing a revival with the addition of new retailers, restaurants, and a theater. The city has been using TIF funds to aid this redevelopment activity and has been successful in generating new commercial developments in this corridor in Evanston. The improvement in the commercial district will have a positive impact on the desirability of the subject location for new rental apartment units. The subject property is rather separated from the residential uses in Evanston. It is immediately east of the Metra rail embankment which runs along its west property line. The Chicago Transit Authority occupies most of the northeast quadrant of Howard Street and Chicago Avenue, extending north to Juneway Terrace. Immediately north of the subject property is a gas station followed by marginal uses along the west side of Chicago Avenue. Residential uses along the Chicago Avenue corridor are about one mile north of the subject property. Evanston’s downtown district is about two miles north. Rogers Park, the northernmost community area of Chicago, has Howard Street as its north boundary. Commercial uses can be found along Howard Street and Clark Street (Chicago Avenue becomes Clark Street south of Howard Street). The 415 Premier Apartment, located at 415 Howard Street, is the most dominant improvement in the subject property’s immediate area. This is a 221‐unit apartment building that was completed in 2008. While within Evanston’s boundaries, the rents are significantly below those being achieved by Evanston properties closer to the downtown district. Although the Metra embankment is immediately west, the closest Metra commuter stations are at Main Street and Chicago Avenue in Evanston (one mile north) and at Touhy Avenue and Ravenswood Avenue in Chicago (about .8 mile south). However, the property offers convenient access to the CTA rail transport. CTA’s Purple, Red and Yellow lines have stops at the Howard Street station at Howard and Paulina, about two blocks east of the subject property, providing excellent service both south to Downtown Chicago and to the north. Overall, this location at the southern edge of Evanston offers good tenant accessibility but lacks a residential ambiance.

Evanston Gateway Analysis and Conclusions 7

North Shore Rental Market Conditions On a quarterly basis, Integra Realty Resources ‐Chicago surveys approximately 300 rental apartment development with 95,000+ units which are located in the suburbs comprising the Chicago Metropolitan Area. This survey comprises all of the Class A rental apartment developments in the suburban market, along with the large number of the Class B and C properties. Occupancies in the entire suburban market currently average 95.4% in the stabilized properties, which is a decline of .7% from one year ago and 1.2% from two years ago. While occupancies have softened, rents have increased market‐wide, up 4.5% from one year ago and up 8.5% from two years ago. In the North Shore market, occupancies in stabilized properties are averaging 93.8%, down 1.7% from one year ago and down 2.4% from two years ago. This is due to the large amount of development activity which has been taking place in this market. Rents have increased though, up 1.7% from one year ago and up 6.3% from two years ago. Currently, rents at the survey properties in the North Shore market are averaging $2.31 PSF, which is significantly above all of the other suburban submarkets. In Evanston, six apartment projects have been completed since 2013 with a total of 1,038 units. The most recent were The Main with 112 units delivered in 2016 and Centrum Evanston which delivered in 2017 with 101 units. Both are still in lease‐up. Another seven projects to contain about 1,500 units are proposed for various sites in Evanston, primarily close to the downtown area. Rogers Park / Uptown Rental Market Conditions With the location on Howard Street at the border of the City of Chicago, the rental condition of the Rogers Park and Uptown market area is relevant in analyzing the subject property’s location. According to Reis Services, LLC, this submarket includes 221 properties with a total of 24,950 rental units. These are primarily older Class C properties; thus, rents are much lower. As of 3Q2017, the average rent is $939, significantly lower than the $1,286 average rent recorded for the entire city of Chicago. The average vacancy however is 4.20%, better than the overall average of 4.47%. REIS Services is projecting vacancy to decline 3.10% by 2019 and rents to increase 3.9% by 2019. At the present time, there are three residential developments under construction in Rogers Park. These include a 111‐unit mixed income, mixed‐use development at Devon Avenue and Sheridan Road that broke ground in November 2018 and is estimated for fall/winter 2019 completion. A two‐story vintage building at 1730 W. Greenleaf is being redeveloped into 30 apartment units. The 3rd project is the 50‐unit new construction project at 1323 W. Morse Avenue. In addition, a five‐story, 38 unit building called the Howard‐Rogers Lofts is planned at 1531 West Howard Street. This development will also contain 2,900 SF of retail space on the first floor. Renter Profile Given the subject property’s size and location at Chicago Avenue and Howard Street in south Evanston, the subject units are expected to attract renters who work and commute to jobs in downtown Chicago, the various neighborhoods served by the CTA rail service, and Evanston. It will also attract those who drive to jobs in the north suburban area but wish to live in a more urban/suburban environment. In particular, it is very convenient for persons who are employed at Presence Saint Frances Hospital on Ridge Avenue in the south section of Evanston.

Evanston Gateway Analysis and Conclusions 8

Persons who are students or employed at local universities will also find that this is a convenient location. With Northwestern University to the north in Evanston and Loyola University to the south in Rogers Park, the subject location is easily accessible via public transportation, although not in walking distance. This property will attract price‐sensitive renters who desire the modern amenities of new construction but at a lower price point than available at other new construction Evanston apartment buildings. Young professionals, either couples or roommates, will be most attracted to the subject property given its location, smaller unit sizes, and new construction features and amenities. In addition, it is expected that the building will also attract some older residents who are downsizing and desire new construction amenities. With the access to public transit, shopping, and retail amenities in the immediate area, this property will also be attractive to empty nesters. In addition, with the garden component of the project, it is also likely that gardening enthusiasts of all ages will be attracted to the building. Competition Overview The following is a summary of the projects in Evanston and Rogers Park which could be considered alternatives to the subject units. These developments consist of mid‐rise buildings that are located from Central Street Evanston on the north to Devon Avenue in Chicago on the south. While rather wide ranging, the survey was expansive due to the lack of truly competitive product in a comparable location. Thus, the wide variety of market alternatives have been presented. A summary of the data is presented below and on the following pages.

Apartment Competition Summary

Subj Evanston Gatew ay 100 Chicago Avenue Evanston 26 A 2019 931

1 415 Premier 415 W. How ard Evanston 221 B 2008 n/a 833 $1.92 $1.92 $115 90.5% 2 1620 Central Street 1620 Central St. Evanston 47 A 2017 n/a 1,105 $2.44 $2.24 $160 Lease-up 3 1717 1717 Ridge Evanston 175 A 2013 n/a 835 $2.72 $2.72 $140 95.4% 4 AMLI at Evanston 737 Chicago Ave. Evanston 195 A 2013 n/a 1,042 $2.14 $2.14 $135 93.8% 5 Central Station 1720 Central St, Evanston 80 A 2013 n/a 965 $2.63 $2.63 $160 95.0% 6 Centrum Evanston 1590 Elmw ood Ave Evanston 101 A 2017 n/a 910 $2.75 $2.53 $85 Lease-up 7 The Main 847 Chicago Ave Evanston 112 A 2016 n/a 889 $2.65 $2.32 $165 Lease-up 8 The Reserve at Evanston 1930 Ridge Ave Evanston 193 A 2003 n/a 839 $2.51 $2.51 $140 94.3% 9 The Morgan at Loyola Station 1209 W. Arthur Chicago 152 A 2009 n/a 848 $2.14 $2.04 $160 93.4% 10 Albion at Loyola Station 1219 W. Albion Chicago 29 A 2014 n/a 1,182 $1.77 $1.77 $100 93.1% 11 Reside on Morse 1340 W. Morse Chicago 110 B 1967 2008 645 $1.78 $1.78 $135 $110 96.4% Total/Weighted Average 1,415 883 $2.31 $2.25 $137 $108 93.8%

Evanston Gateway Analysis and Conclusions 9

(Subject projection shown above in red)

Evanston Gateway Competition Overview 10

Apartment Competition Survey – By Unit Type Competition Survey - By Unit Type # Projects Gross Effective Unit Type Reporting No. of Units % Avg. SF Unit SF Range Avg. Rent PSF Avg. Rent PSF Studio 7 114 8% 511 500 650 $1,297 $2.54 $1,253 $2.45 Convertible 3 57 4% 642 590 666 $1,735 $2.70 $1,735 $2.70 One Bedroom 11 716 51% 769 564 1,237 $1,819 $2.37 $1,782 $2.32 One Bedroom + Den 3 44 3% 943 885 1,023 $1,986 $2.11 $1,986 $2.11 Two Bedroom 12 417 30% 1,124 870 1,869 $2,465 $2.19 $2,391 $2.13 Two Bedroom + Den 1 6 0% 1,305 1,305 1,305 $3,500 $2.68 $3,500 $2.68 Three Bedroom 7 59 4% 1,397 1,185 1,869 $3,801 $2.72 $3,712 $2.66 Total 1,413 100% 881 $2,059 $2.35 $2,011 $2.30

Market Survey Summary Average Unit SF & Avg. Net Effective Rent $4,200 $3,712 $3,700 $3,500

$3,200

$2,700 $2,391

$2,200 $1,986 $1,735 $1,782 $1,700 1,397 $1,253 1,305 1,124 $1,200 943 769 642 $700 511

$200 Studio Convertible One Bedroom One Bedroom Two Bedroom Two Bedroom Three + Den + Den Bedroom

Evanston Gateway Rental Apartment Pipeline (Proposed and Under Construction) 11

Rental Apartment Pipeline (Proposed and Under Construction) In addition to the developments which are currently offering rental apartment units in the area, there are also additional projects which are being proposed for construction in Evanston and in Rogers Park. Some of these projects are known publicly since they have begun the entitlement process, while others are still confidential. Of particular importance to the subject property are the following: Downtown Evanston Projects: Downtown Evanston has very strong and unique demand dynamics due to the Northwestern University campus which abuts its downtown area to the north. Thus, its rental apartment demand is much more robust than other sections of Evanston. In addition, it is serviced by both the Metra train and the CTA train. For persons desiring the amenities of a more urban environment, Evanston is able to provide an excellent choice. While much of its renter profile is university‐related (mostly students, but also some staff and faculty), downtown Evanston has also attracted empty nesters from other north suburban locations along with young professionals who work in the suburbs but want a more urban experience. Thus, the downtown area has experienced the greatest amount of recent apartment development activity and has also been able to achieve the highest rent levels on the North Shore.

1727 Oak: Trammel Crow is proposing a 17 story, 169 unit age‐restricted (55 years+) rental apartment building at 1727 Oak Avenue, adjacent to downtown Evanston. Parking is being proposed at 158 spaces, or a ratio of nearly 1:1. The developer has reported that 1BR rents will be approximately $2,500 and 2BR rents approximately $4,000. This would be an age‐restricted property but will not offer meal service; rather, its amenities would be more centered around building amenities and socialization opportunities for its residents.

1555 Oak: In November 2017, Cameel Halim also proposed converting a building at 1555 Oak to 80‐ 90 rental apartment units. This building too has an excellent location adjacent to downtown Evanston and Northwestern University’s campus.

1621 Chicago: Horizon Realty Group is also proposing a 25‐story, 215 unit rental apartment building known as The Legacy for the site at 1621 Chicago Avenue in downtown Evanston, across the street from the Vermilion site. 149 parking spaces are being proposed, indicating a parking ratio of .7:1. Horizon also owns the adjacent senior living property known as The Merion, which they recently renovated and expanded.

1450‐1508 Sherman: This Downtown site is proposed by Albion Residential for 287 residential units, 185 parking spaces and 9,600 SF of commercial space. This project is currently in the entitlement process and proposed to include the following:

Evanston Gateway Rental Apartment Pipeline (Proposed and Under Construction) 12

1450-1508 Sherman Unit Type No. Units % Avg SF Studio 97 34% 430-515 Convertible 64 22% 625 1BR 35 12% 700 1BR+Den 33 11% 800 2BR/2 56 20% 975-1,200 3BR 2 1% 1,400 Total/Avg 287 100% 726

831 Emerson: In June 2017, the city approved a 242 unit apartment development for the site located at 831 Emerson, just north of Downtown and west of Northwestern’s campus. Focus Development and CA Residential are the developers and will be making a $2.4 million contribution to Evanston’s affordable housing fund as a condition of the zoning. The building will also include 174 parking spaces (.7:1 parking ratio) and 3,300 SF of retail. The mix of units will include the following:

831 Emerson Unit Type No. Units % Avg SF Studio 71 29% 390 1BR 40 17% 575 2BR 93 38% 815 3BR 38 16% 1,153 Total/Avg 242 100% 704 A few years ago, 831 Emerson had been proposed as a student housing‐type development (furnished units) and was not approved. While it is now a conventional apartment development, its likely target market is Northwestern University students and it has very compact unit sizes. In fact, it will reportedly be one of the first buildings in Evanston to offer micro‐sized studio units. It will have good common area amenities overlooking its sun deck and outdoor swimming pool.

824 Noyes: In September 2016, the city approved a 44 unit apartment building for 824 Noyes, located north of Downtown Evanston and west of Northwestern’s campus. While it is in walking distance to the university, it is not situated in Downtown Evanston. This is considered to be a transit‐ oriented development, since it is situated next to a CTA el station. The 4‐story development will also have 35 parking spaces (.8:1 parking ratio) and a mix of studio, 1BR, and 2BR units. There will also be 4 affordable units. Construction began in August 2017.

Evanston Gateway Rental Apartment Pipeline (Proposed and Under Construction) 13

Rogers Park Projects: Concord at Sheridan is a seven‐story development at the northwest corner of Sheridan Road and Devon Avenue that broke ground in November 2017. It is a mixed‐use project that will feature 111 apartments above 30,000 square feet of retail space to be anchored by a Target store. Reportedly, 65 of the project’s residential units will be reserved for CHA’s Property Rental Assistance program while the remainder would be offered at market rate. The project will include 125 below‐ground parking spaces which will serve the Target customers. Completion is said to be in late 2019.

1323 W. Morse: This is under construction. This is an eight‐story project from Tawani Enterprises that will include 50 apartment units and 73 parking spaces. A $30 million construction permit was granted in December 2017. The 1BR and 2BR apartments will range in size from 620 to 1,110 square feet and are expected to rent for between $1,100 and $2,000 a month. Tenant amenities will include a rooftop deck, onsite bicycle facility, and an exercise room. The Morse ‘L’ stop is within walking distance of this property. Reportedly, 23 of the parking spaces will be available for non‐residents. Z Feng Architect & Company designed the building.

Evanston Gateway Rental Apartment Pipeline (Proposed and Under Construction) 14

1730 W. Greenleaf: The 100‐year‐old two‐story building at 1730 W. Greenleaf is being redeveloped and converted into 30 apartment units. A two‐story addition is being built atop the two‐story historic structure, designed to complement the structure’s neoclassical white facade. Located less than 600 feet from the Rogers Park Metra station, the project would be a TOD and will not have any on‐site parking. Three of the 30 apartment units would be offered at an affordable rate, per Chicago ordinance. David Gassman is the developer

1531 West Howard: A five‐story, 38 unit building called the Howard‐Rogers Lofts is planned at 1531 West Howard Street. This development will also contain 2,900 SF of retail space on the first floor. This project is being developed by Jay Johnson of Cornerstone Investment Group.

Evanston Gateway Project Components 15

Conclusions Regarding the Subject Property

Project Components The 26 residential units comprising the subject property will be on Floors 2 to 5 of this mixed‐use development. In addition to the ground floor retail space, the project will also include approximately 2,200 sf of office space on the second floor. The subject of this market study is the rental apartment component.

The Subject Property ‐ Location Based upon our review of the subject location, the rental alternatives which are available in the market, along with the pipeline of rental apartment projects which are currently proposed or under construction, we believe that reasonably priced new construction apartment units would be marketable at the subject location. This is a location which has not experienced any new rental apartment development other than 415 Premier Apartments and could accommodate a small development over a retail ground floor use.

The Subject Property ‐ Unit Mix The developer is proposing a unit mix that will include 12 1BR/1BA units (46%) and 14 2BR/2BA units (54%). There will be three 1BR tiers with unit sizes of between 737 sf and 782 sf. The average is 756 sf. The four 2BR/2BA tiers will range in size from 1,061 sf to 1,122 sf with an average of 1,081 sf.

As is apparent from the detailed competition surveys provided in this report, the majority of the rental apartment units in the market area are comprised of one bedroom and two bedroom units, with few studio/convertible units or three bedroom units in inventory.

Considering the subject property’s location at the southernmost section of Evanston, the overall size of the development with only 26 units and the anticipated tenant profile, along with the new construction finishes and amenities which will be provided in the building, we agree with the developer’s plan on a limited unit mix to include just 1BR and 2BR units. We do not anticipate a studio renter being attracted to this location and do not see any reason to incorporate this unit type in the mix. We also do not expect a family to be attracted to this type of building or location. The location along Howard Street and Chicago Avenue, both busy commercial streets, renders the subject a non‐ pedestrian friendly location. These families typically comprise the market for the larger 3BR floor plans

The Subject Property ‐ Unit Finishes and Amenities Rental apartment buildings in the market are attempting to attract tenants by providing sleek modern residences with the latest design and features. These finishes will include wood‐style vinyl plank flooring or engineered wood flooring throughout the living/bedroom and kitchen areas and porcelain/ceramic tiles in the bathrooms. The kitchens should have good quality cabinets, stainless steel appliances, and quartz or granite countertops with full tile backsplash. The units should have individually controlled heating and air conditioning.

Evanston Gateway The Subject Property ‐ Building Amenities 16

Only the units facing Chicago Avenue, Howard Street (south) and north will have recessed balconies. Tier 01, a 1BR interior tier facing the Metra rail embankment will not have balcony.

The preliminary floor plans provided show kitchen islands with an overhang which can be used as an eating area are also very popular and increase the utility of the kitchen. The units have in‐unit washer and dryer. Walk‐in closets are particularly important for the master bedroom and desirable, if possible, in the secondary bedrooms. The preliminary floor plans show walk‐in closets in all bedrooms.

In the bathrooms, frameless shower doors also have a much more luxurious appearance than the lower cost, frame doors and renters definitely notice the difference. Minor items can also make a big difference. For example, roller blinds are currently more popular than mini blinds and would be a better choice for window treatment.

The Subject Property ‐ Building Amenities The building amenities proposed include a bike storage room on the ground floor and a roof deck. The limited amenity feature is acceptable given the size of the development with only 26 units. It may be advisable to include a small fitness center since this is a very popular amenity. While renters may not necessarily expect to find amenities in a small building, the larger, competing properties will be providing these amenities and they do enhance the market appeal of the property.

The Subject Property ‐ Parking Amenity There will be a surface parking lot at the northern section of the site. There will be no garage parking. It is expected that many of the residents of the building will own a car. Parking demand tends to rise with the number of bedrooms in a unit. However, with its transit‐oriented location, its residents will be able to take public transit and will have less of a need for a car than in a more traditional suburban location.

The Subject Property ‐ Recommended Rents (average) Based upon an analysis of the subject location, a review of the competition in the market, and our proposed unit mix and average sizes, we believe that a small, in‐fill rental apartment development will be marketable at this location at the rents shown below. These rents in current dollars reflect the location and the proposed unit mix and finishes:

IRR Conclusions - January 2018

Est. Avg. Rent Layout Unit Mix SF Range Avg. SF Mo. Rent Range Mo. Rent PSF

1BR/1BA 46% 737 782 756 $1,675 $1,725 $1,700 $2.25 2BR/2BA 54% 1,061 1,122 1,081 $2,100 $2,300 $2,200 $2.04 Total 100% 931 $1,969 $2.13

Evanston Gateway The Subject Property ‐ Estimated Absorption 17

Outdoor parking has been projected at $100/space per month. Due to the amount of new development activity currently taking place in the market area, we are not projecting rent increases for the next year, with 2% annual increases thereafter. The Subject Property ‐ Estimated Absorption Lease‐up is very seasonal, with the majority of the leasing activity occurring during the spring and summer months. Because few people tend to move during the winter months, little absorption typically occurs during November through February. Thus, the timing of the project would be best if completed and ready for occupancy in late winter to take advantage of the strong spring/summer leasing season. Large developments are frequently able to achieve robust leasing activity due to aggressive leasing programs. With the subject property being a small building, it will not have those same advantages and will lease at a slower pace, with lease‐up within approximately six months.

Evanston Gateway Competition Market Survey Summary and Projections for the Subject Units 18

Competition Market Survey Summary and Projections for the Subject Units

Evanston Gateway Competition Market Survey Summary and Projections for the Subject Units 19

Evanston Gateway Competition Market Survey Summary and Projections for the Subject Units 20

Evanston Gateway Competition Market Survey Summary and Projections for the Subject Units 21

Evanston Gateway Site Plan 22

Development Plans for the Subject Property

Site Plan

Evanston Gateway Floor Plans 23

Floor Plans

Evanston Gateway Floor Plans 24

Evanston Gateway Floor Plans 25

Evanston Gateway Floor Plans 26

Evanston Gateway Architect’s Renderings 27

Architect’s Renderings North Building Elevation

South (Howard Street) Building Elevation

Evanston Gateway Architect’s Renderings 28

West Building Elevation

Evanston Gateway Area Map 29

Area Map

Evanston Gateway Surrounding Area Map 30

Surrounding Area Map

Evanston Gateway Aerial View of Site 31

Aerial View of Site

Evanston Gateway 32

View east on Howard Street, subject at left past viaduct

View East on Howard Street ‐ subject at left Subject property facing north

Chicago Avenue facing north ‐ photo taken from Clark View west on Howard Street ‐ subject at right past Street south of Howard Street intersection

Evanston Gateway 33

View south on Chicago Avenue, subject at right Subject property facing southwest

Evanston Gateway Suburban Chicago Apartment Market 34

Suburban Chicago Apartment Market

Market area defined The Suburban Chicago market is defined as including Cook, Lake, McHenry, Kane, Kendall, DuPage and Will counties. Properties located within the city of Chicago are of course excluded from the survey.

Evanston Gateway Suburban Chicago Apartment Market 35

Survey property profile The database for the Suburban Chicago survey includes 300+ complexes with a total of over 95,000 dwelling units indicating an average development size of just over 300 units. Our survey includes virtually every major apartment community developed since 1995 plus older developments (primarily post‐1970) throughout the MSA. The data was gathered by direct contact with on‐site staff and/or ownership.

Rent Trends & Concessions As of 3Q 2017, median net rent per square foot is at $1.45 which is up 4.5 percent from a year ago and accompanied by a drop in occupancy. One bedroom units have a median net rent of $1,185 per month while two bedrooms are at $1,487. Compared to two years ago, net rent growth has amounted to a positive 8.5 percent. We expect rent growth to continue trending upward in the near term for the overall suburban market due to demand fundamentals, occupancy levels and limited new supply in most markets.

Concessions are a marketing tool used to react to current demand without the need for continually adjusting “market” rents. The percent of complexes offering concessions is over 20 which is fairly steady over the last several quarters. The amount of the concession, currently offered at just less than one month per lease year, has been flat over the past two years. Concessions are expected to remain in the market over the next year.

Occupancy As of 3Q 2017, physical occupancy is at 95.4 percent for the entire market – down 700bps from a year ago and 120 bps from two years ago. At just 95+ percent occupancy, the suburban market overall is considered “full” indicating pricing will continue to escalate in spite of the modest amount of new supply being added. We expect occupancy to remain steady in the near term with owners continuing to push rents in spite of the downward trend in occupancy.

Evanston Gateway Suburban Chicago Apartment Market 36

Market Revenue Performance Market revenue performance is a function of the product of net rent and occupancy.

1.40

1.30 Index

1.20

MRP 1.10

1.00

0.90 3q07 1q08 3q08 1q09 3q09 1q10 3q10 1q11 3q11 1q12 3q12 1q13 3q13 1q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17

Market revenue performance for the overall suburban market remains strong. The modest downward trends in the last quarters of the year are seasonal.

New Construction/Projects in Lease‐up There are a number of projects under construction throughout the MSA. Details are presented in the Housing Supply section.

Several of the projects we are tracking are mid‐rise buildings on in‐fill sites rather than traditional walk up complexes. These have been favored in redeveloping downtown areas where transit‐oriented development is needed but the all‐in costs of construction at over $300 per square foot or $300,000+ per unit (wrap product) require fairly high rent levels for project feasibility. Walk up product cost is in the $125,000‐$135,000 per unit range (not including soft costs or land).

In response to the inability to add new product to the market, owners are undertaking renovation projects in order to capitalize on demand for higher end product. Renovations often include replacing cabinetry, counters, fixtures and floor coverings.

Evanston Gateway Suburban Chicago Apartment Market 37

Evanston Gateway Suburban Chicago Apartment Market 38

Performance by Property Class The suburban survey dataset includes has the following characteristics:

Class A Class B Class C Distribution (Units) 25% 35% 40% Median Year Build 2006 1987 1972 Median Unit Size 975 884 839 Average Complex Size 257 342 311

Property Classes are generally defined as follow: Class A ‐ Newer properties that have generally been constructed since the early 1990s. Amenities often include open layout floor plans, 9 foot ceilings, in‐unit washer and dryer, high quality cabinetry and potentially granite counters and stainless‐steel appliances. Some communities have direct entry garages. The complex typically has a clubhouse, fitness center and swimming pool.

Class B ‐ Typically constructed in the 1980s but may include older product that has been significantly renovated. Amenities often include open layout floor plans, 8 foot ceilings, in‐unit washer and dryer, good quality cabinetry and laminate counters. The complex typically has a clubhouse, fitness center and swimming pool.

Class C ‐Typically constructed in the 1970s with limited renovations, if any. Units typically have older style floor plans (such as galley style, closed kitchens), average quality cabinetry and laminate counters. The complex may have a clubhouse and swimming pool but the quality is generally average. Laundry facilities are typically limited to a laundry room in the complex.

Evanston Gateway Suburban Chicago Apartment Market 39

Net Rent PSF by Property Class $1.80 $1.70 $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 Class A Class B Class C $0.80 2004.4 2005.3 2006.2 2007.1 2007.4 2008.3 2009.2 2010.1 2010.4 2011.3 2012.2 2013.1 2013.4 2014.3 2015.2 2016.1 2016.4 2017.3

There was a clear bifurcation in performance by property class in 2010 with gains in net rent achieved primarily in the Class A and B markets while Class C properties lagged. The Class C market turned in 2011 with product gaining momentum primarily due to the rising cost of A and B product. On a year over year basis, rents psf increased 3.1%, 3.2% and 2.8% for A, B and C product respectively. The monthly “chunk” rent spread is shown below. Class A product chunk pricing averages a 23.6% premium over B and B product is 21.5% over C.

Monthly Rent by Property Class $1,800

$1,600

$1,400

$1,200

$1,000

$800 Class A Class B Class C $600 2004.4 2005.3 2006.2 2007.1 2007.4 2008.3 2009.2 2010.1 2010.4 2011.3 2012.2 2013.1 2013.4 2014.3 2015.2 2016.1 2016.4 2017.3

Evanston Gateway Suburban Chicago Apartment Market 40

After tracking fairly consistent for years, a 100 basis point spread in occupancy between A/B versus C product emerged in 2010 and continued through 2Q13. Starting in 3Q13 the spread moved back to traditional patterns. Occupancy for all classes declined in 4Q15 in part due to seasonality of the rental market but strengthened in 1Q16. The 3Q16 numbers showed another dip in the market which continued into 1Q17. The trend reversed in 2Q17.

Occupancy by Property Class

98.0%

96.0%

94.0%

92.0%

90.0%

88.0% Class A Class B Class C 86.0% 2004.4 2005.3 2006.2 2007.1 2007.4 2008.3 2009.2 2010.1 2010.4 2011.3 2012.2 2013.1 2013.4 2014.3 2015.2 2016.1 2016.4 2017.3

Evanston Gateway Suburban Chicago Apartment Market 41

Summary of Rent, Occupancy & Concession Trends by Submarket The following trends by submarket are based on our quarterly survey of over 95,000 units. Detailed analysis of the data is contained within the submarket reports.

Net Rent PSF by Submarket

Submarket 3q134q131q142q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q17Y/Y Chng2 Yr Chng Cook NW $1.30 $1.31 $1.32 $1.33 $1.35 $1.36 $1.38 $1.41 $1.43 $1.41 $1.46 $1.49 $1.46 $1.46 $1.50 $1.50 $1.50 2.5% 4.3% Cook South $1.17 $1.17 $1.17 $1.17 $1.20 $1.21 $1.21 $1.23 $1.23 $1.19 $1.22 $1.27 $1.27 $1.25 $1.29 $1.30 $1.30 2.8% 6.3% DuPage $1.23 $1.23 $1.24 $1.26 $1.25 $1.28 $1.31 $1.32 $1.31 $1.31 $1.34 $1.37 $1.37 $1.36 $1.40 $1.42 $1.38 1.2% 5.9% Kane/Kendall $1.16 $1.16 $1.15 $1.17 $1.17 $1.18 $1.20 $1.22 $1.22 $1.23 $1.26 $1.27 $1.29 $1.27 $1.29 $1.29 $1.30 0.7% 6.1% Lake $1.30 $1.32 $1.31 $1.34 $1.39 $1.36 $1.40 $1.49 $1.46 $1.45 $1.44 $1.48 $1.47 $1.43 $1.48 $1.54 $1.53 4.1% 4.7% McHenry $1.07 $1.01 $1.01 $1.03 $1.01 $1.04 $1.08 $1.08 $1.07 $1.09 $1.12 $1.13 $1.13 $1.13 $1.13 $1.13 $1.13 0.3% 6.1% Naperville/Aurora $1.26 $1.26 $1.26 $1.28 $1.29 $1.30 $1.35 $1.35 $1.35 $1.38 $1.41 $1.44 $1.41 $1.43 $1.47 $1.47 $1.49 6.0% 10.2% North Shore $2.22 $2.11 $2.06 $2.20 $2.19 $2.19 $2.16 $2.16 $2.17 $2.13 $2.18 $2.19 $2.27 $2.22 $2.20 $2.40 $2.31 1.7% 6.3% Waukegan/Gurnee $1.05 $1.06 $1.08 $1.03 $1.09 $1.05 $1.05 $1.04 $1.07 $1.06 $1.10 $1.12 $1.12 $1.09 $1.11 $1.15 $1.16 3.7% 8.3% Will $1.16 $1.15 $1.14 $1.15 $1.15 $1.20 $1.22 $1.25 $1.27 $1.20 $1.23 $1.23 $1.28 $1.28 $1.30 $1.34 $1.32 2.6% 3.7% All Suburban $1.23 $1.23 $1.24 $1.25 $1.27 $1.29 $1.32 $1.34 $1.33 $1.34 $1.39 $1.41 $1.38 $1.39 $1.44 $1.45 $1.45 4.5% 8.5% Note: Quarterly net rent values are rounded for display purposes but not for Yr/Yr Change calculations.

One Bedroom Median Rent by Submarket

Submarket 3q134q131q142q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q17Y/Y Chng2 Yr Chng Cook NW $1,016 $1,052 $1,035 $1,086 $1,093 $1,098 $1,125 $1,131 $1,127 $1,131 $1,183 $1,207 $1,150 $1,187 $1,211 $1,212 $1,191 3.5% 5.6% Cook South $810 $830 $843 $877 $877 $872 $893 $908 $908 $919 $930 $1,010 $990 $955 $978 $1,006 $1,044 5.5% 15.1% DuPage $975 $975 $972 $1,020 $1,027 $1,013 $1,039 $1,059 $1,037 $1,036 $1,089 $1,105 $1,100 $1,086 $1,111 $1,148 $1,124 2.2% 8.4% Kane/Kendall $863 $875 $879 $908 $908 $930 $908 $885 $885 $910 $967 $930 $942 $949 $1,000 $981 $981 4.2% 10.9% Lake $1,020 $1,043 $1,138 $1,132 $1,177 $1,155 $1,142 $1,153 $1,134 $1,143 $1,148 $1,199 $1,182 $1,115 $1,176 $1,273 $1,244 5.3% 9.7% McHenry $829 $793 $813 $804 $794 $818 $831 $835 $835 $866 $877 $885 $885 $885 $884 $874 $890 0.6% 6.6% Naperville/Aurora $1,081 $1,077 $1,094 $1,136 $1,123 $1,151 $1,162 $1,203 $1,203 $1,188 $1,251 $1,249 $1,240 $1,259 $1,252 $1,283 $1,320 6.4% 9.7% North Shore $1,750 $1,739 $1,754 $1,829 $1,752 $1,725 $1,782 $1,776 $1,728 $1,701 $1,754 $1,842 $1,858 $1,828 $1,799 $1,922 $1,894 1.9% 9.6% Waukegan/Gurnee $763 $795 $840 $823 $843 $839 $854 $812 $825 $823 $820 $845 $812 $790 $798 $810 $825 1.6% 0.0% Will $900 $795 $803 $804 $887 $970 $935 $978 $993 $965 $1,015 $1,015 $1,035 $1,008 $1,050 $1,050 $1,050 1.4% 5.8% All Suburban $991 $998 $998 $1,033 $1,040 $1,049 $1,085 $1,104 $1,100 $1,084 $1,131 $1,162 $1,142 $1,135 $1,188 $1,209 $1,185 3.8% 7.8% Note: Quarterly net rent values are rounded for display purposes but not for Yr/Yr Change calculations.

Two Bedroom Median Rent by Submarket

Submarket 3q134q131q142q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q17Y/Y Chng2 Yr Chng Cook NW $1,255 $1,280 $1,271 $1,281 $1,275 $1,278 $1,334 $1,343 $1,340 $1,348 $1,394 $1,408 $1,375 $1,390 $1,419 $1,446 $1,400 1.8% 4.5% Cook South $1,148 $1,148 $1,143 $1,143 $1,148 $1,148 $1,158 $1,168 $1,168 $1,168 $1,193 $1,210 $1,210 $1,202 $1,278 $1,279 $1,280 5.8% 9.6% DuPage $1,260 $1,245 $1,228 $1,276 $1,230 $1,278 $1,293 $1,278 $1,309 $1,305 $1,340 $1,374 $1,355 $1,315 $1,385 $1,430 $1,396 3.0% 6.6% Kane/Kendall $1,096 $1,075 $1,102 $1,089 $1,116 $1,184 $1,185 $1,225 $1,250 $1,183 $1,270 $1,363 $1,246 $1,246 $1,288 $1,345 $1,337 7.3% 7.0% Lake $1,184 $1,206 $1,298 $1,273 $1,308 $1,416 $1,292 $1,441 $1,405 $1,406 $1,420 $1,412 $1,381 $1,396 $1,404 $1,441 $1,466 6.2% 4.3% McHenry $956 $933 $963 $963 $963 $942 $958 $980 $980 $988 $1,010 $1,003 $990 $995 $1,010 $1,025 $1,038 4.8% 5.9% Naperville/Aurora $1,286 $1,281 $1,325 $1,344 $1,321 $1,330 $1,389 $1,408 $1,407 $1,418 $1,429 $1,445 $1,432 $1,435 $1,479 $1,491 $1,516 5.9% 7.7% North Shore $2,529 $2,466 $2,550 $2,657 $2,405 $2,518 $2,603 $2,625 $2,522 $2,441 $2,603 $2,533 $2,481 $2,446 $2,465 $2,675 $2,623 5.7% 4.0% Waukegan/Gurnee $918 $938 $968 $988 $1,007 $1,015 $988 $990 $988 $1,003 $1,008 $1,035 $1,040 $1,000 $1,030 $1,063 $1,084 4.2% 9.7% Will $1,029 $1,001 $1,051 $986 $993 $1,034 $1,080 $1,099 $1,155 $1,099 $1,125 $1,116 $1,180 $1,185 $1,200 $1,206 $1,181 0.1% 2.2% All Suburban $1,214 $1,221 $1,225 $1,225 $1,230 $1,261 $1,306 $1,318 $1,321 $1,314 $1,364 $1,368 $1,355 $1,357 $1,400 $1,432 $1,407 3.9% 6.5% Note: Quarterly net rent values are rounded for display purposes but not for Yr/Yr Change calculations. © 2017 Integra Realty Resources - Chicago

Evanston Gateway Suburban Chicago Apartment Market 42

Occupancy by Submarket

Submarket 3q13 4q13 1q14 2q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Y/Y Chng 2 Yr Chng Cook NW 96.1 95.5 95.8 95.5 96.6 95.8 96.9 96.9 97.3 95.1 96.0 97.2 96.0 95.4 94.1 95.2 95.3 -0.7% -2.1% Cook South 93.0 93.8 94.5 94.5 95.3 95.0 95.1 96.4 96.5 95.5 96.1 96.9 96.9 95.9 94.9 95.8 96.3 -0.6% -0.2% DuPage 95.5 95.0 94.8 95.1 95.8 95.3 96.1 96.3 96.6 95.3 96.7 97.2 96.1 95.7 94.4 95.4 95.5 -0.5% -1.1% Kane/Kendalll 93.9 93.8 95.0 94.6 95.2 95.0 96.3 95.7 95.8 96.0 96.7 97.6 96.4 95.2 95.1 96.2 96.1 -0.3% 0.2% Lake 95.1 97.6 97.7 96.3 96.9 96.9 97.7 98.3 98.0 96.6 97.0 97.5 96.9 95.5 95.0 95.5 95.3 -1.6% -2.7% McHenry 96.6 95.4 95.4 95.5 95.3 95.3 96.1 96.4 96.1 95.4 96.2 97.9 96.1 95.6 93.9 95.1 96.4 0.3% 0.4% Naperville/Aurora 94.6 96.0 95.5 95.8 96.0 96.1 97.1 97.6 96.9 96.0 96.4 97.1 95.1 95.0 94.4 95.6 94.8 -0.3% -2.1% North Shore 96.4 94.1 94.6 91.9 94.8 95.3 96.8 96.4 96.1 94.2 95.4 95.7 95.4 93.8 92.9 94.6 93.8 -1.7% -2.4% Waukegan/Gurnee 96.5 95.5 96.4 95.3 95.4 94.6 95.6 95.8 96.0 95.2 96.5 96.6 96.8 96.9 95.8 96.0 95.9 -0.9% -0.2% Will 94.9 93.5 94.2 95.4 95.4 94.7 95.4 95.6 96.4 94.1 95.4 96.1 96.5 95.5 96.7 96.9 96.6 0.1% 0.2% All Suburban 95.2 95.1 95.4 95.2 95.9 95.3 96.3 96.7 96.7 95.4 96.3 97.1 96.1 95.3 94.5 95.5 95.4 -0.7% -1.2% Note: Quarterly occupancy values are rounded for display purposes but not for Yr/Yr Change calculations.

Concessions by Submarket

Submarket 3q13 4q13 1q14 2q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Y/Y Chng Cook NW 5.5 5.5 5.5 4.0 4.5 5.4 6.1 6.0 2.5 5.9 7.7 6.2 6.3 7.7 5.6 7.7 7.7 23.0% Cook South 4.2 8.3 8.0 8.0 5.9 6.1 5.9 4.8 7.7 5.0 7.7 8.0 7.7 8.0 8.0 7.7 7.7 0.0% DuPage 7.7 7.7 7.7 7.7 8.3 7.7 7.7 7.7 7.7 7.7 8.0 8.3 7.7 7.7 7.7 6.7 8.3 8.3% Kane/Kendalll 5.0 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 6.7 7.7 8.3 4.7 8.3 25.0% Lake 8.3 8.3 8.3 8.3 7.2 7.2 8.3 5.6 2.8 8.0 7.1 7.2 8.3 7.6 7.6 6.2 6.2 -25.3% McHenry 7.7 5.7 8.5 8.3 6.2 5.0 6.0 0.0 0.0 0.0 5.1 0.0 0.0 0.0 0.0 0.0 0.0 n/a Naperville/Aurora 4.2 8.7 7.8 8.3 1.7 8.6 4.2 7.5 8.0 5.5 3.5 4.3 6.0 8.3 3.2 6.3 5.4 -9.9% North Shore 4.5 6.4 4.8 8.3 8.3 6.0 4.2 8.3 4.7 8.3 8.3 8.3 8.2 8.0 7.7 8.3 7.4 -9.8% Waukegan/Gurnee 4.3 8.3 8.3 5.6 8.3 8.3 8.3 8.3 8.3 7.3 5.5 8.3 6.0 7.5 8.3 8.3 8.2 37.8% Will 8.3 8.3 6.3 7.0 4.2 6.3 4.2 8.3 8.0 8.3 2.5 5.6 3.7 3.0 7.6 6.3 1.1 -70.2% All Suburban 7.7 7.7 7.7 7.7 7.7 7.7 7.6 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 0.0% Note: Numbers shown are percentages - 1 month free rent on 12 month lease equals 8.3%. © 2017 Integra Realty Resources - Chicago

Evanston Gateway Suburban Chicago Apartment Market 43

Demand Generators The apartment market is influenced by a number of factors including employment, homeownership trends and a desire to maintain flexibility.

The unemployment rate for the Chicago MSA is 4.7 percent (National, 4.2 percent) as of September 2017. The national unemployment rate for 25+ year olds with a bachelor’s degree is at 2.0 percent.

Chicago vs. National Unemployment Rate – BLS Data 14.0% Chicago National 25+ College 12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0% 17 16 15 14 13 12 11 10 09 08 07 06 05 04 Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul

Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan

The Chicago market generated an annual average of 75,000 new jobs from 1992‐2000 – a trough to peak period. Employment declined from 2000‐2003 with peak post‐recession employment achieved in 2007 which did not even match the 2000 employment level. The 2016 employment level of 4.684M finally eclipsed the prior 2000 total employment peak of 4.631M.

By looking at the month over month comparisons to prior year employment, the trends in employment become more evident. The rate of growth in employment has declined precipitously over the past year.

Evanston Gateway Suburban Chicago Apartment Market 44

Year over Year Employment Growth – Chicago MSA 125 100 75 50 25 0 ‐25 ‐50 ‐75 ‐100 ‐125 ‐150 ‐175 ‐200 ‐225 ‐250 ‐275 ‐300 ‐325 07 08 09 10 11 12 13 14 15 16 17 07 08 09 10 11 12 13 14 15 16 17 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan

Chicago MSA Employment - Non Farm (000s) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 4397.8 4411.7 4445.1 4492.2 4529.9 4572.7 4544.3 4547.6 4553.9 4555.2 4570.3 4573.1 2007 4449.3 4447.5 4487.3 4529.2 4577.6 4610.6 4583.9 4584.5 4579.1 4588.4 4603.8 4601.7 2008 4469.7 4467.3 4487.8 4533.2 4572.4 4588.8 4563.2 4558.4 4536.0 4533.5 4511.2 4480.1 2009 4313.0 4291.2 4282.8 4292.0 4317.4 4321.7 4280.8 4267.6 4265.5 4276.7 4278.1 4264.1 2010 4137.3 4146.0 4167.3 4220.2 4274.8 4288.9 4246.1 4255.1 4264.3 4298.8 4311.2 4302.4 2011 4181.1 4190.8 4222.3 4280.6 4313.5 4339.2 4324.0 4332.2 4346.4 4358.4 4372.1 4363.0 2012 4250.0 4261.2 4295.8 4343.1 4385.5 4417.5 4390.6 4403.3 4416.8 4427.2 4446.6 4440.7 2013 4313.5 4334.9 4363.7 4400.3 4456.8 4489.6 4462.5 4477.0 4480.6 4494.1 4511.3 4513.2 2014 4373.4 4387.6 4420.1 4474.2 4531.1 4560.5 4533.6 4541.8 4539.0 4568.6 4580.2 4583.4 2015 4448.2 4464.3 4492.7 4559.6 4618.8 4649.6 4630.1 4629.1 4629.9 4662.4 4668.3 4674.1 2016 4542.4 4551.8 4577.2 4629.7 4664.3 4689.5 4686.1 4685.1 4687.2 4710.1 4705.6 4683.8 2017 4574.2 4585.4 4610.8 4647.0 4701.4 4745.6 4718.7 4711.5 4698.5

Revised BLS numbers indicate a deceleration in employment growth as follows:

Employment Change Year Annual Change 2007 37,425 2008 (28,442) 2009 (237,558) 2010 (44,875) 2011 59,267 2012 71,225 2013 68,267 2014 66,333 2015 86,133 2016 57,142

Evanston Gateway Suburban Chicago Apartment Market 45

Homeownership Trends Rental demand is being driven by instability in the for‐sale housing market, the inability to obtain a mortgage due lack of down payment, debt to income ratios (including the impact of student loans) and/or credit issues. Homeownership rates throughout the region had been on a decline through year end 2011 but rose through 2013 – seemingly pointing to a turn in the market. With the Dodd Frank lending rules starting in January 2014, obtaining a loan has become even more difficult due to increased underwriting requirements. Nationally, the rate continues to show a decline but with an upward bump in 3Q16. Each percentage point change equates to roughly 30,000 households in the Chicago MSA.

Homeownership Rate – Chicago MSA 72.0 71.0 70.0 69.0 68.0 67.0 66.0 65.0 64.0 63.0 62.0 61.0 Chicago National 60.0

3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17

The rental market is most heavily influenced by demographic trends in the 25‐35 age cohort. This age group is less concerned about owning a home than maintaining flexibility for potential job‐related moves. The prospect of tying up funds for a down payment on a home and then worrying about the ability to “cash out” for a move in a timely manner (not to mention getting whole relative to the initial purchase) have weighed on the for‐sale market. Renting provides options. While price levels of for sale product have been increasing, it has been overall at a modest rate. There has been pressure on interest rates which will motivate some to act on homeownership. There are few compelling reasons to act now on the purchase of a residence.

From a household formation standpoint, there is pent up demand in the 25‐34 year old cohort as many in this category remain living with parents.

Evanston Gateway North Shore Apartment Submarket Overview 46

North Shore Apartment Submarket Overview

Market area defined. The North Shore submarket is defined by Lake Michigan to the east, the city of Chicago on the south, I‐294 to the west and Lake County to the north. Evanston is the primary rental market. Survey property profile. The database for the North Shore submarket survey consisted of 4,781 dwelling units. Median unit size for the submarket is 932 square feet which is just below the median for the overall suburban market. The median year built was 2013 compared to the overall suburban market having a median of 1985. While there are numerous rental alternatives in the market for pre‐WWII buildings on a much smaller scale, the survey properties represent some of the larger and newer product in the market. Demand drivers. While some tenants commute daily to the Chicago CBD given the proximity to Metra trains providing access, the employment centers of Evanston, and further north in the office markets along the North Shore, generate significant demand. Evanston’s base of education and medical related employment remains resilient. Kraft announced in July 2015 a move of its corporate headquarters in Northfield to downtown Chicago which could include roughly 1,000 employees. On the other hand, Caterpillar announced in April 2017 it will be relocating its global headquarters from Peoria to Deerfield, affecting roughly 300 employees. Rent Trends & Concessions. Median net rent per square foot currently stands at $2.31 – up 1.7 percent compared to a year ago. Rents are up 6.3 percent from two years ago. Delivery of new product over the past two years has abated rent pressure on Class A product. With one bedroom’s having a median rent of $1,894 and two bedroom’s at $2,623, the dichotomy with the rest of the suburban market becomes apparent. The actual value of the concession (when offered) is at just under one month free. Concessions will remain in the market as a marketing tool until the added supply gets absorbed. Occupancy. Occupancy is at 93.8 percent compared to 95.4 percent a year ago. We project occupancy will remain stable in the near term given new supply in the market.

Evanston Gateway North Shore Apartment Submarket Overview 47

New Development Activity. Due to the strong rents which have been achievable in the North Shore submarket, developers have been very actively developing properties since 2013 as shown on the following page. This has led to a slight decline in occupancy as competition has increased. New Apartment Development (75+ Units) Added to the North Shore Submarket Since 2013

Property Submarket City Developer Status Units Delivered 1717 North Shore Evanston Focus/Atlantic Stabilized 175 2013 AMLI Evanston North Shore Evanston AMLI Stabilized 214 2013 Central Station North Shore Evanston M&R/Dodge Stabilized 80 2013 Midtown Square North Shore Glenview High St/Trammel Crow Stabilized 138 2014 Tapestry Glenview North Shore Glenview Lennar Stabilized 290 2014 E2 North Shore Evanston Fifield/King Stabilized 356 2015 Park 205 North Shore Park Ridge High St/Trammel Crow Stabilized 115 2015 Woodview North Shore Deerfield Ravine Pk/Conor Comm Stabilized 260 2015 Reserve at Glenview North Shore Glenview Focus/Atlantic Stabilized 238 2015 AMLI Deerfield North Shore Deerfield AMLI Stabilized 240 2015 Northshore 770 North Shore Northbrook Morningside Leasing 347 2016 The Main North Shore Evanston O'Donnell Leasing 112 2016 Centrum Evanston North Shore Evanston Centrum Leasing 101 2017 McGovern House North Shore Highland Park Merdinger Leasing 73 2017 Residences of Wilmette North Shore Wilmette M&R/Dodge Leasing 75 2017 Market Revenue Performance. Market performance is a function of the product of net rent and occupancy.

1.70 1.50 MRP 1.30 1.10 0.90 3q07 1q08 3q08 1q09 3q09 1q10 3q10 1q11 3q11 1q12 3q12 1q13 3q13 1q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 Suburban Overall North Shore

The North Shore submarket has outperformed the overall suburban market primarily due to its significantly higher rental rates rather than occupancy trends. A steady trend was apparent in 2011 with growth in 2012 that had deteriorated in part due to new product in the market. Recent rent trends show a flat market given additions to supply with a recent rent spike causing 2Q17 performance to rise.

Evanston Gateway North Shore Apartment Submarket Overview 48

Evanston Gateway North Shore Apartment Submarket Overview 49

Suburban Multi‐Family Housing Supply Integra Realty Resources ‐ Chicago has been tracking rental apartment construction on an annual basis since 1996. Since that time, there have been over 24,600 units delivered to the suburban market plus an additional 2,400 unit which are currently under construction.

While there was a large amount of development activity which occurred in the late 1990s, there was virtually no rental apartment development activity between 2004 and 2012. There has been a surge of new development activity since 2013, with the deliveries in 2016 actually the peak of the market. However, it should be noted that suburban projects often comprise multiple buildings which are delivered over time, so some of the buildings in the 2016 projects did not actually get completed until 2017.

Deliveries by Submarket Most of the construction that has occurred since 1996 has been in DuPage County – specifically, the Aurora‐ Naperville submarket. Following is a delivery distribution by submarket for the developments which will have delivered through 2017, excluding the 2018 deliveries.

Evanston Gateway North Shore Apartment Submarket Overview 50

Suburban Unit Deliveries: 1996‐2018

More recently, the North Shore submarket has seen a large surge of activity. Given the size of the submarket, this has been a substantial increase in the base with absorption in the newer product slowing notably in the latter half of 2015. Concessions are prevalent in the market.

The remaining submarkets have added relatively few units. Of particular note is the small amount of new development activity which has occurred in the Northwest Cook submarket. This market has a high concentration of Class B and C buildings with pent up demand for Class A product.

Current Status ‐ Selected Projects/Sites We are tracking many development sites where new product is being proposed. Locations range from the North Shore markets out to Kane and the South Cook submarkets. A few sites have been approved for development by the local municipalities; however, several projects have not moved forward either due to rents not being high enough to support construction costs or the inability to obtain either the equity or a construction loan. Some projects classified as “confidential” are consulting assignments for which we have been retained but are not yet public.

The proposed projects are typically 150 to 300 units and are widely distributed throughout the region. There are numerous additional sites in the region proposed for multi‐family.

On the following page is a summary of projects which are currently under construction or being proposed for development in the North Shore market.

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North Shore Submarket © 2018 Integra Realty Resources ‐ Chicago Under Construction / Planning Property Submarket City Developer Status Units North Shore 601 Davis/NWC Davis & Chicago North Shore Evanston Vermillion Planning 318 1450 Sherman North Shore Evanston Albion Planning 286 1727 Oak (55+ age restricted) North Shore Evanston Trammel Crow Planning 169 1700 Block Sherman/Northlight Theatre site North Shore Evanston Farpoint Planning 152 The Legacy/1621 Chicago North Shore Evanston Horizon Planning 215 811 Emerson North Shore Evanston CA & Focus Construction 242 1555 Oak ‐ adaptive reuse North Shore Evanston Cameel Halim Planning 80‐90 Kelmscott Park ‐ NWC Laurel & Western North Shore Lake Forest Focus Construction 111 Karger Center property/1850 Green Bay Rd North Shore Highland Park Albion Planning 171 One Winnetka/Elm & Lincoln North Shore Winnetka Stonestreet/Trandel Planning 36 1000 Skokie Blvd/Sunset Ridge North Shore Northbrook Finger Planning 304 87 Hundred/8700 Waukegan North Shore Morton Grove Equibase/Heartland Planning 184 8000 North/NWC Lincoln & Oak North Shore Skokie Greenspire/Pontarelli Planning 153 600 block of Waukegan Road (55+ age restricted) North Shore Glenview Trammel Crow Planning 169 Confidential North Shore Confidential TBD Planning <100 Conclusions With an average delivery of roughly 1,100 units per year in the suburban market since 1996, the addition to overall supply has been minimal for the suburbs comprising the Chicago Metropolitan Area. While certain submarkets are adequately supplied with rental units at this time, we believe opportunities exist to create additional rental product. The diverse employment base for the MSA and our direct surveys of buildings in the market indicates a strong long‐term picture for multi‐family rental product.

Difficulties remain however in securing large enough sites suitable for development and obtaining the necessary zoning approvals considering general community opposition to rental development. As shown, these factors are contributing to a shift in development to more high‐density sites – potentially in redeveloping downtown markets as transit oriented developments. The costs of construction remain high ($250+/‐ psf) for these mid‐rise structures (concrete construction) and while demand may certainly exist, the feasible rent levels will be catering to the upper end of the market. While adding supply of substance appears improbable at this point in the MSA overall, we note a significant increase in activity.

Evanston Gateway Demographic Trends – 2018 Statistics 52

Demographic Trends – 2018 Statistics

The following demographic information is from Environics Analytics and includes information relating to the 2000 U.S. Census and 2018 and 2023 estimates (based upon the 2010 census).

We fully recognize that while the demographics provide insights on the existing population, demand for the subject units will come from both the immediate market area and from outside this market area.

Boundary Map

1 Mile, 3 Mile, and 5 Mile Radius Map

Evanston Gateway Demographic Trends – 2018 Statistics 53

Evanston and Rogers Park Boundaries

Evanston Gateway Demographic Trends – 2018 Statistics 54

Demographics: A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table for the one, three and five mile radius along with Evanston and the Rogers Park community of Chicago. We also provided the totals for the entire MSA.

Surrounding Area Demographics Chicago‐ Naperville‐Elgin, 2018 Estimates 1‐Mile Radius 3‐Mile Radius 5‐Mile Radius Rogers Park Evanston, IL (city) IL‐IN‐WI (Metro) Population 2010 60,740 278,753 603,273 46,679 74,486 9,461,105 Population 2018 61,294 280,363 603,328 47,092 75,590 9,504,650 Population 2023 61,524 280,912 602,649 47,254 76,042 9,531,666 Compound % Change 2010‐2018 0.1% 0.1% 0.0% 0.1% 0.2% 0.1% Compound % Change 2018‐2023 0.1% 0.0% 0.0% 0.1% 0.1% 0.1%

Households 2010 26,052 114,265 251,158 20,687 30,047 3,475,726 Households 2018 26,930 117,011 255,195 21,214 31,201 3,528,983 Households 2023 27,309 118,113 256,590 21,424 31,705 3,553,670 Compound % Change 2010‐2018 0.4% 0.3% 0.2% 0.3% 0.5% 0.2% Compound % Change 2018‐2023 0.3% 0.2% 0.1% 0.2% 0.3% 0.1%

Median Household Income 2018 $51,354 $54,963 $64,682 $41,308 $81,166 $69,412 Average Household Size 2.2 2.3 2.3 2.1 2.2 2.7 College Graduate % 47% 50% 52% 45% 67% 36% Median Age 38 38 38 36 36 38 Owner Occupied % 40% 45% 47% 29% 55% 66% Renter Occupied % 60% 55% 53% 71% 45% 34% Median Owner Occupied Housing Value $248,455 $305,373 $347,403 $230,413 $435,119 $242,814 Median Year Structure Built 1940 1951 1944 1940 1943 1969 Avg. Travel Time to Work in Min. 41 38 38 42 35 35 Source: Environics Analytics

As shown above, the current population within a 3‐mile radius of the subject is 280,363, and the average household size is 2.3. Population in the area has grown since the 2010 census, but the trend is projected to be flat over the next five years. This differs from the population of the Chicago MSA, which is projected to grow marginally.

Median household income within the three mile radius is $54,963, which is lower than the household income for the Chicago MSA. Residents within a 3‐mile radius have a considerably higher level of educational attainment than those of the Chicago MSA and median owner occupied home values are considerably higher.

Some interesting trends are evident:

 Evanston’s median household income of $81,166 is almost double that of Rogers Park ($41,308).

 The median value of an owner occupied housing unit in Evanston is $435,119, 89% higher than that of Rogers Park, reported at $230,413.

 While 55% of the occupied housing units in Evanston are owner occupied, only 29% of the housing units in Rogers Park are owner occupied.

Evanston Gateway 55

The subject units would be targeting the small households in the area. However, they will draw prospective renters from an area that is much wider than these geographic boundaries due to relocations due to employment.

Qualifying Income Our recommendations for the subject units result in average monthly rents as shown below, along with the minimum income to qualify, utilizing a 30% to 35% rent/income ratio:

1BR 2BR Monthly Rent $1,700 $2,200 12 months 12 12 Annual Rent $20,400 $26,400 Rent/Income Ratio 30% 30% Minimum Income $68,000 $88,000

1BR 2BR Monthly Rent $1,700 $2,200 12 months 12 12 Annual Rent $20,400 $26,400 Rent/Income Ratio 35% 35% Minimum Income $58,286 $75,429

Residents living in Evanston have an estimated 2018 median household income of $81,166 while those living in Rogers Park are at $41,308. The five‐mile radius extends north to the North Shore community areas of Wilmette and part of Winnetka. However, this radius also took in the Uptown community area of Chicago. The median household income for the five mile radius is $64,682.

Overall, the income requirements for the subject units are within the range of the nearby community areas surrounding the subject property.

Evanston Gateway Rental Competition Survey 56

Rental Competition Survey

Existing Competition Due to the lack of similar, competitive rental apartments in the immediate area of the subject property, the competition for the subject units will be located in a broader market area and therefore our market survey includes 11 properties with over 1,400 units. As a small, new construction property, the subject building will be competing with newer properties, many of which are much larger in size.

The buildings in the competitive survey are currently reporting rents ranging from $1.67 to $2.72 PSF and average unit sizes ranging from 645 to 1,182 SF. Only two of the properties have surface parking at $100 and $110 per space per month, with garage parking at $85 to $165. The $85 garage parking fee is for Centrum Evanston but parking is located off‐site in a municipal parking garage.

The following is a summary of this survey data followed by a discussion of the buildings which comprise the competition for the subject property.

Apartment Competition Survey – By Unit Type

Market Survey Summary Average Unit SF & Avg. Net Effective Rent $4,200 $3,712 $3,700 $3,500

$3,200

$2,700 $2,391

$2,200 $1,986 $1,735 $1,782 $1,700 1,397 $1,253 1,305 1,124 $1,200 943 769 642 $700 511

$200 Studio Convertible One Bedroom One Bedroom Two Bedroom Two Bedroom Three + Den + Den Bedroom

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The following is a summary of the projects in the North Shore market which could provide primary or secondary competition to the subject units. These developments extend from Evanston on the south to Highland Park on the north.

Apartment Competition Map

Evanston Gateway Rental Competition Survey 58

Apartment Rental Competition Overview

Subj Evanston Gatew ay 100 Chicago Avenue Evanston 26 A 2019 931

Evanston Gateway Rental Competition Survey 59

Apartment Rental Competition Unit Mix

MD Nam e Addr e s s Subur b Units Clas s Built/Re n. Studio Studio Conv. Conv. 1BR 1BR 1BR+De n 1BR+De n 2BR 2BR 2BR+De n 2BR+De n 3BR 3BR No.

Subj Evanston Gatew ay 100 Chicago Avenue Evanston 26 A Proposed 46% 54%

1 415 Premier 415 W. How ard Evanston 221 B 2008 26 12% 143 65% 52 24% 2 1620 Central Street 1620 Central St. Evanston 47 A 2017 9 20% 28 62% 8 18% 3 1717 1717 Ridge Evanston 175 A 2013 14 8% 101 58% 4 2% 42 24% 14 8% 4 AMLI at Evanston 737 Chicago Ave. Evanston 195 A 2013 5 3% 134 69% 44 23% 12 6% 5 Central Station 1720 Central St, Evanston 80 A 2013 8 10% 32 40% 12 15% 18 23% 6 8% 4 5% 6 Centrum Evanston 1590 Elmw ood Ave Evanston 101 A 2017 21 21% 36 36% 38 38% 6 6% 7 The Main 847 Chicago Ave Evanston 112 A 2016 14 13% 49 44% 42 38% 7 6% 8 The Reserve at Evanston 1930 Ridge Ave Evanston 193 A 2003 7 4% 101 52% 77 40% 8 4% 9 The Morgan at Loyola Station 1209 W. Arthur Chicago 152 A 2009 28 18% 69 45% 28 18% 27 18% 10 Albion at Loyola Station 1219 W. Albion Chicago 29 A 2014 28 97% 1 3% 11 Reside on Morse 1340 W. Morse Chicago 110 B 1967/2008 48 44% 42 38% 20 18% Total 1,415 114 8% 57 4% 716 51% 44 3% 416 29% 6 0% 60 4%

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Apartment Rental Competition Unit Sizes (SF)

MD Nam e Subm ar k e t Built/Re n. Units Avg. SF Studio Conve r tible 1BR 1BR+De n 2BR 2BR+De n 3BR No.

Subj Evanston Gatew ay 100 Chicago Avenue Evanston Proposed 26 931 737 - 782 1,061 - 1,122

1 415 Premier 415 W. How ard Evanston 2008 221 833 518 - 584 657 - 839 1,133 - 1,280 2 1620 Central Street 1620 Central St. Evanston 2017 47 601 - 816 1,099 - 1,299 1,185 - 1,262 3 1717 1717 Ridge Evanston 2013 175 835 518 - 535 564 - 836 933 988 - 1,203 1,239 - 1,367 4 AMLI at Evanston 737 Chicago Ave. Evanston 2013 195 1,042 500 - 633 632 - 1,237 1,000 - 1,590 1,462 - 1,557 5 Central Station 1720 Central St, Evanston 2013 80 965 590 - 635 590 - 635 85 - 850 885 1,185 - 1,230 1,305 1,485 6 Centrum Evanston 1590 Elmw ood Ave Evanston 2017 101 910 622 - 648 622 - 648 566 - 868 986 - 1,278 1,395 - 1,869 7 The Main 847 Chicago Ave Evanston 2016 112 889 50 - 650 746 - 853 912 - 1,068 1,424 8 The Reserve at Evanston 1930 Ridge Ave Evanston 2003 193 839 500 - 645 575 - 780 870 - 1,110 1,205 - 1,445 9 The Morgan at Loyola Station 1209 W. Arthur Chicago 2009 152 848 647 - 666 647 - 666 714 - 770 914 - 1,023 1,159 - 1,225 10 Albion at Loyola Station 1219 W. Albion Chicago 2014 29 1,182 1,100 - 1,206 1,982 11 Reside on Morse 1340 W. Morse Chicago 1967/2008 110 645 416 - 478 692 - 718 995

Evanston Gateway Rental Competition Survey 61

Evanston Gateway Rental Competition Survey 62

Rental Competition Summary and Details

Evanston Competition: Evanston has such a large and active rental apartment market that it requires an analysis by its three submarkets: Central Street, Downtown, and Main Street (south of Downtown). RMK developed Central Station on Central Street in Evanston and currently manages 1620 Central one block east. Both of these developments were built within the past several years, with Central Station developed in 2013 and 1620 Central Street developed in 2017. Both projects are situated in Evanston’s secondary commercial district. Central Street has good proximity to both the Metra Station and the CTA station, offering two types of public transit. Central Station is a larger property with 80 units and features a fitness center, party room, and business center. 1620 Central Station, with only 47 units, does not offer amenities and has experienced a slower lease‐up, renting at a pace of approximately 2 units per month. Unlike the other two Evanston submarkets, the Central Street corridor does not attract students from Northwestern University, and its rents are averaging between $2.24 and $2.63 PSF for units with averaging approximately 900 to 1,050 SF. The Downtown Evanston rental market is quite robust and commands the highest prices in the northern suburbs and also in the entire suburban metropolitan area. With demand for rental apartments generated by students and staff at Northwestern University, apartment development has been ongoing for the past several years and there is an extensive pipeline of projects which are being proposed for development, targeting a broader profile including empty nesters and professionals along with students/staff. The rental buildings in downtown Evanston are large, offering increasingly compact units but growing amenity packages. The recently developed buildings which were surveyed have average sizes of approximately 800 to 900 SF, with average rents of approximately $2.50 to $3.00 PSF. Given the location differences, these buildings will not provide competition to the subject units. South of the downtown market are a few buildings located at Chicago Avenue and Main Street in Evanston. These buildings offer lesser proximity to Northwestern’s campus and have a more varied renter profile consisting of empty nesters, young professionals seeking a suburb with an urban vibe, and some persons affiliated with the university. The rent levels fall below the Downtown Evanston levels, with larger unit sizes (averaging 900 to 1,050 SF) and rents averaging $2.14 to $2.32 PSF. Less than one block east of the subject is 415 Premier Apartments at 415 Howard Street, also on the border of Evanston and Chicago like the subject property. Built in 2008, it has over 220 units and more extensive building amenities that include garage parking, a fitness center, a business center and a party room. In our opinion, the average rents of $1.92 PSF at this property reflect the low end of the range, with the subject property able to command a new construction premium. Rogers Park Competition: With the subject property’s location on the north side of Howard Street at the Chicago/Evanston border, additional competition is located in Rogers Park. The Morgan at Loyola Station and Albion at Loyola Station are rental apartment buildings that were completed in 2009 and 2014. The Morgan is an elevator building with a wider unit mix and unit sizes that range from 647 sf studios to with 1,225 sf 2BRs. The average unit size is 848 sf. Albion on the other hand includes five 6‐ flat walk‐up apartment buildings that consist primarily of 2BR units. The average unit size is 1,182 sf. Both properties are heavily influenced by their proximity to Loyola University which provides a stable tenant demand. These properties are therefore superior to the subject property. The Morgan at Loyola also offers more extensive common area amenities.

Evanston Gateway Rental Competition Survey 63

Reside on Morse is a 1960s 4+1 apartment building that received extensive rehab in 2008. However, the units do not have washers and dryers and are more modest than new construction properties. It has covered parking, a small fitness center, bike storage, outdoor entertainment areas including picnic areas. Its rent levels are below what is indicated for the subject property.

Rent Survey Summary and Detailed Project Summary Sheets On the following pages are the summaries of the current rents for the primary competition and secondary competition.

Evanston Gateway Rental Competition Survey 64

One Bedroom Apartment Comparables Quoted Rent Net Effective Rent Unit Description Units Pct Sq Ft Rent PSF Avg Concession Rent PSF Avg

415 Premier Apartments One Bedroom143 64.7% 657 $1,315 $2.00 $2.02 0.0% $1,315 $2.00 $2.02 1.0 Bath 839 $1,702$2.03 $1,702 $2.03

1620 Central Street One Bedroom9 20.0% 601 $1,517 $2.52 $2.53 8.3% $1,391 $2.31 $2.32 1.0 Bath816 $2,072 $2.54 $1,899 $2.33

1717 One Bedroom101 57.7% 564 $1,513 $2.68 $2.66 0.0% $1,513 $2.68 $2.66 1.0 Bath836 $2,203 $2.64 $2,203 $2.64

AMLI at Evanston One Bedroom134 68.7% 632 $1,715 $2.71 $2.20 0.0% $1,715 $2.71 $2.20 1.0 Bath1,237 $2,085 $1.69 $2,085 $1.69

Central Station Apartments One Bedroom 32 40.0% 785 $1,943$2.48 $2.55 0.0% $1,943 $2.48 $2.55 1.0 Bath850 $2,231 $2.62 $2,231 $2.62

Centrum Evanston One Bedroom36 35.6% 566 $1,995 $3.52 $3.00 7.7% $1,842 $3.25 $2.77 1.0 Bath868 $2,150 $2.48 $1,985 $2.29

The Main One Bedroom35 31.3% 746 $2,041 $2.74 $2.70 12.5% $1,786$2.39 $2.36 1.0 Bath853 $2,265 $2.66 $1,982 $2.32

The Main One Bedroom14 12.5% 853 $2,235 $2.62 $2.63 12.5% $1,956 $2.29 $2.31 1.0 Bath853 $2,260 $2.65 $1,978 $2.32

The Reserve at Evanston One Bedroom101 52.3% 575 $1,435 $2.50 $2.74 0.0% $1,435 $2.50 $2.74 1.0 Bath780 $2,325 $2.98 $2,325 $2.98

The Morgan at Loyola Station One Bedroom69 45.4% 714 $1,695 $2.37 $2.30 4.9% $1,612 $2.26 $2.19 1.0 Bath770 $1,720 $2.23 $1,636 $2.12

Reside on Morse One Bedroom42 38.2% 692 $1,196 $1.73 $1.71 0.0% $1,196 $1.73 $1.71 1.0 Bath718 $1,220 $1.70 $1,220 $1.70

Total/Weighted Avg 716 769 $1,819 $2.37 $1,782 $2.32

Evanston Gateway Rental Competition Survey 65

Two Bedroom Apartment Comparables

Quoted Rent Net Effective Rent Unit Description Units Pct Sq Ft Rent PSF Avg Concession Rent PSF Avg

415 Premier Apartments Two Bedroom 52 23.5% 1,133 $1,845$1.63 $1.61 0.0% $1,845 $1.63 $1.61 2.0 Bath1,280 $2,040 $1.59 $2,040 $1.59

1620 Central Street Two Bedroom28 62.2% 1,099 $2,637 $2.40 $2.37 8.3% $2,417 $2.20 $2.18 2.0 Bath1,299 $3,050 $2.35 $2,796 $2.15

1717 Two Bedroom42 24.0% 988 $2,450 $2.48 $2.60 0.0% $2,450 $2.48 $2.60 2.0 Bath1,203 $3,270 $2.72 $3,270 $2.72

AMLI at Evanston Two Bedroom4 2.1% 1,000 $2,404 $2.40 $2.40 0.0% $2,404 $2.40 $2.40 1.0 Bath1,000 $2,404 $2.40 $2,404 $2.40

AMLI at Evanston Two Bedroom40 20.5% 1,064 $2,480 $2.33 $2.19 0.0% $2,480 $2.33 $2.19 2.0 Bath1,590 $3,247 $2.04 $3,247 $2.04

Central Station Apartments Two Bedroom18 22.5% 1,185 $3,043 $2.57 $2.57 0.0% $3,043 $2.57 $2.57 2.0 Bath1,230 $3,163 $2.57 $3,163 $2.57

Centrum Evanston Two Bedroom38 37.6% 986 $2,543 $2.58 $2.57 7.7% $2,347$2.38 $2.37 2.0 Bath1,278 $3,275 $2.56 $3,023 $2.37

The Main Two Bedroom42 37.5% 912 $2,400 $2.63 $2.62 12.5% $2,100 $2.30 $2.29 2.0 Bath1,068 $2,790 $2.61 $2,441 $2.29

The Reserve at Evanston Two Bedroom16 8.3% 870 $1,976 $2.27 $2.49 0.0% $1,976 $2.27 $2.49 1.0 Bath890 $2,410 $2.71 $2,410 $2.71

The Reserve at Evanston Two Bedroom61 31.6% 1,010 $2,018 $2.00 $2.15 0.0% $2,018 $2.00 $2.15 2.0 Bath1,110 $2,558 $2.30 $2,558 $2.30

The Morgan at Loyola Station Two Bedroom27 17.8% 1,159 $2,375 $2.05 $2.07 3.4% $2,295 $1.98 $2.00 2.0 Bath1,225 $2,550 $2.08 $2,464 $2.01

Albion at Loyola Station Two Bedroom29 96.6% 1,000 $1,990 $1.81 $1.77 0.0% $1,990 $1.81 $1.77 2.0 Bath1,206 $2,090 $1.73 $2,090 $1.73

Reside on Morse Two Bedroom20 18.2% 995 $1,439 $1.45 $1.47 0.0% $1,439 $1.45 $1.47 1.0 Bath995 $1,471 $1.48 $1,471 $1.48

Total/Weighted Avg 417 1124 $2,465 $2.19 $2,391 $2.13

Evanston Gateway Rental Competition Survey 66 415 Premier Apartments (Comp 1) North Shore 415 Howard Street (Howard, E of Chicago Ave) Class: B, Market Rate Evanston, Cook County, IL 60202 ID: 771; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 221 Occupancy: 90.5% Electric Forced Air Heat  Water  Avg Unit SF: 833 Quoted Rent: $1.92 Unit Central AC  Cable TV  Built: 2008 Concessions: 0.0% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $1.92 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Studio 26 11.8% 518 $1,365 $2.64 $2.53 0.0% $1,365 $2.64 $2.53 1.0 Bath 584 $1,420 $2.43 $1,420 $2.43 ● Reduced Move in Fees One Bedroom 143 64.7% 657 $1,315 $2.00 $2.02 0.0% $1,315 $2.00 $2.02 1.0 Bath 839 $1,702 $2.03 $1,702 $2.03 ● Reduced Move in Fees Two Bedroom 52 23.5% 1,133 $1,845 $1.63 $1.61 0.0% $1,845 $1.63 $1.61 2.0 Bath 1,280 $2,040 $1.59 $2,040 $1.59 ● Reduced Move in Fees

Paid Parking: $115 (Self-Park Gar/Encl) per month. Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Carpeting Disposal Business Center 20174 $1.92 0.0% 90.5% $1.92 Window Blinds Dishwasher Party/Social Room 20173 $1.97 0.0% 95.9% $1.97 Granite Counters Range - Electric Smoke Free 20172 $1.91 0.0% 94.6% $1.91 Patio/Balcony/Deck Refrigerator Extra Storage 20171 $1.97 0.0% 96.4% $1.97 WasherDryer Incl Pets Allowed 20164 $2.10 0.0% 96.4% $2.10 Fitness Parking 20163 $2.03 0.0% 96.8% $2.03 Fitness Center Self-Park Gar/Encl 20162 $2.16 0.0% 96.8% $2.16 20161 $2.00 0.0% 95.5% $2.00 20154 $1.91 0.0% 94.6% $1.91 20153 $1.87 0.0% 95.0% $1.87 20152 $1.88 0.0% 95.5% $1.88 Notes: Opened 7/08 with move-in 8/1/08. RUBS program where water, sewer, and trash is Concierge Asset Management billed back.

Evanston Gateway Rental Competition Survey 67

1620 Central Street (Comp 2) North Shore 1620 Central St Class: A, Market Rate Evanston, Cook County, IL 60201 ID: 1648; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile*_____ Economic Profile______Lights  Trash  Units: 47 Occupancy: 48.9% Gas Forced Air Heat  Water  Avg Unit SF: 1,105 Quoted Rent: $2.44 Unit Central AC  Cable TV  Built: 2017 Concessions: 8.3% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $2.24 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ Avg Concession _Rent_ _PSF_ Avg One Bedroom 9 20.0% 601 $1,517 $2.52 $2.53 8.3% $1,391 $2.31 $2.32 1.0 Bath 816 $2,072 $2.54 $1,899 $2.33 Two Bedroom 28 62.2% 1,099 $2,637 $2.40 $2.37 8.3% $2,417 $2.20 $2.18 2.0 Bath 1,299 $3,050 $2.35 $2,796 $2.15 Three Bedroom 8 17.8% 1,185 $3,108 $2.62 $2.62 8.3% $2,849 $2.40 $2.40 2.0 Bath 1,262 $3,307 $2.62 $3,031 $2.40 *The property has 47 units; 45 units were surveyed. Average unit size and rents are based on units surveyed. Paid Parking: $160 (Reserved Gar/Encl) per month. Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Vinyl Plank Floors Dishwasher Pets Allowed 20174 $2.44 8.3% 48.9% $2.24 9' Ceiling Microwave LEED Certified 20173 $2.42 0.0% 46.7% $2.42 Smooth Ceiling Range - Gas Parking 20172 $2.42 0.0% 35.6% $2.42 Window Roller Shades Refrigerator Attached Garage 20171 $2.44 0.0% 11.1% $2.44 Quartz Counters WasherDryer Incl Undermount Sinks Fitness Patio/Balcony/Deck Bike Storage

Notes: Property has two 1BD affordable units that are not incl. in survey. RMK

Evanston Gateway Rental Competition Survey 68

1717 (Comp 3) North Shore 1717 Ridge Class: A, Market Rate Evanston, Cook County, IL 60201 ID: 1186; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 175 Occupancy: 95.4% Gas Forced Air Heat  Water  Avg Unit SF: 835 Quoted Rent: $2.72 Unit Central AC  Cable TV  Built: 2013 Concessions: 0.0% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $2.72 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Studio 14 8.0% 518 $1,785 $3.45 $3.52 0.0% $1,785 $3.45 $3.52 1.0 Bath 535 $1,925 $3.60 $1,925 $3.60 One Bedroom 101 57.7% 564 $1,513 $2.68 $2.66 0.0% $1,513 $2.68 $2.66 1.0 Bath 836 $2,203 $2.64 $2,203 $2.64 One Bedroom + Den 4 2.3% 933 $2,390 $2.56 $2.60 0.0% $2,390 $2.56 $2.60 1.0 Bath 933 $2,460 $2.64 $2,460 $2.64 Two Bedroom 42 24.0% 988 $2,450 $2.48 $2.60 0.0% $2,450 $2.48 $2.60 2.0 Bath 1,203 $3,270 $2.72 $3,270 $2.72 Three Bedroom 14 8.0% 1,239 $3,660 $2.95 $2.91 0.0% $3,660 $2.95 $2.91 2.0 Bath 1,367 $3,925 $2.87 $3,925 $2.87

Paid Parking: $140 (Reserved Gar/Encl) to $250 (Tandem Space) per month. Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Carpeting Disposal Business Center 20174 $2.72 0.0% 95.4% $2.72 Wood Floors Dishwasher Movie Theater Rm 20173 $2.86 0.0% 96.6% $2.86 9' Ceiling Microwave Smoke Free 20172 $2.81 0.0% 98.3% $2.81 Window Blinds Range - Gas Extra Storage 20171 $2.71 0.0% 96.6% $2.71 Granite Counters Refrigerator Pets Allowed 20164 $2.75 0.0% 94.3% $2.75 Tile Backsplash WasherDryer Incl Fire Pit 20163 $2.77 0.0% 96.0% $2.77 Undermount Sinks Fitness Grilling Area 20162 $2.83 0.0% 93.1% $2.83 Patio/Balcony/Deck Fitness Center LEED Silver 20161 $2.68 0.0% 90.3% $2.68 Fireplace Outdoor Pool Parking 20154 $2.68 0.0% 95.4% $2.68 Bike Storage Attached Garage 20153 $2.56 0.0% 90.9% $2.56 Rooftop Sundeck 20152 $2.85 0.0% 90.9% $2.85

Notes: Atlantic Realty Partners

Evanston Gateway Rental Competition Survey 69

AMLI at Evanston (Comp 4) North Shore 737 Chicago Ave Class: A, Market Rate Evanston, Cook County, IL 60202 ID: 1184; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 195 Occupancy: 93.8% Gas Forced Air Heat  Water  Avg Unit SF: 1,042 Quoted Rent: $2.14 Unit Central AC  Cable TV  Built: 2013 Concessions: 0.0% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $2.14 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Studio 5 2.6% 500 $1,615 $3.23 $2.99 0.0% $1,615 $3.23 $2.99 1.0 Bath 633 $1,735 $2.74 $1,735 $2.74 One Bedroom 134 68.7% 632 $1,715 $2.71 $2.20 0.0% $1,715 $2.71 $2.20 1.0 Bath 1,237 $2,085 $1.69 $2,085 $1.69 Two Bedroom 4 2.1% 1,000 $2,404 $2.40 $2.40 0.0% $2,404 $2.40 $2.40 1.0 Bath 1,000 $2,404 $2.40 $2,404 $2.40 Two Bedroom 40 20.5% 1,064 $2,480 $2.33 $2.19 0.0% $2,480 $2.33 $2.19 2.0 Bath 1,590 $3,247 $2.04 $3,247 $2.04 Three Bedroom 12 6.2% 1,462 $4,015 $2.75 $2.66 0.0% $4,015 $2.75 $2.66 2.0 Bath 1,557 $4,015 $2.58 $4,015 $2.58

Paid Parking: $135 (Self-Park Gar/Encl) per month. Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Carpeting Dishwasher Business Center 20174 $2.14 0.0% 93.8% $2.14 Wood Floors Microwave Conference Room 20173 $2.16 0.0% 90.8% $2.16 Window Blinds Range - Gas Party/Social Room 20172 $2.31 0.0% 91.8% $2.31 Granite Counters Refrigerator Extra Storage 20171 $2.31 0.0% 90.8% $2.31 Granite Islands WasherDryer Incl Pets Allowed 20164 $2.31 0.0% 94.9% $2.31 Tile Backsplash Fitness Fire Pit 20163 $2.24 0.0% 96.4% $2.24 Undermount Sinks Fitness Center Grilling Area 20162 $2.32 0.0% 94.9% $2.32 Patio/Balcony/Deck Rooftop Sundeck LEED Silver 20161 $2.28 0.0% 95.4% $2.28 Parking 20154 $2.12 0.0% 89.2% $2.12 Self-Park Gar/Encl 20153 $2.31 0.0% 97.4% $2.31 20152 $2.16 0.0% 97.9% $2.16 Notes: Building contains 214 units with 19 first floor live/work units not included in survey. AMLI Opened 04/15/13.

Evanston Gateway Rental Competition Survey 70

Central Station Apartments (Comp 5) North Shore 1720 Central St Class: A, Market Rate Evanston, Cook County, IL 60201 ID: 1205; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 80 Occupancy: 95.0% Gas Forced Air Heat  Water  Avg Unit SF: 965 Quoted Rent: $2.63 Unit Central AC  Cable TV  Built: 2013 Concessions: 0.0% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $2.63 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Convertible 8 10.0% 590 $1,815 $3.08 $3.02 0.0% $1,815 $3.08 $3.02 1.0 Bath 635 $1,887 $2.97 $1,887 $2.97 ● Reduced Move in Fees One Bedroom 32 40.0% 785 $1,943 $2.48 $2.55 0.0% $1,943 $2.48 $2.55 1.0 Bath 850 $2,231 $2.62 $2,231 $2.62 ● Reduced Move in Fees One Bedroom + Den 12 15.0% 885 $2,384 $2.69 $2.72 0.0% $2,384 $2.69 $2.72 1.0 Bath 885 $2,434 $2.75 $2,434 $2.75 ● Reduced Move in Fees Two Bedroom 18 22.5% 1,185 $3,043 $2.57 $2.57 0.0% $3,043 $2.57 $2.57 2.0 Bath 1,230 $3,163 $2.57 $3,163 $2.57 ● Reduced Move in Fees Two Bedroom + Den 6 7.5% 1,305 $3,500 $2.68 $2.68 0.0% $3,500 $2.68 $2.68 2.0 Bath 1,305 $3,500 $2.68 $3,500 $2.68 ● Reduced Move in Fees Three Bedroom 4 5.0% 1,485 $3,831 $2.58 $2.60 0.0% $3,831 $2.58 $2.60 2.0 Bath 1,485 $3,901 $2.63 $3,901 $2.63 ● Reduced Move in Fees

Paid Parking: $160 (Self-Park Gar/Encl) per month.

Evanston Gateway Rental Competition Survey 71 Central Station Apartments continued… North Shore 1720 Central St Class: A, Market Rate Evanston, Cook County, IL 60201 ID: 1205; YrQtr: 20174

Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Carpeting Disposal Business Center 20174 $2.63 0.0% 95.0% $2.63 Wood Floors Dishwasher Party/Social Room 20173 $2.63 0.0% 88.8% $2.63 9' Ceiling Microwave Smoke Free 20172 $2.63 8.3% 92.5% $2.41 Window Blinds Range Pets Allowed 20171 $2.52 0.0% 88.8% $2.52 Quartz Counters Refrigerator Parking 20164 $2.52 0.0% 93.8% $2.52 Tile Backsplash WasherDryer Incl Self-Park Gar/Encl 20163 $2.52 0.0% 95.0% $2.52 Undermount Sinks Fitness 20162 $2.52 0.0% 98.8% $2.52 Patio/Balcony/Deck Fitness Center 20161 $2.48 0.0% 98.8% $2.48 20154 $2.48 8.3% 90.0% $2.27 20153 $2.48 3.9% 92.5% $2.38 20152 $2.48 0.0% 95.0% $2.48 Notes: Occupancy began September 27th, 2013. Property offers a utility package ranging RMK Management from $70-$120, depending on the unit size.

Evanston Gateway Rental Competition Survey 72

Centrum Evanston (Comp 6) North Shore 1590 Elmwood Ave Class: A, Market Rate Evanston, Cook County, IL 60201 ID: 1677; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 101 Occupancy: 64.4% Gas Forced Air Heat  Water  Avg Unit SF: 910 Quoted Rent: $2.75 Unit Central AC  Cable TV  Built: 2017 Concessions: 7.7% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $2.53 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Convertible 21 20.8% 622 $1,797 $2.89 $3.03 7.7% $1,659 $2.67 $2.79 1.0 Bath 648 $2,050 $3.16 $1,892 $2.92 One Bedroom 36 35.6% 566 $1,995 $3.52 $3.00 7.7% $1,842 $3.25 $2.77 1.0 Bath 868 $2,150 $2.48 $1,985 $2.29 Two Bedroom 38 37.6% 986 $2,543 $2.58 $2.57 7.7% $2,347 $2.38 $2.37 2.0 Bath 1,278 $3,275 $2.56 $3,023 $2.37 Three Bedroom 6 5.9% 1,395 $3,995 $2.86 $2.77 7.7% $3,688 $2.64 $2.56 2.0 Bath 1,869 $4,995 $2.67 $4,611 $2.47

Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Vinyl Plank Floors Disposal Business Center 20174 $2.75 7.7% 64.4% $2.53 10' Ceiling Dishwasher Party/Social Room 20173 $2.99 5.0% 64.4% $2.84 Exp Concrete Ceil Microwave Smoke Free 20172 $3.00 0.0% 32.7% $3.00 Window Roller Shades Range - Gas Pets Allowed Quartz Counters Refrigerator Fire Pit Tile Backsplash WasherDryer Incl Grilling Area Undermount Sinks Fitness Picnic Tables Patio/Balcony/Deck Fitness Center Valet Dry Cleaning Bike Storage Parking No Onsite Parking

Notes: Leasing began June/2017. Occupancy 08/2017. RUBS package (1BD-$100, Luxury Chicago Apartments 2BD-$125, 3BD-$150/mo). No on-site pkg. A municipal pkg garage located 1 blk East offers residents pkg for $85/Mo.

Evanston Gateway Rental Competition Survey 73

The Main (Comp 7) North Shore 847 Chicago Class: A, Market Rate Evanston, Cook County, IL 60202 ID: 1548; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 112 Occupancy: 83.0% Gas Forced Air Heat  Water  Avg Unit SF: 889 Quoted Rent: $2.65 Unit Central AC  Cable TV  Built: 2016 Concessions: 12.5% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $2.32 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Studio 14 12.5% 500 $1,490 $2.98 $2.91 12.5% $1,304 $2.61 $2.54 1.0 Bath 650 $1,840 $2.83 $1,610 $2.48 One Bedroom 35 31.3% 746 $2,041 $2.74 $2.70 12.5% $1,786 $2.39 $2.36 1.0 Bath 853 $2,265 $2.66 $1,982 $2.32 One Bedroom 14 12.5% 853 $2,235 $2.62 $2.63 12.5% $1,956 $2.29 $2.31 1.0 Bath 853 $2,260 $2.65 $1,978 $2.32 Two Bedroom 42 37.5% 912 $2,400 $2.63 $2.62 12.5% $2,100 $2.30 $2.29 2.0 Bath 1,068 $2,790 $2.61 $2,441 $2.29 Three Bedroom 7 6.3% 1,424 $3,560 $2.50 $2.50 12.5% $3,115 $2.19 $2.19 2.0 Bath 1,424 $3,560 $2.50 $3,115 $2.19

Paid Parking: $165 (Reserved Gar/Encl) to $215 (Tandem Space) per month. Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Carpeting Disposal Party/Social Room 20174 $2.65 12.5% 83.0% $2.32 Vinyl Plank Floors Dishwasher Extra Storage 20173 $2.71 8.3% 79.5% $2.48 Smooth Ceiling Microwave Gigibit Internet 20172 $2.70 8.3% 70.5% $2.48 Window Roller Shades Range - Gas Fire Pit 20171 $2.66 12.5% 50.0% $2.33 Quartz Counters Refrigerator Grilling Area 20164 $2.73 6.8% 25.9% $2.55 Tile Backsplash WasherDryer Incl Car Charging Station 20163 $2.66 6.9% 16.1% $2.47 Undermount Sinks Fitness Parking 20162 $2.66 3.8% 12.5% $2.56 Patio/Balcony/Deck Fitness Center Attached Garage Bike Storage

Notes: Leasing began 05/2016. Occupancy began 10/01/2016. Atlantic Realty Partners

Evanston Gateway Rental Competition Survey 74

The Reserve at Evanston (Comp 8) North Shore 1930 Ridge Avenue (E of Ridge, N of Emerson) Class: A, Market Rate Evanston, Cook County, IL 60201 ID: 541; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 193 Occupancy: 94.3% Gas Forced Air Heat  Water  Avg Unit SF: 839 Quoted Rent: $2.51 Unit Central AC  Cable TV  Built: 2003 Concessions: 0.0% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $2.51 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Studio 7 3.6% 550 $1,546 $2.81 $2.98 0.0% $1,546 $2.81 $2.98 1.0 Bath 645 $2,025 $3.14 $2,025 $3.14 One Bedroom 101 52.3% 575 $1,435 $2.50 $2.74 0.0% $1,435 $2.50 $2.74 1.0 Bath 780 $2,325 $2.98 $2,325 $2.98 Two Bedroom 16 8.3% 870 $1,976 $2.27 $2.49 0.0% $1,976 $2.27 $2.49 1.0 Bath 890 $2,410 $2.71 $2,410 $2.71 Two Bedroom 61 31.6% 1,010 $2,018 $2.00 $2.15 0.0% $2,018 $2.00 $2.15 2.0 Bath 1,110 $2,558 $2.30 $2,558 $2.30 Three Bedroom 8 4.1% 1,205 $3,227 $2.68 $2.77 0.0% $3,227 $2.68 $2.77 2.0 Bath 1,445 $4,144 $2.87 $4,144 $2.87

Paid Parking: $140 (Reserved Gar/Encl) to $225 (Tandem Space) per month. Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Carpeting Disposal Laundry Room 20174 $2.51 0.0% 94.3% $2.51 9' Ceiling Dishwasher Business Center 20173 $2.63 0.0% 95.9% $2.63 Window Blinds Microwave Clubhouse 20172 $2.63 0.0% 96.9% $2.63 Granite Counters Range - Gas Extra Storage 20171 $2.53 0.0% 90.7% $2.53 Undermount Sinks Refrigerator Pets Allowed 20164 $2.41 0.0% 92.7% $2.41 Patio/Balcony/Deck WasherDryer Incl Parking 20163 $2.43 0.0% 99.0% $2.43 Fitness Attached Garage 20162 $2.32 0.0% 99.5% $2.32 Fitness Center Self-Park Gar/Encl 20161 $2.19 0.0% 100.0% $2.19 Outdoor Pool 20154 $2.19 0.0% 95.9% $2.19 Bike Storage 20153 $2.21 0.0% 90.2% $2.21 20152 $2.33 0.0% 96.4% $2.33 Notes: Approximately 50% of residents are reported to be affiliated with Northwestern Habitat (mostly grad students). Basic cable and internet are included in the rent.

Evanston Gateway Rental Competition Survey 75

The Morgan at Loyola Station (Comp 9) Northside 1209 West Arthur Class: A, Market Rate Chicago, Cook County, IL ID: 857; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 152 Occupancy: 93.4% Gas Forced Air Heat  Water  Avg Unit SF: 848 Quoted Rent: $2.14 Unit Central AC  Cable TV  Built: 2009 Concessions: 4.6% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $2.04 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Convertible 28 18.4% 647 $1,380 $2.13 $2.26 5.6% $1,303 $2.01 $2.14 1.0 Bath 666 $1,595 $2.39 $1,506 $2.26 One Bedroom 69 45.4% 714 $1,695 $2.37 $2.30 4.9% $1,612 $2.26 $2.19 1.0 Bath 770 $1,720 $2.23 $1,636 $2.12 One Bedroom + Den 28 18.4% 914 $1,635 $1.79 $1.82 4.7% $1,558 $1.70 $1.74 1.0 Bath 1,023 $1,900 $1.86 $1,810 $1.77 Two Bedroom 27 17.8% 1,159 $2,375 $2.05 $2.07 3.4% $2,295 $1.98 $2.00 2.0 Bath 1,225 $2,550 $2.08 $2,464 $2.01

Paid Parking: $160 (Self-Park Gar/Encl) to $220 (Reserved Gar/Encl) per month. Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Carpeting Disposal Party/Social Room 20174 $2.14 4.6% 93.4% $2.04 Wood Floors Dishwasher Pets Allowed 20172 $2.08 0.0% 97.4% $2.08 Smooth Ceiling Microwave Fire Pit 20164 $2.21 0.0% 84.2% $2.21 Granite Counters Range - Gas Grilling Area 20162 $2.10 8.3% 86.8% $1.92 Patio/Balcony/Deck Refrigerator Valet Dry Cleaning 20154 $2.03 0.0% 94.7% $2.03 Intercom WasherDryer Incl Parking Fitness Self-Park Gar/Encl Fitness Center Bike Storage Rooftop Sundeck

Notes: Opened June 2009. RUBS Program for gas, water, sewer and trash (based on Laramar usage). Parking garage across street with 205 spaces. Black appl, overmount sinks, 3/4" granite countertops, recycled rubber floors (bath & kitchen) & fiberglass tub/showers.

Evanston Gateway Rental Competition Survey 76

Albion at Loyola Station (Comp 10) Northside 1219 W Albion Ave Class: A, Market Rate Chicago, Cook County, IL 60626 ID: 1734; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 29 Occupancy: 93.1% Gas Forced Air Heat  Water  Avg Unit SF: 1,182 Quoted Rent: $1.77 Bldg Central AC  Cable TV  Built: 2014 Concessions: 0.0% L=Landlord pays, T=Tenant pays Internet  Renovated: na Effective Rent: $1.77 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Two Bedroom 28 96.6% 1,100 $1,990 $1.81 $1.77 0.0% $1,990 $1.81 $1.77 2.0 Bath 1,206 $2,090 $1.73 $2,090 $1.73 Four Bedroom & up 1 3.4% 1,982 $3,500 $1.77 $1.77 0.0% $3,500 $1.77 $1.77 3.0 Bath & up 1,982 $3,500 $1.77 $3,500 $1.77

Paid Parking: $100 (Surface Parking) per month. Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Wood Floors Disposal Pets Allowed 20174 $1.77 0.0% 93.1% $1.77 Patio/Balcony/Deck Dishwasher Parking Microwave Surface Parking Range Refrigerator WasherDryer Incl

Notes: This property includes five six-flat buildings. One of the units is a mechanical rom; Lakeside Management thus, there are only 29 rental units.

Evanston Gateway Rental Competition Survey 77

Reside on Morse (Comp 11) Northside 1340 W Morse & 1345 W Lunt Class B, Market Rate Chicago, Cook County, IL 60626 ID: 989; YrQtr: 20174

Utility Description_____ L_ _T Service__ L_ _T Physical Profile______Economic Profile______Lights  Trash  Units: 110 Occupancy: 96.4% Gas Hot Water Heat  Water  Avg Unit SF: 645 Quoted Rent: $1.78 Sleeve AC  Cable TV  Built: 1967 Concessions: 0.0% L=Landlord pays, T=Tenant pays Internet  Renovated: 2008 Effective Rent: $1.78 ______Quoted Rent______Net Effective Rent_____ Unit Description___ Units _Pct_ Sq Ft _Rent_ _PSF_ PSF Avg Concession _Rent_ _PSF_ PSF Avg Studio 48 43.6% 416 $930 $2.24 $2.16 0.0% $930 $2.24 $2.16 1.0 Bath 478 $994 $2.08 $994 $2.08 One Bedroom 42 38.2% 692 $1,196 $1.73 $1.71 0.0% $1,196 $1.73 $1.71 1.0 Bath 718 $1,220 $1.70 $1,220 $1.70 Two Bedroom 20 18.2% 995 $1,439 $1.45 $1.46 0.0% $1,439 $1.45 $1.46 1.0-2.0 Bath 995 $1,471 $1.48 $1,471 $1.48

Paid Parking: $110 (Surface Parking) to $135 (Attached Garage) per month. Amenities______Trends______Unit Appliance Common Yr-Qtr Quoted PSF Concession Occup % Net PSF Carpeting Dishwasher Laundry Room 20174 $1.78 0.0% $1.78 Wood Floors Microwave Extra Storage 20164 $1.78 5.8% 97.3% $1.67 Window Blinds Range Fire Pit 20162 $2.23 0.0% 100.0% $2.23 Refrigerator Grilling Area Fitness Dog Run Fitness Center Parking Bike Storage Attached Garage

Notes: Property has a RUBS program, charging expenses to tenants. $35/month for studio Reside Living units, $40/month for 1BR units, and $50/month for 2BR units. The property was renovated in late 2007/2008, opening for occupancy in Aug, 2008 and leased up in 12 months.

Evanston Gateway Rental Competition Survey 78

Lease‐up Absorption Survey We have surveyed the market in order to determine the lease‐up rates which have been achieved in newly constructed rental buildings in the Suburban Chicago market. This survey included 34 apartment developments with 8,400 units which have started lease‐up since 2013 in the suburban market. It should be noted that all of these developments in this survey have at least 100 units each.

The average number of units leased per quarter per development is shown below:

While these survey properties have an average size of approximately 250 units each, the subject property will be a small building with only 26 units. Thus, it will not generate the same velocity as a large development. The following is a summary of the lease‐up activity at two of the Evanston projects that are currently in lease‐up:

 1620 Central Station, Evanston: A 47 unit project which began occupancy in early 2017 and has leased an average of two units per month.

 Centrum Evanston: An 80 unit project which began occupancy in August 2017 and has leased at an average pace of 6.4 units per month.

Evanston Gateway 79

Certification

We certify that, to the best of our knowledge and belief:

1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4. We have not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three‐year period immediately preceding acceptance of this assignment. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice as well as applicable state appraisal regulations. 9. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 10. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 11. Gail Lissner, SRA, CRE and Joyce Marquez made personal inspections of the property that is the subject of this report. 12. No one provided significant real property appraisal assistance to the person(s) signing this certification. 13. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. 14. As of the date of this report, Gail Lissner, SRA, CRE has completed the continuing education program for Designated Members of the Appraisal Institute.

Evanston Gateway Certification 80

15. As of the date of this report, Joyce Marquez has completed the Standards and Ethics Education Requirements for Practicing Affiliates of the Appraisal Institute

Gail Lissner, SRA, CRE Joyce Marquez Certified General Real Estate Appraiser Certified General Real Estate Appraiser Illinois Certificate # 553.001842, Exp. 9/30/2019 Illinois Certificate # 553.001143, Exp. 9/30/2019

Evanston Gateway Assumptions and Limiting Conditions 81

Assumptions and Limiting Conditions

The market study and any work product related to the engagement will be limited by the following standard assumptions:

1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The Subject Property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the Subject Property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the Subject Property more or less valuable. Furthermore, there is no asbestos in the Subject Property. 4. The Subject Property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 5. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. The market study and any work product related to the engagement will be subject to the following limiting conditions, except as otherwise noted in the report:

1. A market study is inherently subjective and represents our opinion as to the marketability of the Subject Property. 2. The conclusions stated in our study apply only as of the effective date of the market study, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this market study, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the market study assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the Subject Property without compensation relative to such additional employment. 6. We have made no survey of the Subject Property and assume no responsibility in connection with such matters. Any sketch or survey of the Subject Property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The market study covers the Subject Property as described in this report, and the areas and dimensions set forth are assumed to be correct.

Evanston Gateway Assumptions and Limiting Conditions 82

7. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations, such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. Such considerations may also include determinations of compliance with zoning and other federal, state, and local laws, regulations and codes. 8. Neither all nor any part of the contents of this report (especially any conclusions, the identity of the analysts, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the persons signing the report. 9. Information, estimates and opinions contained in the report and obtained from third‐party sources are assumed to be reliable and have not been independently verified. 10. The current purchasing power of the dollar is the basis for the value stated in the market study; we have assumed that no extreme fluctuations in economic cycles will occur. 11. The conclusions found herein are subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. 12. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 13. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the Subject Property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA issues, and render no opinion regarding compliance of the Subject Property with ADA regulations. Inasmuch as compliance matches each owner’s financial ability with the cost to cure the non‐ conforming physical characteristics of a property, a specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 14. The report is prepared for the exclusive benefit of you, your subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 15. No studies have been provided to us indicating the presence or absence of hazardous materials on the Subject Property or in the improvements, and our valuation is predicated upon the assumption that the Subject Property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the Subject Property. IRR – Chicago and/or any of its officers, owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”) shall not be responsible for any such environmental conditions

Evanston Gateway Assumptions and Limiting Conditions 83

that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the market study cannot be considered as an environmental assessment of the Subject Property. 16. We are not a building or environmental inspector. The Integra Parties do not guarantee that the Subject Property is free of defects or environmental problems. Mold may be present in the Subject Property and a professional inspection is recommended. 17. IRR – Chicago is an independently owned and operated company, which has prepared the market study for the specific intended use stated elsewhere in the report. The use of the market study by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the market study is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the market study or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the market study (even if their reliance was foreseeable). 18. The conclusions of this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public records, interviews, existing trends, buyer‐seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. The Integra Parties are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of the Subject Property. 19. All prospective opinions presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. As will be determined during the course of the assignment, additional extraordinary or hypothetical conditions may be required in order to complete the assignment. The report shall also be subject to those assumptions.

Evanston Gateway Addenda

Addendum A Appraiser Qualifications

Evanston Gateway

Integra Realty Resources Gail Lissner, SRA, CRE Chicago

Experience 400 E Randolph Suite 715 Managing Director for Integra Realty Resources Chicago, IL 60601 Former Vice President and Appraiser for Appraisal Research Counselors

T 312 565 0977 Throughout her career, Ms. Lissner has focused on the housing/multi‐family market, with a F 312 565 3436 particular interest in condominium development, apartment development, and the condominium conversion/deconversion market. Gail’s work with condominiums and irr.com apartments spans many decades, providing consulting services to the original Chicago condominium convertors in the 1970s, and expanding to work in the conversion market throughout the United States. Gail has produced a report on the condominium market on a quarterly basis since 1997 and is co‐author of the Downtown Chicago Condominium Report, a quarterly report delineating development trends and condo pricing in Downtown Chicago. In Gail’s consulting and valuation work for apartment and condominium developments, the scope of work ranges from site and building plan consultations at project inception to market and feasibility studies along with comprehensive appraisals. Her work includes both urban and suburban properties and also includes townhome and single family residential developments. Gail has also testified as an expert witness in a variety of housing matters. She is frequently quoted in the local and national media and is a frequent speaker at real estate industry events.

Professional Activities & Affiliations Appraisal Institute: SRA Designation The Counselors of Real Estate: CRE Designation Board Member (2017‐2020): State of IL Real Estate Appraisal Administration and Disciplinary Board

Village Trustee (2017‐2021): Village of Glencoe Board of Trustees President: Realty Club of Chicago (2016) Vice President: Realty Club of Chicago (2015) Secretary/Treasurer: Counselors of Real Estate Midwest Chapter (2009‐2014) Mentor: Goldie B Wolfe Miller Women Leaders in Real Estate Program at Roosevelt University (2008‐2010) Member: Commercial Real Estate Women (CREW) Member: Real Estate Investment Association (REIA) Member: Chicago Real Estate Council (CREC) Member: Lambda Alpha International and Honorary Land Economics Society ‐ Ely Chapter Member: North Shore Barrington Board of Realtors Crains Chicago Business: Named as one of Crains 20 Women to Watch 2008 Licenses Illinois, Certified General Real Estate Appraiser ‐ Gail Lissner, 553.001842, Expires September 2019

Illinois, Licensed Real Estate Managing Broker ‐ Gail Lissner, 471.004757, Expires April 2019

Wisconsin, Certified General Real Estate Appraiser ‐ Gail Lissner, 2282‐10, Expires December 2019 Education Bachelor of Arts from Washington University, 1972. Phi Beta Kappa, 1972.

[email protected] ‐ 312‐565‐3423

Gail Lissner, CRE, SRA Illinois

Integra Realty Resources Joyce Marquez Chicago

Experience 400 E Randolph Suite 715 Senior Analyst for Integra Realty Resources Chicago, IL 60601 Former Senior Appraiser for Appraisal Research Counselors Former Appraiser for Vestor Realty Consultants, Inc T 312‐565‐0977 F 312‐565‐3436 Joyce A. Marquez began her valuation career in the 1990s. Ms. Marquez specializes in the valuation of residential projects including some of the largest multi‐family assets in the Chicago irr.com MSA. Assignments have included a wide range from valuation for financial reporting purposes as well as proposed construction valuation for construction loans. Ms. Marquez has also completed numerous market feasibility studies for developers and equity investors in multi‐family rental and condominium projects. Joyce has also completed a number of assignments on office, retail, and restaurant properties. Ms. Marquez received her Bachelor of Science Degree in Agriculture Economics from the University of the Philippines.

Professional Activities & Affiliations Practicing Affiliate of the Appraisal Institute Licenses Illinois, Certified General Real Estate Appraiser, 553.001143, Expires September 2019 Michigan, Certified General Real Estate Appraiser, M448855, Expires July 2018 Education Bachelor of Science Degree, Agric., Economics, University of the Philippines

APPRAISAL EDUCATION:

Courses sponsored by the Appraisal Institute which were successfully completed:

Appraisal Principles, 110 Appraisal Procedures, 120 General Applications, 320 Basic Income Capitalization, 310 Standards of Professional Practice, Part A, 410 Standards of Professional Practice, Part B Advanced Income Capitalization, 510 Advanced Sales Comparison and Cost Approaches, 530 Highest & Best Use, 520

[email protected] ‐ 630) 312‐8523

About IRR

Integra Realty Resources, Inc. (IRR) provides world‐class commercial real estate valuation, counseling, and advisory services. Routinely ranked among leading property valuation and consulting firms, we are now the largest independent firm in our industry in the United States, with local offices coast to coast and in the Caribbean.

IRR offices are led by MAI‐designated Senior Managing Directors, industry leaders who have over 25 years, on average, of commercial real estate experience in their local markets. This experience, coupled with our understanding of how national trends affect the local markets, empowers our clients with the unique knowledge, access, and historical perspective they need to make the most informed decisions.

Many of the nation's top financial institutions, developers, corporations, law firms, and government agencies rely on our professional real estate opinions to best understand the value, use, and feasibility of real estate in their market.

Local Expertise...Nationally!

irr.com

Traffic Impact Study Evanston Gateway Mixed-Use Development

Evanston, Illinois

Prepared For:

March 6, 2018

1. Introduction

This report summarizes the methodologies, results, and findings of a traffic impact study conducted by Kenig, Lindgren, O’Hara, Aboona, Inc. (KLOA, Inc.) for the proposed Evanston Gateway mixed-use development to be located at 130 Chicago Avenue in Evanston, Illinois. The site is currently occupied by a municipal parking lot and a vacant auto repair shop and is bounded by a gas station to the north, Chicago Avenue to the east, Howard Street to the south, and the Union Pacific North train tracks to the west.

The plans call for redeveloping the site with approximately 26 apartment units in a five-story building that will include an approximate 7,000 square-foot garden center with outdoor sales area. A surface parking lot will be provided north of the outdoor garden area for approximately 30 vehicles with 21 spaces dedicated to the apartments and the remaining nine spaces dedicated to the retail use. Access to the surface parking lot will be provided via one full ingress/egress access drive on Chicago Avenue approximately 320 feet north of Howard Street.

The proposed development is located in an area that promotes pedestrian and bicycle activity. Sidewalks, bicycle lanes, and crosswalks are provided within the surrounding roadway network. Goods and services and major public transportation stations are also conveniently located nearby, thereby further reducing the need for a vehicle.

The sections of this report present the following:

• Existing street conditions including vehicle, pedestrian, and bicycle traffic volumes for the weekday morning and weekday evening peak hours • A detailed description of the proposed development • Vehicle trip generation for the proposed development • Directional distribution of development-generated traffic • Future transportation conditions including access to and from the development

Evanston Gateway Evanston, Illinois 1

Traffic capacity analyses were conducted for the weekday morning and weekday evening peak hours for the following conditions:

1. Existing Conditions - Analyzes the capacity of the existing street system using existing peak hour traffic volumes in the surrounding area.

2. Future Conditions – The future projected traffic volumes include the existing traffic volumes, regional growth in traffic, and the traffic estimated to be generated by the proposed subject development.

The purpose of this study is as follows:

• To examine existing vehicle, pedestrian, and bicycle traffic conditions to establish a base condition.

• Determine the vehicle trips to be generated by the proposed development and then determine its impact on the surrounding neighborhood street network.

• Recommend improvements to effectively mitigate and accommodate the projected traffic conditions resulting from the proposed development.

Evanston Gateway Evanston, Illinois 2

2. Existing Conditions

Transportation conditions in the vicinity of the site were inventoried to obtain a basis for projecting future conditions. Four components of existing conditions were considered:

1. The geographic location of the site

2. The locations and availability of alternative modes of transportation, including public transportation, bicycle lanes, and pedestrian amenities

3. The characteristics of the adjacent street system, including lane geometry, traffic orientation (e.g. one-way street pairings), and intersection traffic controls

4. The weekday peak hour vehicle, bicycle, and pedestrian traffic volumes at the study intersections

Site Location

The development site is located at 130 Chicago Avenue in Evanston, Illinois. The site is currently occupied by a municipal parking lot and a vacant auto repair shop and is bounded by a gas station to the north, Chicago Avenue to the east, Howard Street to the south, and the Union Pacific North train tracks to the west. The Howard Red Line station is located approximately 760 feet east of the site.

Figure 1 shows the site location with respect to the surrounding street system. Figure 2 shows an aerial view of the site area.

Evanston Gateway Evanston, Illinois 3

SITE

Site Location Figure 1

Evanston Gateway Evanston, Illinois 4

SITE

Aerial View of Site Area Figure 2

Evanston Gateway Evanston, Illinois 5

Existing Street System Characteristics

The characteristics of the existing streets in the study area are illustrated in Figure 3 and described below.

Howard Street is an east-west street that in the vicinity of the site provides one lane in each direction with a dedicated bike lane provided on the north side of the street. Pay box parking and a shared bike lane is provided on the south side of the street. At its signalized intersection with Chicago Avenue/Clark Street, Howard Street is widened to provide an exclusive left-turn lane, a through lane, and an exclusive right-turn lane on both approaches. Howard Street has a posted speed limit of 25 mph and is under the jurisdiction of the City of Chicago.

Chicago Avenue/Clark Street is a north-south street that provides one northbound lane and two southbound lanes north of Howard Street. South of Howard Street, the street becomes Clark Street and generally provides two lanes in each direction. At its signalized intersection with Howard Street, Chicago Avenue/Clark Street provides an exclusive left-turn lane, a through lane, and a combined through/right-turn lane on both approaches. On-street parking is restricted on both sides of the street north of Howard Street. Pay box parking is provided on both sides of the street south of Howard Street. Chicago Avenue has a posted speed limit of 25 mph and is under the jurisdiction of the City of Evanston while Clark Street south of Howard Street is under the jurisdiction of the City of Chicago.

Evanston Gateway Evanston, Illinois 6

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P LEGEND

- TRAVEL LANE

25 - TRAFFIC SIGNAL

P - NO PARKING

XX - SPEED LIMIT

P - BIKE LANE

- BUS STOP

- BUS STOP WITH SHELTER

P - PAYBOX PARKING

SITE P

30 HOWARD STREET P P

H E O L W

A S R T D A T I O

E K

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Proposed Apartment

Development Existing Roadway Characteristics Kenig,Lindgren,O'Hara,Aboona,Inc. Evanston, Illinois Job No: 17-218 Figure: 3

Alternative Modes of Transportation

Accessibility to and from the area is enhanced by the various alternative modes of transportation serving the area, including the following:

• CTA Howard Street Red, Purple, and Yellow Line station located approximately 760 feet east of the site

• CTA Bus Routes 22, 97, 201, 205 and 206 in the vicinity of the site

• Pace Bus Routes 215, 250, 290 and 422 in the vicinity of the site

Pedestrian Facilities

Sidewalks are provided within the entire surrounding street network. High visibility crosswalks are provided at the intersection of Howard Street with Chicago Avenue/Clark Street. This intersection should be improved to include countdown pedestrian timers on all four legs.

Bicycle Facilities

As previously noted, there is a dedicated bike lane and a shared bike lane on the north and south sides of Howard Street, respectively. In addition, a dedicated bike lane is provided on both sides of Chicago Avenue approximately 630 feet north of Howard Street.

Mode-Sharing Transportation Availability

A car-sharing vehicle site is available within walking distance of the site at 415 Howard Street. Also, there are approximately three bicycle sharing (e.g. Divvy) stations within close proximity to the site, with the closest one located at the intersection of Howard Street with Paulina Street (approximately 700 feet east of the site). Further, bicycle racks are located at major retail and residential developments within the surrounding area of the proposed development. Lastly, the proposed development will provide a secured bicycle storage room for the residents of the development.

Census data shows that approximately 45 percent of residents in the area use alternative modes of transportation and do not drive to/from work. Further, the Census data shows that approximately 83 percent of the residents in the area have either one or no vehicle at all. Therefore, the alternative modes of transportation serving the area have resulted in a significant reduction in the traffic generated by area residential developments, particularly during the critical weekday morning and evening commuter peak periods.

Evanston Gateway Evanston, Illinois 8

Existing Traffic Volumes

Turning movement vehicle, pedestrian, and bicycle traffic counts were conducted on Tuesday, September 19, 2017 during the morning (7:00 to 9:00 A.M.) and evening (4:00 to 6:00 P.M.) peak commuting periods of traffic at the intersection of Howard Street with Chicago Avenue/Clark Street.

From this data, the weekday morning peak hour generally occurs between 7:30 and 8:30 A.M. and the weekday evening peak hour generally occurs between 5:00 and 6:00 P.M. These two respective peak hours will be used for the traffic capacity analyses and are presented later in this report.

The existing peak hour vehicle traffic volumes are shown in Figure 4.

The existing peak hour pedestrian and bicycle traffic volumes are shown in Figure 5.

Gap Study

A gap study was performed on Chicago Avenue on Tuesday September 19, 2017 during the weekday morning and evening peak hours in order to determine the availability of gaps or interruptions in the Chicago Avenue traffic stream. The study examined gaps in the southbound direction along Chicago Avenue, which would allow vehicles to turn left from Chicago Avenue into the development and to turn right from the development onto Chicago Avenue, as well as in both directions that would allow vehicles to turn left from the development onto Chicago Avenue. The results of the gap study showing the total number of potential movements based on gaps available for the peak hours are summarized in Table 1.

Table 1 SUMMARY OF CHICAGO AVENUE PEAK HOUR GAP STUDY Weekday Morning Weekday Evening Movement Available Gaps Available Gaps

Left Turn from Chicago Avenue 1,035 749 Left Turn from Access Drive 289 218 Right Turn from Access Drive 587 398

Evanston Gateway Evanston, Illinois 9

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LEGEND

00 - AM PEAK HOUR (7:30-8:30 AM)

(00) - PM PEAK HOUR (5:00-6:00 PM)

SITE

)

(

3 7

3 72 (40) 2 2 356 (345) 41 (34) HOWARD STREET

45 (45)

)

322 (320) 3

)

7 (

0 H

219 (205) 3

3 E

(

2 O

7 L (

6 A

9 S

9 R

5 T

4 D 2 A T I O

E K

S C

Proposed Apartment

Development Existing Traffic Volumes Kenig,Lindgren,O'Hara,Aboona,Inc. Evanston, Illinois Job No: 17-218 Figure: 4

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LEGEND 00 (00) - PEDESTRIAN VOLUME

00 (00) - BICYCLE VOLUME

SITE

)

(

1 1

54) 42 ( ) ) 0 3 3 HOWARD 3 5 (7) ( (

STREET 4 6 1 8 (3) 3

5) (8 H 0 E 8 O L W

A S R T D

A ) 8 T

( I

0 N

E K

S C

Proposed Apartment Existing Pedestrian and Bicycle Development Traffic Volumes Kenig,Lindgren,O'Hara,Aboona,Inc. Evanston, Illinois Job No: 17-218 Figure: 5

3. Traffic Characteristics of the Proposed Development

To evaluate the impact of the subject development on the area street system, it was necessary to quantify the number of vehicle trips the overall site will generate during the weekday morning and the weekday evening peak hours and then determine the directions from which this traffic will approach and depart the site.

Proposed Site and Development Plan

The site is currently a municipal parking lot and a vacant auto repair shop with a total of three full ingress/egress access drives. Under the proposed plan, the surface lot and the vacant auto repair shop will be removed and the access drives on Chicago Avenue will be consolidated into a single access drive to accommodate the five-story building with approximately 26 apartment units and an approximately 7,000 square-foot garden center on the first/ground floor.

Parking

A surface parking lot for approximately 30 vehicles will be provided north of the outdoor garden sales area. Approximately 21 spaces will be dedicated to the apartment building and the remaining nine spaces to the garden center. It should be noted that in addition to these off-street parking spaces, approximately nine on-street parking spaces on Chicago Avenue along the site’s frontage will also be provided.

Access to the Development

The proposed development will be served by a single full ingress/egress access drive on Chicago Avenue approximately 320 feet north of Howard Street, thus reducing the number of curb cuts on Chicago Avenue from three to one. The access drive will provide one inbound lane and one outbound lane under stop sign control and will serve the surface parking lot for residents and retail customers.

Truck loading/unloading

As part of the proposed plans and as requested by the City of Evanston, a 45-foot loading area will be provided on the west side of Chicago Avenue approximately 80 feet north of Chicago Avenue’s stop bar with Howard Street. In order to reduce the impact on area traffic, consideration should be given to schedule the loading activities outside the street system peak periods.

It is important to note that in order to accommodate the proposed on-street parking spaces discussed above as well as the loading/unloading area, the southbound approach of Chicago Avenue at its intersection with Howard Street will be restriped to provide an exclusive left-turn lane, a through lane and an exclusive right-turn lane with 80 feet of storage.

Evanston Gateway Evanston, Illinois 12

Bicycle Storage

A bicycle storage room for the residents will be located on the ground level and will provide 26 bicycle spaces (one bicycle to one dwelling unit ratio), thereby satisfying and exceeding the City of Evanston’s required ratio of one bicycle space per 1.5 dwelling units. Providing this bicycle storage room will further increase the incentive to commute via bicycling rather than driving or owning a vehicle.

Directional Distribution of Development Traffic

The directional distribution of how development traffic will approach and depart the site was estimated based on a combination of existing travel patterns and the orientation and physical restrictions of the surrounding street system. The estimated directional distribution for the proposed development was established and is illustrated in Figure 6.

Evanston Gateway Evanston, Illinois 13

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LEGEND

00% - PERCENT DISTRIBUTION

SITE

15% HOWARD STREET 30%

H E O L W

A S R T D A T I O N

E K

S C

Proposed Apartment

Development Estimated Directional Distribution Kenig,Lindgren,O'Hara,Aboona,Inc. Evanston, Illinois Job No: 17-218 Figure: 6

Development Traffic Generation

The estimates of vehicle traffic to be generated by the development are based upon the proposed land use types and sizes. The volume of traffic generated was estimated using data published in the Institute of Transportation Engineers’ (ITE) Trip Generation Manual, 9th Edition. However, the ITE trip rates are based on suburban rates where the primary mode of transportation is the automobile. Given the Census data noted earlier, the location of the development within a dense, urban area and its proximity to alternative modes of transportation, the trip rates provided in the Trip Generation Manual were reduced by 45 percent.

Table 2 tabulates the total trips anticipated from this proposed development for the weekday morning and weekday evening peak hours.

Development Traffic Assignment

The peak hour traffic volumes projected to be generated by the proposed development (Table 1) were assigned to the area streets based on the directional distribution analysis (Figure 6). Figure 7 shows the assignment of the development-generated traffic volumes.

Table 2 ESTIMATED DEVELOPMENT-GENERATED TRAFFIC VOLUMES ITE Weekday Weekday Weekday Land- Morning Evening Two-Way Use Peak Hour Peak Hour Traffic Code Type/Size In Out In Out 220 Apartments – 26 units 3 13 21 11 281 817 Garden Center – 7,000 s.f. 9 9 26 25 497 Sub Total 12 22 47 36 778 Less 45% Reduction1: -5 -10 -21 -16 -350 Total Development Trips: 7 12 26 20 428 1Based on Census data that over 45 percent of residents either do not own a vehicle or use alternative modes of transportation to commute.

Evanston Gateway Evanston, Illinois 15

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LEGEND )

8 - AM PEAK HOUR (7:30-8:30 AM)

( 00

2 (00) - PM PEAK HOUR (5:00-6:00 PM)

4 (6) )

8 (14) 8

(

SITE

)

(

3 4

1 (3) HOWARD STREET

2 (8)

)

7 ( H

E O L

2 W

A S R T D A T I O

E K

S C

Proposed Apartment

Development Estimated Site Traffic Volumes Kenig,Lindgren,O'Hara,Aboona,Inc. Evanston, Illinois Job No: 17-218 Figure: 7

4. Total Projected Traffic Conditions

The total projected traffic volumes include the existing traffic volumes, traffic estimated to be generated by regional growth in the area, and the traffic estimated to be generated by the proposed subject development.

Regional Growth in Traffic

To account for the increase in existing traffic related to regional growth in the area (i.e. not attributable to any particular planned development) for Year 2023 conditions, the existing traffic volumes were increased by a total of three percent. This percentage increase is based on projections provided by the Chicago Metropolitan Agency for Planning (CMAP). A copy of the CMAP letter is included in the Appendix.

Total Projected Traffic Volumes

Total projected traffic volumes include the existing traffic volumes increased by a regional growth factor of three percent and the traffic estimated to be generated by the proposed subject development (Figure 7). Figure 8 shows the total projected traffic volumes.

Evanston Gateway Evanston, Illinois 17

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) 4

9 LEGEND

(

)

8 - AM PEAK HOUR (7:30-8:30 AM)

5 00

(

2 (00) - PM PEAK HOUR (5:00-6:00 PM)

4 (6)

)

8 (14) ( 0

(

3 6

SITE

)

(

4 2

3 75 (44) 2 3 367 (355) 42 (35) HOWARD STREET

48 (54)

)

332 (330) 4

)

4 (

2 H

226 (211) 4

3 E

(

2 O

8 L (

3 A

7 1 S

5 6 T

D 2 A T I O

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Proposed Apartment

Development Year 2023 Total Traffic Volumes Kenig,Lindgren,O'Hara,Aboona,Inc. Evanston, Illinois Job No: 17-218 Figure: 8

5. Traffic Analysis and Recommendations

Capacity analyses were performed for the key intersections included in the study area to determine the ability of the existing street system to accommodate existing and future traffic demands. Traffic capacity analyses were performed for the existing and total projected peak hour traffic conditions.

The traffic analyses were performed using the methodologies outlined in the Transportation Research Board’s Highway Capacity Manual (HCM), 2010 and using Synchro/SimTraffic software.

The analyses for the traffic-signal controlled intersection of Howard Street with Chicago Avenue/Clark Street were accomplished using existing signal timing data provided by the City of Chicago to determine the average overall vehicle delay, volume-to-capacity ratios, and levels of service.

The analysis for the unsignalized intersections determines the average control delay to vehicles stopped at an intersection. Control delay is the elapsed time from a vehicle joining the queue at a stop sign (includes the time required to decelerate to a stop) until its departure from the stop sign and resumption of free flow speed. The methodology analyzes each intersection approach controlled by a stop sign and considers traffic volumes on all approaches and lane characteristics.

The ability of an intersection to accommodate traffic flow is expressed in terms of level of service, which is assigned a letter grade from A to F based on the average control delay experienced by vehicles passing through the intersection. Control delay is that portion of the total delay attributed to the traffic signal or stop sign control operation, and includes initial deceleration delay, queue move-up time, stopped delay, and final acceleration delay. Level of Service A is the highest grade (best traffic flow and least delay), Level of Service E represents saturated or at-capacity conditions, and Level of Service F is the lowest grade (oversaturated conditions, extensive delays).

The Highway Capacity Manual definitions for levels of service and the corresponding control delay for both signalized and unsignalized intersections are shown in Table 3. A summary of the level of service/delay results for both existing and future conditions are presented in Table 4 and Table 5, respectively.

A discussion of the intersections and recommendations follows.

Evanston Gateway Evanston, Illinois 19

Table 3 LEVEL OF SERVICE CRITERIA Signalized Intersections Average Control Level of Delay Service Interpretation (seconds per vehicle) A Favorable progression. Most vehicles arrive during the 10 green indication and travel through the intersection without stopping.

B Good progression, with more vehicles stopping than for >10 - 20 Level of Service A.

C Individual cycle failures (i.e., one or more queued vehicles >20 - 35 are not able to depart as a result of insufficient capacity during the cycle) may begin to appear. Number of vehicles stopping is significant, although many vehicles still pass through the intersection without stopping.

D The volume-to-capacity ratio is high and either progression >35 - 55 is ineffective or the cycle length is too long. Many vehicles stop and individual cycle failures are noticeable.

E Progression is unfavorable. The volume-to-capacity ratio >55 - 80 is high and the cycle length is long. Individual cycle failures are frequent.

F The volume-to-capacity ratio is very high, progression is >80.0 very poor, and the cycle length is long. Most cycles fail to clear the queue. Unsignalized Intersections Level of Service Average Total Delay (SEC/VEH) A 0 - 10

B > 10 - 15

C > 15 - 25

D > 25 - 35

E > 35 - 50

F > 50 Source: Highway Capacity Manual, 2010.

Evanston Gateway Evanston, Illinois 20

Table 4 CAPACITY ANALYSIS RESULTS—EXISTING CONDITIONS Weekday Weekday Morning Evening Peak Hour Peak Hour Intersection LOS – Delay LOS – Delay Howard Street and Chicago Avenue/Clark Street B – 17.2 B – 18.3 (signal) LOS = Level of Service Delay is measured in seconds.

Table 5 CAPACITY ANALYSIS RESULTS—FUTURE CONDITIONS Weekday Weekday Morning Evening Peak Hour Peak Hour Intersection LOS – Delay LOS – Delay Howard Street and Chicago Avenue/Clark Street B – 17.8 C – 21.6 (signal) Chicago Avenue and Access Drive (stop sign) B – 13.9 C – 18.5 LOS = Level of Service Delay is measured in seconds.

Evanston Gateway Evanston, Illinois 21

Discussion and Recommendations

The results of the capacity analyses show that with the addition of the development traffic and the increase in existing traffic due to regional growth, all of the intersections are projected to continue to operate at generally the same good levels of service. The following is a discussion of each analyzed intersection.

Howard Street and Chicago Avenue/Clark Street

The traffic capacity analyses show that this signalized intersection is currently operating at an acceptable Level of Service (LOS) and will maintain this acceptable LOS under future conditions assuming the restriping of the southbound approach to provide an exclusive left-turn lane, a through lane and an exclusive right-turn lane. Further inspection of the capacity analyses indicated that the average southbound queue will not extend to or beyond the proposed access drive on Chicago Avenue. Consideration should be given to providing countdown pedestrian timers on all four legs of the intersection. No further street or traffic control improvements are recommended at this intersection in conjunction with the proposed development.

Chicago Avenue and Access Drive

The traffic capacity analyses show that this proposed intersection, assuming one lane in each direction, will operate at an acceptable LOS. Inspection of the projected turning traffic volumes and the requirements set forth in the Illinois Department of Transportation (IDOT) Bureau of Design and Environment (BDE) Manual indicate that an exclusive left-turn lane or an exclusive right-turn lane on Chicago Avenue will not be necessary. As such, no street or traffic control improvements are recommended at this intersection in conjunction with the proposed development.

Gap Study Evaluation

As indicated earlier, a gap study was conducted of the traffic flow on Chicago Avenue during the weekday morning and evening peak hours. Table 6 shows the total number of potential movements compared to the number of required gaps that are needed to accommodate the projected traffic turning to and from the access drive. As shown in Table 6, there are sufficient gaps in the Chicago Avenue traffic stream to accommodate the northbound left turns into the proposed development, eastbound right turns onto Chicago Avenue, and eastbound left turns onto Chicago Avenue for the weekday morning and evening peak hours of adjacent roadway traffic. These results further confirm the adequacy of the access drive.

Evanston Gateway Evanston, Illinois 22

Table 6 REQUIRED GAPS – CHICAGO AVENUE Weekday Morning Weekday Evening Time Periods Peak Hour Peak Hour Potential Required Potential Required Movement Movements Gaps Movements Gaps Left Turn from Chicago Avenue 1,035 5 749 18 Left Turn from Access Drive 289 4 218 6 Right Turn from Access Drive 587 8 398 14

Evanston Gateway Evanston, Illinois 23

Parking

The development will provide a total of approximately 30 parking spaces on a surface parking lot with 21 spaces dedicated to the residential component of the development and the remaining nine dedicated for the retail portion. Based on this, the development is providing parking for the residential development at a parking ratio of 0.80 spaces per unit.

The on-site parking supply (0.80 parking ratio) considers the following:

• The development is a transit-oriented development (TOD) and is located in the city’s transit-oriented downtown development district. TOD districts are urban environments which promote pedestrian mobility and interactivity with convenient and nearby goods and services without requiring the use of an automobile.

• Census tract data shows that approximately 83 percent of renter households in the area either do not own a vehicle or own only one vehicle.

• On-street parking is provided within close proximity to the site and an additional 12 on- street parking spaces will be provided on the west side of Chicago Avenue along the site’s frontage.

• A bicycle storage room will be provided on the ground floor, thereby further increasing the incentive to commute via bicycling rather than driving.

• Divvy bicycle stations are located in proximity to the site.

Evanston Gateway Evanston, Illinois 24

6. Conclusion

The plans for the proposed mixed-use development to be located at 130 Chicago Avenue call for approximately 26 apartment units and an approximately 7,000 square-foot garden center with outdoor sales area. The site will provide a surface parking lot with 30 spaces of which 21 will be dedicated to the residential land use and the remaining nine spaces will be dedicated to the retail component of the development. In addition, a 45-foot long loading area and nine on-street parking spaces will be provided on the west side of Chicago Avenue along the site’s frontage. Access to the development will be provided via a single full ingress/egress access drive located approximately 320 feet north of Howard Street. Based on the preceding analyses and recommendations, the following conclusions have been made:

• The proposed development is located in an urban environment which promotes pedestrian mobility and interactivity with convenient and nearby goods and services without requiring the use of an automobile.

• Accessibility to and from the development and surrounding area is enhanced by the various alternative modes of transportation serving the area, including Metra, the CTA Red, Purple, and Yellow Lines, bus transit, and pedestrian and bicycle amenities.

• Based on Census data, the amount of traffic to be generated by the proposed development was reduced by 45 percent to account for resident renters in the area that do not own a vehicle, the alternative modes of transportation serving the area, and the convenience and accessibility of nearby goods and services that can easily be obtained without the use of a vehicle.

• The development-generated traffic can be accommodated without significant impact to the external street system. All of the intersections within the study limits are projected to operate at current levels of service with the addition of the proposed development- generated traffic and the existing traffic increased by a regional growth factor to establish future conditions.

• Consideration should be given to providing countdown pedestrian timers on all four legs of the intersection of Howard Street with Chicago Avenue/Clark Street.

• The provision of one full ingress/egress access drive will reduce the number of curb cuts and conflict points within close proximity to the intersection of Howard Street with Chicago Avenue/Clark Street.

• The access will provide one inbound lane and one outbound lane under stop sign control.

Evanston Gateway Evanston, Illinois 25

• The results of the gap study indicate that there are an ample number of gaps to accommodate the projected number of vehicles entering and exiting the site.

• A bicycle storage room for the residents will be located on the ground level. Providing this bicycle storage room will further increase the incentive to commute via bicycling rather than driving.

• The development will provide a total of approximately 30 parking spaces with 21 designated for residents of the development. This translates into a parking ratio of 0.80 spaces per unit. Based on Census tract data and the fact that the site is designated as a transit-oriented development, the proposed 0.80 parking ratio will be adequate in accommodating the parking demand of the residential component.

Evanston Gateway Evanston, Illinois 26

Appendix

Site Plan

GAS STATION GAS EXISTING EXISTING EXISTING ASPHALT ASPHALT EXISTING AREA BED PLANTING CURBED EASEMENT EXISTING TREE EXISTING

5.00' 5.

0 63.9 0' 4' 17 81 02 22 42 62 28 27 26 25 24 23 22 21 20 19 18 ASPHALT DRIVE ANDDRIVE ASPHALT PARKING AREAPARKING METAL FENCE METAL 6' HIGH 16 3 2 1 15 14

13 2.00' 12 TOTAL LOT AREA: 25,406 AREA: SF LOT TOTAL LINE PROPERTY 11 60.00' 09876543 4 5 6 7 8 9 10 LANDSCAPEDSTRIP 8' - 6" TYP CURB CUTCURB DRIVEWAY 24.00' CTA RAIL YARD RAIL CTA 24.00' 18.00' 18.00' 236.19' HC 930 29 16.00' TURF 2 2.00' 2.00' HC EXISTING PLANTED BERM PLANTED EXISTING BERM PLANTED EXISTING 16.00' 1 BIKE PARKINGBIKE CHICAGO & NORTHWESTERN RAILROADNORTHWESTERN & CHICAGO 3.14' 5 4 21.14' EXISTING METRA TRACKS TRACKS METRA EXISTING METAL FENCE METAL 6' HIGH ENTRY GATE ENTRY ROLLING 236.87' EASEMENT ASPHALT GARDEN YARD GARDEN ASPHALT OPEN SALES LOTSALES OPEN EXISTING EXISTING 6 EXISTING TURF EXISTING 7,330S.F. TREE 7 FENCE STREET PARKINGSTREET ASPHALT PAVEMENT ASPHALT 67.61' 8

2.51' 64.00' OVERALL 9.88'

A D AVENUECHICAGO

5-STORY, 26 UNIT RESIDENTIAL BUILDING BUILDING RESIDENTIAL 26 UNIT 5-STORY,

0 N

G 0

U 0

3.72' O

CONCRETE SLAB ON GRADE GRADE ON SLAB CONCRETE

A '

I WITH GROUND FLOOR RETAIL RETAIL FLOOR GROUND WITH I

L S

R R

149.94'

CONSTRUCTION TYPE: CONSTRUCTION T

SPRINKLED VA ABOVE VA SPRINKLED Y

I I

A N N

G G T 6' HIGH METAL FENCE METAL HIGH 6' 139.35'

119.14'

A 1

IA PODUIM IA

EGRESS SIDEWALK EGRESS 150.00' OVERALL OVERALL PARKING LOTPARKING EXISTING

SIDEWALK CONC. EXISTING

9 '

4.41' EXIST ING 1 S RETA TORY IL BUIL CONCRETE EGRESS STAIR EGRESS CONCRETE DING 69.93' EXISTING CONC. WALL CONC. EXISTING E 65.30' XISTIN OV C G 2 S ERALL OMME TORY RCIAL 0 CONC. CURB CONC. SIDEWALKCONC. BUIL 4.40' DING BIKE PARKING BIKE 10'

20' HOWARD STREET 40' BERM PLANTED EXISTING PLANTED BERMPLANTED EXISTING CLARKSTREET PARK EXISTING 80' EX ISTING 6 STORY MIXED- USE B UILDING

Traffic Counts

Kenig Lindgren O'Hara Aboona, Inc. 9575 W. Higgins Rd., Suite 400 Count Name: Chicago Ave and Howard Street Site Code: Rosemont, Illinois, United States 60018 Start Date: 09/19/2017 (847)518-9990 Page No: 1

Turning Movement Data Howard St Howard St Chicago Ave Chicago Ave Eastbound Westbound Northbound Southbound Start Time App. App. Left Thru Right Peds App. U-Turn Left Thru Right Peds App. Int. Total U-Turn Left Thru Right Peds Total U-Turn Left Thru Right Peds Total U-Turn Total Total 7:00 AM 0 6 60 58 2 124 0 12 92 8 8 112 0 47 76 7 11 130 0 10 50 8 12 68 434 7:15 AM 0 7 61 55 5 123 0 10 77 12 5 99 0 59 105 16 19 180 0 5 76 6 5 87 489 7:30 AM 0 5 73 60 15 138 0 6 92 19 5 117 0 66 140 9 28 215 0 5 73 11 9 89 559 7:45 AM 0 9 77 55 6 141 0 11 108 18 4 137 0 71 107 11 23 189 0 6 53 5 13 64 531 Hourly Total 0 27 271 228 28 526 0 39 369 57 22 465 0 243 428 43 81 714 0 26 252 30 39 308 2013 8:00 AM 0 20 102 43 7 165 0 8 81 21 2 110 0 72 128 13 17 213 0 12 53 6 8 71 559 8:15 AM 0 11 70 61 6 142 0 16 75 14 5 105 0 50 121 14 12 185 0 8 59 5 12 72 504 8:30 AM 0 15 67 36 4 118 0 9 77 17 4 103 0 50 119 6 9 175 0 11 63 10 6 84 480 8:45 AM 0 14 71 33 4 118 0 5 83 14 4 102 0 42 102 10 3 154 0 18 44 8 6 70 444 Hourly Total 0 60 310 173 21 543 0 38 316 66 15 420 0 214 470 43 41 727 0 49 219 29 32 297 1987 *** BREAK *** ------4:00 PM 0 14 77 63 10 154 0 6 82 11 3 99 0 53 76 19 20 148 0 10 84 17 0 111 512 4:15 PM 0 9 100 58 6 167 0 5 72 14 13 91 0 55 73 17 27 145 0 20 100 25 7 145 548 4:30 PM 0 12 88 59 6 159 0 12 85 12 10 109 0 60 83 16 19 159 0 24 97 19 13 140 567 4:45 PM 0 12 84 43 11 139 0 15 77 9 7 101 0 62 70 16 19 148 0 14 112 17 6 143 531 Hourly Total 0 47 349 223 33 619 0 38 316 46 33 400 0 230 302 68 85 600 0 68 393 78 26 539 2158 5:00 PM 0 11 60 55 11 126 0 10 90 10 9 110 0 61 74 11 14 146 0 29 129 16 11 174 556 5:15 PM 0 14 86 49 3 149 0 10 88 8 8 106 0 53 72 7 25 132 0 25 134 20 17 179 566 5:30 PM 0 13 88 52 9 153 0 8 83 9 8 100 0 59 94 9 24 162 0 22 115 13 14 150 565 5:45 PM 0 7 86 49 7 142 0 6 84 13 8 103 0 64 68 16 22 148 0 22 122 27 12 171 564 Hourly Total 0 45 320 205 30 570 0 34 345 40 33 419 0 237 308 43 85 588 0 98 500 76 54 674 2251 Grand Total 0 179 1250 829 112 2258 0 149 1346 209 103 1704 0 924 1508 197 292 2629 0 241 1364 213 151 1818 8409 Approach % 0.0 7.9 55.4 36.7 - - 0.0 8.7 79.0 12.3 - - 0.0 35.1 57.4 7.5 - - 0.0 13.3 75.0 11.7 - - - Total % 0.0 2.1 14.9 9.9 - 26.9 0.0 1.8 16.0 2.5 - 20.3 0.0 11.0 17.9 2.3 - 31.3 0.0 2.9 16.2 2.5 - 21.6 - Lights 0 172 1220 757 - 2149 0 102 1260 188 - 1550 0 906 1430 190 - 2526 0 236 1278 201 - 1715 7940 % Lights - 96.1 97.6 91.3 - 95.2 - 68.5 93.6 90.0 - 91.0 - 98.1 94.8 96.4 - 96.1 - 97.9 93.7 94.4 - 94.3 94.4 Buses 0 0 10 54 - 64 0 44 67 11 - 122 0 10 1 2 - 13 0 1 17 2 - 20 219 % Buses - 0.0 0.8 6.5 - 2.8 - 29.5 5.0 5.3 - 7.2 - 1.1 0.1 1.0 - 0.5 - 0.4 1.2 0.9 - 1.1 2.6 Single-Unit Trucks 0 6 6 11 - 23 0 2 6 1 - 9 0 5 21 2 - 28 0 0 12 5 - 17 77

% Single-Unit 3.4 0.5 1.3 - 1.0 - 1.3 0.4 0.5 - 0.5 - 0.5 1.4 1.0 - 1.1 - 0.0 0.9 2.3 - 0.9 0.9 Trucks - Articulated Trucks 0 1 2 0 - 3 0 1 0 0 - 1 0 0 6 1 - 7 0 0 3 2 - 5 16

% Articulated 0.6 0.2 0.0 - 0.1 - 0.7 0.0 0.0 - 0.1 - 0.0 0.4 0.5 - 0.3 - 0.0 0.2 0.9 - 0.3 0.2 Trucks - Bicycles on Road 0 0 12 7 - 19 0 0 13 9 - 22 0 3 50 2 - 55 0 4 54 3 - 61 157

% Bicycles on - 0.0 1.0 0.8 - 0.8 - 0.0 1.0 4.3 - 1.3 - 0.3 3.3 1.0 - 2.1 - 1.7 4.0 1.4 - 3.4 1.9 Road Pedestrians - - - - 112 - - - - - 103 - - - - - 292 - - - - - 151 - - Kenig Lindgren O'Hara Aboona, Inc. 9575 W. Higgins Rd., Suite 400 Count Name: Chicago Ave and Howard Street Site Code: Rosemont, Illinois, United States 60018 Start Date: 09/19/2017 (847)518-9990 Page No: 3

Turning Movement Peak Hour Data (7:30 AM) Howard St Howard St Chicago Ave Chicago Ave Eastbound Westbound Northbound Southbound Start Time App. App. Left Thru Right Peds App. U-Turn Left Thru Right Peds App. Int. Total U-Turn Left Thru Right Peds Total U-Turn Left Thru Right Peds Total U-Turn Total Total 7:30 AM 0 5 73 60 15 138 0 6 92 19 5 117 0 66 140 9 28 215 0 5 73 11 9 89 559 7:45 AM 0 9 77 55 6 141 0 11 108 18 4 137 0 71 107 11 23 189 0 6 53 5 13 64 531 8:00 AM 0 20 102 43 7 165 0 8 81 21 2 110 0 72 128 13 17 213 0 12 53 6 8 71 559 8:15 AM 0 11 70 61 6 142 0 16 75 14 5 105 0 50 121 14 12 185 0 8 59 5 12 72 504 Total 0 45 322 219 34 586 0 41 356 72 16 469 0 259 496 47 80 802 0 31 238 27 42 296 2153 Approach % 0.0 7.7 54.9 37.4 - - 0.0 8.7 75.9 15.4 - - 0.0 32.3 61.8 5.9 - - 0.0 10.5 80.4 9.1 - - - Total % 0.0 2.1 15.0 10.2 - 27.2 0.0 1.9 16.5 3.3 - 21.8 0.0 12.0 23.0 2.2 - 37.3 0.0 1.4 11.1 1.3 - 13.7 - PHF 0.000 0.563 0.789 0.898 - 0.888 0.000 0.641 0.824 0.857 - 0.856 0.000 0.899 0.886 0.839 - 0.933 0.000 0.646 0.815 0.614 - 0.831 0.963 Lights 0 41 308 199 - 548 0 27 336 64 - 427 0 253 459 45 - 757 0 29 223 27 - 279 2011 % Lights - 91.1 95.7 90.9 - 93.5 - 65.9 94.4 88.9 - 91.0 - 97.7 92.5 95.7 - 94.4 - 93.5 93.7 100.0 - 94.3 93.4 Buses 0 0 4 16 - 20 0 13 16 4 - 33 0 2 0 1 - 3 0 0 5 0 - 5 61 % Buses - 0.0 1.2 7.3 - 3.4 - 31.7 4.5 5.6 - 7.0 - 0.8 0.0 2.1 - 0.4 - 0.0 2.1 0.0 - 1.7 2.8 Single-Unit Trucks 0 3 4 2 - 9 0 1 2 1 - 4 0 2 7 1 - 10 0 0 1 0 - 1 24

% Single-Unit 1.5 - 2.4 0.6 1.4 - 0.9 - 0.8 1.4 2.1 - 1.2 - 0.0 0.4 0.0 - 0.3 1.1 Trucks - 6.7 1.2 0.9 - Articulated Trucks 0 1 0 0 - 1 0 0 0 0 - 0 0 0 2 0 - 2 0 0 0 0 - 0 3

% Articulated 0.2 - 0.0 0.0 0.0 - 0.0 - 0.0 0.4 0.0 - 0.2 - 0.0 0.0 0.0 - 0.0 0.1 Trucks - 2.2 0.0 0.0 - Bicycles on Road 0 0 6 2 - 8 0 0 2 3 - 5 0 2 28 0 - 30 0 2 9 0 - 11 54

% Bicycles on 1.4 - 0.0 0.6 4.2 - 1.1 - 0.8 5.6 0.0 - 3.7 - 6.5 3.8 0.0 - 3.7 2.5 Road - 0.0 1.9 0.9 - Pedestrians - - - - 34 - - - - - 16 - - - - - 80 - - - - - 42 - - % Pedestrians - - - - 100.0 - - - - - 100.0 - - - - - 100.0 - - - - - 100.0 - - Kenig Lindgren O'Hara Aboona, Inc. 9575 W. Higgins Rd., Suite 400 Count Name: Chicago Ave and Howard Street Site Code: Rosemont, Illinois, United States 60018 Start Date: 09/19/2017 (847)518-9990 Page No: 4

Turning Movement Peak Hour Data (5:00 PM) Howard St Howard St Chicago Ave Chicago Ave Eastbound Westbound Northbound Southbound Start Time App. App. Left Thru Right Peds App. U-Turn Left Thru Right Peds App. Int. Total U-Turn Left Thru Right Peds Total U-Turn Left Thru Right Peds Total U-Turn Total Total 5:00 PM 0 11 60 55 11 126 0 10 90 10 9 110 0 61 74 11 14 146 0 29 129 16 11 174 556 5:15 PM 0 14 86 49 3 149 0 10 88 8 8 106 0 53 72 7 25 132 0 25 134 20 17 179 566 5:30 PM 0 13 88 52 9 153 0 8 83 9 8 100 0 59 94 9 24 162 0 22 115 13 14 150 565 5:45 PM 0 7 86 49 7 142 0 6 84 13 8 103 0 64 68 16 22 148 0 22 122 27 12 171 564 Total 0 45 320 205 30 570 0 34 345 40 33 419 0 237 308 43 85 588 0 98 500 76 54 674 2251 Approach % 0.0 7.9 56.1 36.0 - - 0.0 8.1 82.3 9.5 - - 0.0 40.3 52.4 7.3 - - 0.0 14.5 74.2 11.3 - - - Total % 0.0 2.0 14.2 9.1 - 25.3 0.0 1.5 15.3 1.8 - 18.6 0.0 10.5 13.7 1.9 - 26.1 0.0 4.4 22.2 3.4 - 29.9 - PHF 0.000 0.804 0.909 0.932 - 0.931 0.000 0.850 0.958 0.769 - 0.952 0.000 0.926 0.819 0.672 - 0.907 0.000 0.845 0.933 0.704 - 0.941 0.994 Lights 0 44 318 187 - 549 0 24 318 36 - 378 0 233 298 43 - 574 0 97 467 73 - 637 2138 % Lights - 97.8 99.4 91.2 - 96.3 - 70.6 92.2 90.0 - 90.2 - 98.3 96.8 100.0 - 97.6 - 99.0 93.4 96.1 - 94.5 95.0 Buses 0 0 0 14 - 14 0 10 21 2 - 33 0 3 0 0 - 3 0 0 4 0 - 4 54 % Buses - 0.0 0.0 6.8 - 2.5 - 29.4 6.1 5.0 - 7.9 - 1.3 0.0 0.0 - 0.5 - 0.0 0.8 0.0 - 0.6 2.4 Single-Unit Trucks 0 1 0 3 - 4 0 0 1 0 - 1 0 0 3 0 - 3 0 0 2 0 - 2 10

% Single-Unit 0.7 - 0.0 0.3 0.0 - 0.2 - 0.0 1.0 0.0 - 0.5 - 0.0 0.4 0.0 - 0.3 0.4 Trucks - 2.2 0.0 1.5 - Articulated Trucks 0 0 0 0 - 0 0 0 0 0 - 0 0 0 0 0 - 0 0 0 0 0 - 0 0

% Articulated 0.0 - 0.0 0.0 0.0 - 0.0 - 0.0 0.0 0.0 - 0.0 - 0.0 0.0 0.0 - 0.0 0.0 Trucks - 0.0 0.0 0.0 - Bicycles on Road 0 0 2 1 - 3 0 0 5 2 - 7 0 1 7 0 - 8 0 1 27 3 - 31 49

% Bicycles on 0.5 - 0.0 1.4 5.0 - 1.7 - 0.4 2.3 0.0 - 1.4 - 1.0 5.4 3.9 - 4.6 2.2 Road - 0.0 0.6 0.5 - Pedestrians - - - - 30 - - - - - 33 - - - - - 85 - - - - - 54 - - % Pedestrians - - - - 100.0 - - - - - 100.0 - - - - - 100.0 - - - - - 100.0 - - Kenig Lindgren O'Hara Aboona, Inc. Count Name: Chicago Avenue and Access 9575 W. Higgins Rd., Suite 400 Drives Site Code: Rosemont, Illinois, United States 60018 Start Date: 09/19/2017 (847)518-9990 Page No: 1

Turning Movement Data Evanston Lot 53 525 Howard Lot Chicago Ave Chicago Ave Eastbound Westbound Northbound Southbound Start Time App. App. Left Thru Right Peds App. U-Turn Left Thru Right Peds App. Int. Total U-Turn Left Thru Right Peds Total U-Turn Left Thru Right Peds Total U-Turn Total Total 7:00 AM 0 0 0 0 0 0 0 0 0 0 2 0 0 0 91 0 12 91 0 0 67 0 0 67 158 7:15 AM 0 0 0 0 0 0 0 0 0 0 1 0 0 0 124 0 5 124 0 0 86 0 2 86 210 7:30 AM 0 0 0 1 7 1 0 0 0 0 3 0 0 0 161 0 9 161 0 0 88 0 0 88 250 7:45 AM 0 0 0 0 3 0 0 0 0 0 1 0 0 0 138 0 11 138 0 0 68 0 0 68 206 Hourly Total 0 0 0 1 10 1 0 0 0 0 7 0 0 0 514 0 37 514 0 0 309 0 2 309 824 8:00 AM 0 0 0 1 1 1 0 0 0 0 1 0 0 0 176 0 9 176 0 0 70 0 0 70 247 8:15 AM 0 0 0 1 1 1 0 0 0 0 2 0 0 0 145 0 13 145 0 0 72 0 0 72 218 8:30 AM 0 0 0 1 1 1 0 0 0 0 0 0 0 0 153 0 4 153 0 0 84 0 0 84 238 8:45 AM 0 0 0 0 0 0 0 0 0 0 4 0 0 0 129 0 6 129 0 0 69 0 1 69 198 Hourly Total 0 0 0 3 3 3 0 0 0 0 7 0 0 0 603 0 32 603 0 0 295 0 1 295 901 *** BREAK *** ------4:00 PM 0 0 0 0 4 0 0 0 0 1 10 1 0 0 103 0 6 103 0 0 117 0 0 117 221 4:15 PM 0 0 0 0 2 0 0 0 0 0 9 0 0 0 93 1 16 94 0 0 143 0 0 143 237 4:30 PM 0 0 0 1 1 1 0 0 0 0 6 0 0 0 111 0 16 111 0 1 143 0 0 144 256 4:45 PM 0 0 0 0 4 0 0 1 0 0 3 1 0 0 91 0 12 91 0 0 143 0 1 143 235 Hourly Total 0 0 0 1 11 1 0 1 0 1 28 2 0 0 398 1 50 399 0 1 546 0 1 547 949 5:00 PM 0 0 0 0 11 0 0 0 0 0 8 0 0 0 95 0 7 95 0 0 179 0 0 179 274 5:15 PM 0 0 0 0 5 0 0 0 0 0 2 0 0 0 92 0 12 92 0 0 181 0 0 181 273 5:30 PM 0 0 0 0 2 0 0 0 0 0 1 0 0 0 112 0 14 112 0 0 146 0 1 146 258 5:45 PM 0 0 0 0 3 0 0 0 0 0 3 0 0 0 87 0 8 87 0 0 171 0 0 171 258 Hourly Total 0 0 0 0 21 0 0 0 0 0 14 0 0 0 386 0 41 386 0 0 677 0 1 677 1063 Grand Total 0 0 0 5 45 5 0 1 0 1 56 2 0 0 1901 1 160 1902 0 1 1827 0 5 1828 3737 Approach % 0.0 0.0 0.0 100.0 - - 0.0 50.0 0.0 50.0 - - 0.0 0.0 99.9 0.1 - - 0.0 0.1 99.9 0.0 - - - Total % 0.0 0.0 0.0 0.1 - 0.1 0.0 0.0 0.0 0.0 - 0.1 0.0 0.0 50.9 0.0 - 50.9 0.0 0.0 48.9 0.0 - 48.9 - Lights 0 0 0 5 - 5 0 0 0 1 - 1 0 0 1797 1 - 1798 0 0 1730 0 - 1730 3534 % Lights - - - 100.0 - 100.0 - 0.0 - 100.0 - 50.0 - - 94.5 100.0 - 94.5 - 0.0 94.7 - - 94.6 94.6 Buses 0 0 0 0 - 0 0 0 0 0 - 0 0 0 12 0 - 12 0 0 18 0 - 18 30 % Buses - - - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - - 0.6 0.0 - 0.6 - 0.0 1.0 - - 1.0 0.8 Single-Unit Trucks 0 0 0 0 - 0 0 1 0 0 - 1 0 0 27 0 - 27 0 1 16 0 - 17 45

% Single-Unit - - 0.0 - 0.0 - 100.0 - 0.0 - 50.0 - - 1.4 0.0 - 1.4 - 100.0 0.9 - - 0.9 1.2 Trucks - Articulated Trucks 0 0 0 0 - 0 0 0 0 0 - 0 0 0 7 0 - 7 0 0 5 0 - 5 12

% Articulated - - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - - 0.4 0.0 - 0.4 - 0.0 0.3 - - 0.3 0.3 Trucks - Bicycles on Road 0 0 0 0 - 0 0 0 0 0 - 0 0 0 58 0 - 58 0 0 58 0 - 58 116

% Bicycles on - - - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - - 3.1 0.0 - 3.0 - 0.0 3.2 - - 3.2 3.1 Road Pedestrians - - - - 45 - - - - - 56 - - - - - 160 - - - - - 5 - - Kenig Lindgren O'Hara Aboona, Inc. Count Name: Chicago Avenue and Access 9575 W. Higgins Rd., Suite 400 Drives Site Code: Rosemont, Illinois, United States 60018 Start Date: 09/19/2017 (847)518-9990 Page No: 3

Turning Movement Peak Hour Data (7:30 AM) Evanston Lot 53 525 Howard Lot Chicago Ave Chicago Ave Eastbound Westbound Northbound Southbound Start Time App. App. Left Thru Right Peds App. U-Turn Left Thru Right Peds App. Int. Total U-Turn Left Thru Right Peds Total U-Turn Left Thru Right Peds Total U-Turn Total Total 7:30 AM 0 0 0 1 7 1 0 0 0 0 3 0 0 0 161 0 9 161 0 0 88 0 0 88 250 7:45 AM 0 0 0 0 3 0 0 0 0 0 1 0 0 0 138 0 11 138 0 0 68 0 0 68 206 8:00 AM 0 0 0 1 1 1 0 0 0 0 1 0 0 0 176 0 9 176 0 0 70 0 0 70 247 8:15 AM 0 0 0 1 1 1 0 0 0 0 2 0 0 0 145 0 13 145 0 0 72 0 0 72 218 Total 0 0 0 3 12 3 0 0 0 0 7 0 0 0 620 0 42 620 0 0 298 0 0 298 921 Approach % 0.0 0.0 0.0 100.0 - - NaN NaN NaN NaN - - 0.0 0.0 100.0 0.0 - - 0.0 0.0 100.0 0.0 - - - Total % 0.0 0.0 0.0 0.3 - 0.3 0.0 0.0 0.0 0.0 - 0.0 0.0 0.0 67.3 0.0 - 67.3 0.0 0.0 32.4 0.0 - 32.4 - PHF 0.000 0.000 0.000 0.750 - 0.750 0.000 0.000 0.000 0.000 - 0.000 0.000 0.000 0.881 0.000 - 0.881 0.000 0.000 0.847 0.000 - 0.847 0.921 Lights 0 0 0 3 - 3 0 0 0 0 - 0 0 0 569 0 - 569 0 0 283 0 - 283 855 % Lights - - - 100.0 - 100.0 ------91.8 - - 91.8 - - 95.0 - - 95.0 92.8 Buses 0 0 0 0 - 0 0 0 0 0 - 0 0 0 4 0 - 4 0 0 5 0 - 5 9 % Buses - - - 0.0 - 0.0 ------0.6 - - 0.6 - - 1.7 - - 1.7 1.0 Single-Unit Trucks 0 0 0 0 - 0 0 0 0 0 - 0 0 0 11 0 - 11 0 0 1 0 - 1 12

% Single-Unit 0.0 ------1.8 - - 1.8 - - 0.3 - - 0.3 1.3 Trucks - - - 0.0 - Articulated Trucks 0 0 0 0 - 0 0 0 0 0 - 0 0 0 3 0 - 3 0 0 0 0 - 0 3

% Articulated 0.0 ------0.5 - - 0.5 - - 0.0 - - 0.0 0.3 Trucks - - - 0.0 - Bicycles on Road 0 0 0 0 - 0 0 0 0 0 - 0 0 0 33 0 - 33 0 0 9 0 - 9 42

% Bicycles on 0.0 ------5.3 - - 5.3 - - 3.0 - - 3.0 4.6 Road - - - 0.0 - Pedestrians - - - - 12 - - - - - 7 - - - - - 42 - - - - - 0 - - % Pedestrians - - - - 100.0 - - - - - 100.0 - - - - - 100.0 ------Kenig Lindgren O'Hara Aboona, Inc. Count Name: Chicago Avenue and Access 9575 W. Higgins Rd., Suite 400 Drives Site Code: Rosemont, Illinois, United States 60018 Start Date: 09/19/2017 (847)518-9990 Page No: 4

Turning Movement Peak Hour Data (5:00 PM) Evanston Lot 53 525 Howard Lot Chicago Ave Chicago Ave Eastbound Westbound Northbound Southbound Start Time App. App. Left Thru Right Peds App. U-Turn Left Thru Right Peds App. Int. Total U-Turn Left Thru Right Peds Total U-Turn Left Thru Right Peds Total U-Turn Total Total 5:00 PM 0 0 0 0 11 0 0 0 0 0 8 0 0 0 95 0 7 95 0 0 179 0 0 179 274 5:15 PM 0 0 0 0 5 0 0 0 0 0 2 0 0 0 92 0 12 92 0 0 181 0 0 181 273 5:30 PM 0 0 0 0 2 0 0 0 0 0 1 0 0 0 112 0 14 112 0 0 146 0 1 146 258 5:45 PM 0 0 0 0 3 0 0 0 0 0 3 0 0 0 87 0 8 87 0 0 171 0 0 171 258 Total 0 0 0 0 21 0 0 0 0 0 14 0 0 0 386 0 41 386 0 0 677 0 1 677 1063 Approach % NaN NaN NaN NaN - - NaN NaN NaN NaN - - 0.0 0.0 100.0 0.0 - - 0.0 0.0 100.0 0.0 - - - Total % 0.0 0.0 0.0 0.0 - 0.0 0.0 0.0 0.0 0.0 - 0.0 0.0 0.0 36.3 0.0 - 36.3 0.0 0.0 63.7 0.0 - 63.7 - PHF 0.000 0.000 0.000 0.000 - 0.000 0.000 0.000 0.000 0.000 - 0.000 0.000 0.000 0.862 0.000 - 0.862 0.000 0.000 0.935 0.000 - 0.935 0.970 Lights 0 0 0 0 - 0 0 0 0 0 - 0 0 0 374 0 - 374 0 0 642 0 - 642 1016 % Lights ------96.9 - - 96.9 - - 94.8 - - 94.8 95.6 Buses 0 0 0 0 - 0 0 0 0 0 - 0 0 0 2 0 - 2 0 0 4 0 - 4 6 % Buses ------0.5 - - 0.5 - - 0.6 - - 0.6 0.6 Single-Unit Trucks 0 0 0 0 - 0 0 0 0 0 - 0 0 0 3 0 - 3 0 0 2 0 - 2 5

% Single-Unit ------0.8 - - 0.8 - - 0.3 - - 0.3 0.5 Trucks - - - - - Articulated Trucks 0 0 0 0 - 0 0 0 0 0 - 0 0 0 0 0 - 0 0 0 0 0 - 0 0

% Articulated ------0.0 - - 0.0 - - 0.0 - - 0.0 0.0 Trucks - - - - - Bicycles on Road 0 0 0 0 - 0 0 0 0 0 - 0 0 0 7 0 - 7 0 0 29 0 - 29 36

% Bicycles on ------1.8 - - 1.8 - - 4.3 - - 4.3 3.4 Road - - - - - Pedestrians - - - - 21 - - - - - 14 - - - - - 41 - - - - - 1 - - % Pedestrians - - - - 100.0 - - - - - 100.0 - - - - - 100.0 - - - - - 100.0 - -

Census Data

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Transit Zone: .25 mile .5 mile Smart Zoom Selected Station Station Existing Transit Potential Transit Transit Region TOD Report

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Station .25 Mile Transit Zone: CTA Purple Line, Red Line, Yellow Line; Howard

Year Opened: (1) Pre-2000 Latitude: (2) 42.019063 Longitude: (2) -87.672892 Average Travel Time to Work: (3) 35.91 Median Household Income 38,059 Howard 2009: (4) Percent who take public 40.13 transportation 2009: (5) Percent who bicycle 2009: (6) 0.56 Percent who walk 2009: (7) 4.38 Percent who take public 45.07 transportation, bicycle or walk 2009: (8) Average number of vehicles 0.79 available per household 2009: (9) Average number of vehicles 1.25 available per household 2009: Owner Occupied: (10) Average number of vehicles 0.60 available per household 2009: Renter Occupied: (11) Imagery ©2017 , DigitalGlobe, Sanborn, U.S. Geological Survey, USDA FarmRepor Sert vicea map Agency error Percent of households with 0 or 1 83.49 vehicle available 2009: (12) Median Year Structure Built 1,939 2009: (13)

1 The year in which this station opened. This value is intended to inform the analysis of available statistics, and therefore all stations open prior to 2000 report as "Pre-2000", the year of the earliest available statistic. 2 Station location, current as of October 1, 2017. Station locations are updated (as necessary) on a quarterly basis which may result in changes in aggregated data. 3 American Community Survey 2005-2009 5-Year Estimates b08013_001 / b08132_001 aggregated from Census 2009 Tracts 4 American Community Survey 2005-2009 5-Year Estimates b19013_001 aggregated from Census 2009 Block Groups 5 American Community Survey 2005-2009 5-Year Estimates (b08301_010) / (b08301_001) aggregated from Census 2009 Block Groups 6 American Community Survey 2005-2009 5-Year Estimates (b08301_018 ) / (b08301_001) aggregated from Census 2009 Block Groups 7 American Community Survey 2005-2009 5-Year Estimates (b08301_019) / (b08301_001) aggregated from Census 2009 Block Groups 8 American Community Survey 2005-2009 5-Year Estimates (b08301_010 + b08301_018 + b08301_019) / (b08301_001) aggregated from Census 2009 Block Groups 9 American Community Survey 2005-2009 5-Year Estimates b25046_001 / b25044_001 aggregated from Census 2009 Block Groups 10 American Community Survey 2005-2009 5-Year Estimates b25046_002 / b25044_002 aggregated from Census 2009 Block Groups 11 American Community Survey 2005-2009 5-Year Estimates b25046_003 / b25044_009 aggregated from Census 2009 Block Groups

CMAP Projections

Capacity Analyses

Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 10/11/2017

Lane Group EBL EBT EBR WBL WBT WBR NBL NBT NBR SBL SBT SBR Lane Configurations Traffic Volume (vph) 45 322 219 41 356 72 259 496 47 31 238 27 Future Volume (vph) 45 322 219 41 356 72 259 496 47 31 238 27 Ideal Flow (vphpl) 1900 2000 1900 1900 2000 1900 1900 1900 1900 1900 1900 1900 Lane Width (ft) 10 10 10 10 10 10 11 11 11 11 11 11 Storage Length (ft) 40 40 65 65 90 0 50 0 Storage Lanes 1 1 1 1 1 0 1 0 Taper Length (ft) 45 75 95 70 Lane Util. Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.95 0.95 1.00 0.95 0.95 Ped Bike Factor 0.98 0.93 0.97 0.95 0.97 0.99 0.99 0.99 Frt 0.850 0.850 0.987 0.985 Flt Protected 0.950 0.950 0.950 0.950 Satd. Flow (prot) 1546 1830 1396 1257 1778 1409 1711 3353 0 1745 3352 0 Flt Permitted 0.390 0.429 0.570 0.375 Satd. Flow (perm) 624 1830 1291 549 1778 1345 997 3353 0 683 3352 0 Right Turn on Red Yes Yes Yes Yes Satd. Flow (RTOR) 118 49 16 16 Link Speed (mph) 30 30 30 30 Link Distance (ft) 417 717 240 192 Travel Time (s) 9.5 16.3 5.5 4.4 Confl. Peds. (#/hr) 42 80 80 42 34 16 16 34 Confl. Bikes (#/hr) 8 5 30 11 Peak Hour Factor 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 Heavy Vehicles (%) 9% 2% 8% 34% 5% 7% 2% 2% 4% 0% 2% 0% Shared Lane Traffic (%) Lane Group Flow (vph) 47 335 228 43 371 75 270 566 0 32 276 0 Turn Type Perm NA Perm Perm NA Perm custom NA Perm NA Protected Phases 4 8 5 2 5 6 Permitted Phases 4 4 8 8 2 6 Minimum Split (s) 40.0 40.0 40.0 40.0 40.0 40.0 9.5 40.0 40.0 Total Split (s) 40.0 40.0 40.0 40.0 40.0 40.0 10.0 40.0 40.0 Total Split (%) 44.4% 44.4% 44.4% 44.4% 44.4% 44.4% 11.1% 44.4% 44.4% Yellow Time (s) 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 All-Red Time (s) 1.0 1.0 1.0 1.0 1.0 1.0 0.0 1.0 1.0 Lost Time Adjust (s) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Lost Time (s) 4.0 4.0 4.0 4.0 4.0 4.0 3.0 4.0 4.0 Lead/Lag Lead-Lag Optimize? Act Effct Green (s) 36.0 36.0 36.0 36.0 36.0 36.0 44.0 46.0 36.0 36.0 Actuated g/C Ratio 0.40 0.40 0.40 0.40 0.40 0.40 0.49 0.51 0.40 0.40 v/c Ratio 0.19 0.46 0.39 0.20 0.52 0.13 0.50 0.33 0.12 0.20 Control Delay 20.1 22.4 11.3 20.6 23.8 8.6 16.7 13.2 18.5 17.1 Queue Delay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Delay 20.1 22.4 11.3 20.6 23.8 8.6 16.7 13.2 18.5 17.1 LOS CCBCCABB BB Approach Delay 18.1 21.1 14.3 17.2 Approach LOS B C B B Queue Length 50th (ft) 17 137 40 16 156 9 82 91 11 49 Queue Length 95th (ft) 43 213 98 41 241 36 133 126 31 77

10/11/2017 A.M. Peak Hour Existing Traffic Synchro 10 Report Page 1 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 10/11/2017

Lane Group Ø2 Lane Configurations Traffic Volume (vph) Future Volume (vph) Ideal Flow (vphpl) Lane Width (ft) Storage Length (ft) Storage Lanes Taper Length (ft) Lane Util. Factor Ped Bike Factor Frt Flt Protected Satd. Flow (prot) Flt Permitted Satd. Flow (perm) Right Turn on Red Satd. Flow (RTOR) Link Speed (mph) Link Distance (ft) Travel Time (s) Confl. Peds. (#/hr) Confl. Bikes (#/hr) Peak Hour Factor Heavy Vehicles (%) Shared Lane Traffic (%) Lane Group Flow (vph) Turn Type Protected Phases 2 Permitted Phases Minimum Split (s) 40.0 Total Split (s) 40.0 Total Split (%) 44% Yellow Time (s) 3.0 All-Red Time (s) 1.0 Lost Time Adjust (s) Total Lost Time (s) Lead/Lag Lead-Lag Optimize? Act Effct Green (s) Actuated g/C Ratio v/c Ratio Control Delay Queue Delay Total Delay LOS Approach Delay Approach LOS Queue Length 50th (ft) Queue Length 95th (ft)

10/11/2017 A.M. Peak Hour Existing Traffic Synchro 10 Report Page 2 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 10/11/2017

Lane Group EBL EBT EBR WBL WBT WBR NBL NBT NBR SBL SBT SBR Internal Link Dist (ft) 337 637 160 112 Turn Bay Length (ft) 40 40 65 65 90 50 Base Capacity (vph) 249 732 587 219 711 567 542 1721 273 1350 Starvation Cap Reductn 00000000 00 Spillback Cap Reductn 00000000 00 Storage Cap Reductn 00000000 00 Reduced v/c Ratio 0.19 0.46 0.39 0.20 0.52 0.13 0.50 0.33 0.12 0.20 Intersection Summary Area Type: Other Cycle Length: 90 Actuated Cycle Length: 90 Offset: 0 (0%), Referenced to phase 2:NBTL and 6:SBTL, Start of Green Natural Cycle: 90 Control Type: Pretimed Maximum v/c Ratio: 0.52 Intersection Signal Delay: 17.2 Intersection LOS: B Intersection Capacity Utilization 91.7% ICU Level of Service F Analysis Period (min) 15

Splits and Phases: 3: Clark Street/Chicago Avenue & Howard Street

10/11/2017 A.M. Peak Hour Existing Traffic Synchro 10 Report Page 3 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 10/11/2017

Lane Group Ø2 Internal Link Dist (ft) Turn Bay Length (ft) Base Capacity (vph) Starvation Cap Reductn Spillback Cap Reductn Storage Cap Reductn Reduced v/c Ratio Intersection Summary

10/11/2017 A.M. Peak Hour Existing Traffic Synchro 10 Report Page 4 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 10/11/2017

Lane Group EBL EBT EBR WBL WBT WBR NBL NBT NBR SBL SBT SBR Lane Configurations Traffic Volume (vph) 45 320 205 34 345 40 237 308 43 98 500 76 Future Volume (vph) 45 320 205 34 345 40 237 308 43 98 500 76 Ideal Flow (vphpl) 1900 2000 1900 1900 2000 1900 1900 1900 1900 1900 1900 1900 Lane Width (ft) 10 10 10 10 10 10 11 11 11 11 11 11 Storage Length (ft) 40 40 65 65 90 0 50 0 Storage Lanes 1 1 1 1 1 0 1 0 Taper Length (ft) 45 75 95 70 Lane Util. Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.95 0.95 1.00 0.95 0.95 Ped Bike Factor 0.98 0.92 0.96 0.94 0.98 0.99 0.98 0.99 Frt 0.850 0.850 0.982 0.980 Flt Protected 0.950 0.950 0.950 0.950 Satd. Flow (prot) 1652 1867 1396 1306 1761 1436 1728 3370 0 1745 3353 0 Flt Permitted 0.415 0.442 0.348 0.518 Satd. Flow (perm) 706 1867 1290 586 1761 1356 623 3370 0 928 3353 0 Right Turn on Red Yes Yes Yes Yes Satd. Flow (RTOR) 111 48 25 22 Link Speed (mph) 30 30 30 30 Link Distance (ft) 417 717 240 192 Travel Time (s) 9.5 16.3 5.5 4.4 Confl. Peds. (#/hr) 54 85 85 54 30 33 33 30 Confl. Bikes (#/hr) 3 7 8 31 Peak Hour Factor 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 Heavy Vehicles (%) 2% 0% 8% 29% 6% 5% 1% 1% 0% 0% 1% 0% Shared Lane Traffic (%) Lane Group Flow (vph) 45 323 207 34 348 40 239 354 0 99 582 0 Turn Type Perm NA Perm Perm NA Perm custom NA Perm NA Protected Phases 4 8 5 2 5 6 Permitted Phases 4 4 8 8 2 6 Minimum Split (s) 40.0 40.0 40.0 40.0 40.0 40.0 9.5 40.0 40.0 Total Split (s) 40.0 40.0 40.0 40.0 40.0 40.0 10.0 40.0 40.0 Total Split (%) 44.4% 44.4% 44.4% 44.4% 44.4% 44.4% 11.1% 44.4% 44.4% Yellow Time (s) 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 All-Red Time (s) 1.0 1.0 1.0 1.0 1.0 1.0 0.0 1.0 1.0 Lost Time Adjust (s) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Lost Time (s) 4.0 4.0 4.0 4.0 4.0 4.0 3.0 4.0 4.0 Lead/Lag Lead-Lag Optimize? Act Effct Green (s) 36.0 36.0 36.0 36.0 36.0 36.0 44.0 46.0 36.0 36.0 Actuated g/C Ratio 0.40 0.40 0.40 0.40 0.40 0.40 0.49 0.51 0.40 0.40 v/c Ratio 0.16 0.43 0.36 0.15 0.49 0.07 0.61 0.20 0.27 0.43 Control Delay 19.3 21.9 10.7 19.3 23.2 4.7 20.5 11.5 20.6 20.0 Queue Delay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Delay 19.3 21.9 10.7 19.3 23.2 4.7 20.5 11.5 20.6 20.0 LOS BCBBCACB CB Approach Delay 17.7 21.1 15.1 20.1 Approach LOS B C B C Queue Length 50th (ft) 16 130 35 12 145 0 71 50 37 118 Queue Length 95th (ft) 41 203 87 34 225 16 117 75 76 164

10/11/2017 P.M. Peak Hour Existing Traffic Synchro 10 Report Page 1 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 10/11/2017

10/11/2017 P.M. Peak Hour Existing Traffic Synchro 10 Report Page 2 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 10/11/2017

Lane Group EBL EBT EBR WBL WBT WBR NBL NBT NBR SBL SBT SBR Internal Link Dist (ft) 337 637 160 112 Turn Bay Length (ft) 40 40 65 65 90 50 Base Capacity (vph) 282 746 582 234 704 571 390 1734 371 1354 Starvation Cap Reductn 00000000 00 Spillback Cap Reductn 00000000 00 Storage Cap Reductn 00000000 00 Reduced v/c Ratio 0.16 0.43 0.36 0.15 0.49 0.07 0.61 0.20 0.27 0.43 Intersection Summary Area Type: Other Cycle Length: 90 Actuated Cycle Length: 90 Offset: 0 (0%), Referenced to phase 2:NBTL and 6:SBTL, Start of Green Natural Cycle: 90 Control Type: Pretimed Maximum v/c Ratio: 0.61 Intersection Signal Delay: 18.4 Intersection LOS: B Intersection Capacity Utilization 90.5% ICU Level of Service E Analysis Period (min) 15

Splits and Phases: 3: Clark Street/Chicago Avenue & Howard Street

10/11/2017 P.M. Peak Hour Existing Traffic Synchro 10 Report Page 3 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 10/11/2017

Lane Group Ø2 Internal Link Dist (ft) Turn Bay Length (ft) Base Capacity (vph) Starvation Cap Reductn Spillback Cap Reductn Storage Cap Reductn Reduced v/c Ratio Intersection Summary

10/11/2017 P.M. Peak Hour Existing Traffic Synchro 10 Report Page 4 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 03/07/2018

Lane Group EBL EBT EBR WBL WBT WBR NBL NBT NBR SBL SBT SBR Lane Configurations Traffic Volume (vph) 48 332 226 42 367 75 267 513 48 33 248 32 Future Volume (vph) 48 332 226 42 367 75 267 513 48 33 248 32 Ideal Flow (vphpl) 1900 2000 1900 1900 2000 1900 1900 1900 1900 1900 2000 1900 Lane Width (ft) 10 10 10 10 10 10 11 11 11 13 11 11 Storage Length (ft) 40 40 65 65 90 0 50 80 Storage Lanes 1 1 1 1 1 0 1 1 Taper Length (ft) 45 75 95 75 Lane Util. Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.95 0.95 1.00 1.00 1.00 Ped Bike Factor 0.98 0.88 0.95 0.95 0.97 0.99 0.99 0.93 Frt 0.850 0.850 0.987 0.850 Flt Protected 0.950 0.950 0.950 0.950 Satd. Flow (prot) 1546 1830 1396 1257 1778 1409 1711 3353 0 1865 1895 1561 Flt Permitted 0.378 0.417 0.516 0.364 Satd. Flow (perm) 605 1830 1222 522 1778 1345 903 3353 0 709 1895 1450 Right Turn on Red Yes Yes Yes Yes Satd. Flow (RTOR) 118 49 16 48 Link Speed (mph) 30 30 30 30 Link Distance (ft) 417 717 240 192 Travel Time (s) 9.5 16.3 5.5 4.4 Confl. Peds. (#/hr) 42 80 80 42 34 16 16 34 Confl. Bikes (#/hr) 8 5 30 11 Peak Hour Factor 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 Heavy Vehicles (%) 9% 2% 8% 34% 5% 7% 2% 2% 4% 0% 2% 0% Shared Lane Traffic (%) Lane Group Flow (vph) 50 346 235 44 382 78 278 584 0 34 258 33 Turn Type Perm NA Perm Perm NA Perm custom NA Perm NA Perm Protected Phases 4 8 5 2 5 6 Permitted Phases 4 4 8 8 2 6 6 Minimum Split (s) 40.0 40.0 40.0 40.0 40.0 40.0 9.5 40.0 40.0 40.0 Total Split (s) 40.0 40.0 40.0 40.0 40.0 40.0 10.0 40.0 40.0 40.0 Total Split (%) 44.4% 44.4% 44.4% 44.4% 44.4% 44.4% 11.1% 44.4% 44.4% 44.4% Yellow Time (s) 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 All-Red Time (s) 1.0 1.0 1.0 1.0 1.0 1.0 0.0 1.0 1.0 1.0 Lost Time Adjust (s) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Lost Time (s) 4.0 4.0 4.0 4.0 4.0 4.0 3.0 4.0 4.0 4.0 Lead/Lag Lead-Lag Optimize? Act Effct Green (s) 36.0 36.0 36.0 36.0 36.0 36.0 44.0 46.0 36.0 36.0 36.0 Actuated g/C Ratio 0.40 0.40 0.40 0.40 0.40 0.40 0.49 0.51 0.40 0.40 0.40 v/c Ratio 0.21 0.47 0.42 0.21 0.54 0.14 0.55 0.34 0.12 0.34 0.05 Control Delay 20.6 22.7 12.1 21.1 24.1 8.8 18.1 13.3 18.5 20.4 3.5 Queue Delay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Delay 20.6 22.7 12.1 21.1 24.1 8.8 18.1 13.3 18.5 20.4 3.5 LOS CCBCCABB BCA Approach Delay 18.5 21.5 14.8 18.5 Approach LOS B C B B Queue Length 50th (ft) 18 142 43 16 162 10 85 95 12 100 0 Queue Length 95th (ft) 46 221 105 42 250 38 137 131 33 160 12

10/11/2017 A.M. Peak Hour Total Traffic Synchro 10 Report Page 1 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 03/07/2018

10/11/2017 A.M. Peak Hour Total Traffic Synchro 10 Report Page 2 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 03/07/2018

Lane Group EBL EBT EBR WBL WBT WBR NBL NBT NBR SBL SBT SBR Internal Link Dist (ft) 337 637 160 112 Turn Bay Length (ft) 40 40 65 65 90 50 80 Base Capacity (vph) 242 732 559 208 711 567 504 1721 283 758 608 Starvation Cap Reductn 00000000 000 Spillback Cap Reductn 00000000 000 Storage Cap Reductn 00000000 000 Reduced v/c Ratio 0.21 0.47 0.42 0.21 0.54 0.14 0.55 0.34 0.12 0.34 0.05 Intersection Summary Area Type: Other Cycle Length: 90 Actuated Cycle Length: 90 Offset: 0 (0%), Referenced to phase 2:NBTL and 6:SBTL, Start of Green Natural Cycle: 90 Control Type: Pretimed Maximum v/c Ratio: 0.55 Intersection Signal Delay: 17.8 Intersection LOS: B Intersection Capacity Utilization 92.3% ICU Level of Service F Analysis Period (min) 15

Splits and Phases: 3: Clark Street/Chicago Avenue & Howard Street

10/11/2017 A.M. Peak Hour Total Traffic Synchro 10 Report Page 3 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 03/07/2018

Lane Group Ø2 Internal Link Dist (ft) Turn Bay Length (ft) Base Capacity (vph) Starvation Cap Reductn Spillback Cap Reductn Storage Cap Reductn Reduced v/c Ratio Intersection Summary

10/11/2017 A.M. Peak Hour Total Traffic Synchro 10 Report Page 4 HCM 6th TWSC 9: Chicago Avenue & Access Drive 03/07/2018

Intersection Int Delay, s/veh 0.2 Movement EBL EBR NBL NBT SBT SBR Lane Configurations Traffic Vol, veh/h 4 8 5 631 305 2 Future Vol, veh/h 4 8 5 631 305 2 Conflicting Peds, #/hr 0 0 40 0 0 40 Sign Control Stop Stop Free Free Free Free RT Channelized - None - None - None Storage Length 0 ----- Veh in Median Storage, # 0 - - 0 0 - Grade, % 0 - - 0 0 - Peak Hour Factor 95 95 95 95 95 95 Heavy Vehicles, % 0 00320 Mvmt Flow 4 8 5 664 321 2

Major/Minor Minor2 Major1 Major2 Conflicting Flow All 1036 362 363 0 - 0 Stage 1 362 ----- Stage 2 674 ----- Critical Hdwy 6.4 6.2 4.1 - - - Critical Hdwy Stg 1 5.4 ----- Critical Hdwy Stg 2 5.4 ----- Follow-up Hdwy 3.5 3.3 2.2 - - - Pot Cap-1 Maneuver 259 687 1207 - - - Stage 1 709 ----- Stage 2 510 ----- Platoon blocked, % - - - Mov Cap-1 Maneuver 238 661 1161 - - - Mov Cap-2 Maneuver 238 ----- Stage 1 677 ----- Stage 2 491 -----

Approach EB NB SB HCM Control Delay, s 13.9 0.1 0 HCM LOS B

Minor Lane/Major Mvmt NBL NBT EBLn1 SBT SBR Capacity (veh/h) 1161 - 415 - - HCM Lane V/C Ratio 0.005 - 0.03 - - HCM Control Delay (s) 8.1 0 13.9 - - HCM Lane LOS A A B - - HCM 95th %tile Q(veh) 0 - 0.1 - -

10/11/2017 A.M. Peak Hour Total Traffic Synchro 10 Report Page 1 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 03/07/2018

Lane Group EBL EBT EBR WBL WBT WBR NBL NBT NBR SBL SBT SBR Lane Configurations Traffic Volume (vph) 54 330 211 35 355 44 244 324 44 104 520 84 Future Volume (vph) 54 330 211 35 355 44 244 324 44 104 520 84 Ideal Flow (vphpl) 1900 2000 1900 1900 2000 1900 1900 1900 1900 1900 2000 1900 Lane Width (ft) 10 10 10 10 10 10 11 11 11 13 11 11 Storage Length (ft) 40 40 65 65 90 0 50 80 Storage Lanes 1 1 1 1 1 0 1 1 Taper Length (ft) 45 75 95 75 Lane Util. Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.95 0.95 1.00 1.00 1.00 Ped Bike Factor 0.98 0.86 0.94 0.94 0.98 0.99 0.97 0.91 Frt 0.850 0.850 0.982 0.850 Flt Protected 0.950 0.950 0.950 0.950 Satd. Flow (prot) 1652 1867 1396 1306 1761 1436 1728 3368 0 1865 1914 1561 Flt Permitted 0.403 0.431 0.232 0.506 Satd. Flow (perm) 684 1867 1205 554 1761 1350 415 3368 0 966 1914 1420 Right Turn on Red Yes Yes Yes Yes Satd. Flow (RTOR) 111 48 24 48 Link Speed (mph) 30 30 30 30 Link Distance (ft) 417 717 240 192 Travel Time (s) 9.5 16.3 5.5 4.4 Confl. Peds. (#/hr) 60 93 93 60 35 38 38 35 Confl. Bikes (#/hr) 3 7 8 31 Peak Hour Factor 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 Heavy Vehicles (%) 2% 0% 8% 29% 6% 5% 1% 1% 0% 0% 1% 0% Shared Lane Traffic (%) Lane Group Flow (vph) 55 333 213 35 359 44 246 371 0 105 525 85 Turn Type Perm NA Perm Perm NA Perm custom NA Perm NA Perm Protected Phases 4 8 5 2 5 6 Permitted Phases 4 4 8 8 2 6 6 Minimum Split (s) 40.0 40.0 40.0 40.0 40.0 40.0 9.5 40.0 40.0 40.0 Total Split (s) 40.0 40.0 40.0 40.0 40.0 40.0 10.0 40.0 40.0 40.0 Total Split (%) 44.4% 44.4% 44.4% 44.4% 44.4% 44.4% 11.1% 44.4% 44.4% 44.4% Yellow Time (s) 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 All-Red Time (s) 1.0 1.0 1.0 1.0 1.0 1.0 0.0 1.0 1.0 1.0 Lost Time Adjust (s) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Lost Time (s) 4.0 4.0 4.0 4.0 4.0 4.0 3.0 4.0 4.0 4.0 Lead/Lag Lead-Lag Optimize? Act Effct Green (s) 36.0 36.0 36.0 36.0 36.0 36.0 44.0 46.0 36.0 36.0 36.0 Actuated g/C Ratio 0.40 0.40 0.40 0.40 0.40 0.40 0.49 0.51 0.40 0.40 0.40 v/c Ratio 0.20 0.45 0.39 0.16 0.51 0.08 0.81 0.21 0.27 0.69 0.14 Control Delay 20.2 22.1 11.5 19.7 23.5 5.2 36.1 11.6 20.6 28.0 9.6 Queue Delay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Delay 20.2 22.1 11.5 19.7 23.5 5.2 36.1 11.6 20.6 28.0 9.6 LOS CCBBCADB CCA Approach Delay 18.2 21.4 21.4 24.7 Approach LOS B C C C Queue Length 50th (ft) 20 135 37 12 150 0 74 53 39 242 13 Queue Length 95th (ft) 48 210 94 34 233 19 #163 79 79 358 42

10/11/2017 P.M. Peak Hour Total Traffic Synchro 10 Report Page 1 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 03/07/2018

10/11/2017 P.M. Peak Hour Total Traffic Synchro 10 Report Page 2 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 03/07/2018

Lane Group EBL EBT EBR WBL WBT WBR NBL NBT NBR SBL SBT SBR Internal Link Dist (ft) 337 637 160 112 Turn Bay Length (ft) 40 40 65 65 90 50 80 Base Capacity (vph) 273 746 548 221 704 568 305 1733 386 765 596 Starvation Cap Reductn 00000000 000 Spillback Cap Reductn 00000000 000 Storage Cap Reductn 00000000 000 Reduced v/c Ratio 0.20 0.45 0.39 0.16 0.51 0.08 0.81 0.21 0.27 0.69 0.14 Intersection Summary Area Type: Other Cycle Length: 90 Actuated Cycle Length: 90 Offset: 0 (0%), Referenced to phase 2:NBTL and 6:SBTL, Start of Green Natural Cycle: 90 Control Type: Pretimed Maximum v/c Ratio: 0.81 Intersection Signal Delay: 21.6 Intersection LOS: C Intersection Capacity Utilization 91.0% ICU Level of Service F Analysis Period (min) 15 # 95th percentile volume exceeds capacity, queue may be longer. Queue shown is maximum after two cycles.

Splits and Phases: 3: Clark Street/Chicago Avenue & Howard Street

10/11/2017 P.M. Peak Hour Total Traffic Synchro 10 Report Page 3 Lanes, Volumes, Timings 3: Clark Street/Chicago Avenue & Howard Street 03/07/2018

Lane Group Ø2 Internal Link Dist (ft) Turn Bay Length (ft) Base Capacity (vph) Starvation Cap Reductn Spillback Cap Reductn Storage Cap Reductn Reduced v/c Ratio Intersection Summary

10/11/2017 P.M. Peak Hour Total Traffic Synchro 10 Report Page 4 HCM 6th TWSC 9: Chicago Avenue & Acces Drive 03/07/2018

Intersection Int Delay, s/veh 0.5 Movement EBL EBR NBL NBT SBT SBR Lane Configurations Traffic Vol, veh/h 6 14 18 404 694 8 Future Vol, veh/h 6 14 18 404 694 8 Conflicting Peds, #/hr 0 0 35 0 0 35 Sign Control Stop Stop Free Free Free Free RT Channelized - None - None - None Storage Length 0 ----- Veh in Median Storage, # 0 - - 0 0 - Grade, % 0 - - 0 0 - Peak Hour Factor 95 95 95 95 95 95 Heavy Vehicles, % 0 00220 Mvmt Flow 6 15 19 425 731 8

Major/Minor Minor2 Major1 Major2 Conflicting Flow All 1233 770 774 0 - 0 Stage 1 770 ----- Stage 2 463 ----- Critical Hdwy 6.4 6.2 4.1 - - - Critical Hdwy Stg 1 5.4 ----- Critical Hdwy Stg 2 5.4 ----- Follow-up Hdwy 3.5 3.3 2.2 - - - Pot Cap-1 Maneuver 197 404 851 - - - Stage 1 460 ----- Stage 2 638 ----- Platoon blocked, % - - - Mov Cap-1 Maneuver 179 391 823 - - - Mov Cap-2 Maneuver 179 ----- Stage 1 431 ----- Stage 2 617 -----

Approach EB NB SB HCM Control Delay, s 18.5 0.4 0 HCM LOS C

Minor Lane/Major Mvmt NBL NBT EBLn1 SBT SBR Capacity (veh/h) 823 - 288 - - HCM Lane V/C Ratio 0.023 - 0.073 - - HCM Control Delay (s) 9.5 0 18.5 - - HCM Lane LOS A A C - - HCM 95th %tile Q(veh) 0.1 - 0.2 - -

10/11/2017 P.M. Peak Hour Total Traffic Synchro 10 Report Page 1 Statement of Site Controls and Standards for Planned Developments

a) Minimum area The proposed 26 dwelling units are permitted, subject to approval of the requested rezoning and planned development.

b) Tree preservation There are no trees that can be preserved on the site. The existing street trees in the right-of-way will be protected and new street trees will be planted as part of the project, as noted on the enclosed plans.

c) Landscaped strip The Project will provide a landscaped strip along the parking, as shown on the site plan.

d) Open space The site is currently blighted. The proposed development will provide a unique gardening and education center that will be an amenity to the surrounding residential and commercial uses.

e) Walkways The project will repair the adjacent sidewalks, as required due to the construction of the project.

f) Parking and loading The proposed parking and loading will be sufficient to accommodate the residential and retail uses on the site.

g) Utilities The proposed development will be adequately served by existing utilities. See the engineering plans for further detail.

h) Stormwater Treatment Provisions will be made for acceptable design and construction of storm water facilities including grading, gutter, piping, and maintenance of facilities.

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