817-907 S Wells Street | Chicago IL Asking Price: $6,200,000 ($175 Psf)
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FOR SALE > PRIME SOUTH LOOP DEVELOPMENT SITE 817-907 S Wells Street | Chicago IL Asking Price: $6,200,000 ($175 psf) COLLIERS INTERNATIONAL is pleased to announce that it has been retained by Ownership as the exclusive marketing agent for the parking lot/development site located at 817-907 South Wells Street in Chicago’s South Loop submarket. This property is a premier residential/mixed-use development site located in the northern section of the booming South Loop neighborhood, with frontage along Wells Street, and minutes away from the Loop office district and major train stations. For more information, Site Overview please contact: Address: 817-907 S. Wells TONY SMANIOTTO Executive Vice President Size: 35,335 Square Feet (0.81 acres) 312 612 5916 [email protected] Frontage: 333.61 linear feet on north-south Wells St. BOB CHODOS Zoning: DX-5 (FAR 5.0), mixed use Principal 312 612 5902 FAR: 176,675 square feet [email protected] Current Use: Surface Parking Lot (Daily fee) COLLIERS INTERNATIONAL 200 S. Wacker, Suite 700 Chicago, IL 60606 www.colliers.com/chicago No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. CLARK WILLOW LA SA LLE LINCOLN PARK EUGENIE OLD CONCORD CONCORD CONCORD VINE TOWN NORTH NORTH NORTH NORTH R WEED STO ON A 1000 FEET ARK YT BURTON DA BLACKHAWK FREMONT TH P BLACKHAWK OGDEN NOR WELLS 300 METERS ORLEANS SEDGWICK WIELAND EASTMAN SCHILLER CLEVELAND MOHAWK HUDSON EVERGREEN EVERGREEN BANKS TH BRANCH GOETHE RITCHIE NOR HOOKER SCOTT SCOTT SCOTT EVERGREEN ONE DIVISION DIVISION DIVISION ST CHERRY ELM ELM ELM CEDAR HILL RUSH HICKORY MAPLE BLISS HOBBIE WENDELL BELLEVUE HAINES OAK OAK OAK WALTON WALTON Lake Michigan MICHIGAN LOCUST DELAWARE CHESTNUT CHESTNUT T RABEE LLE R Y FRY S VAN DER ROHE S VAN CLARK DEARBORN SA DE WIT LA HUDSON SEDGWICK INSTITUTE PL. PEARSON MA SING E S LA MIE L LE CHICAGO I S CHICAGO M E SUPERIOR CARPENTER L Y SUPERIOR T A HURON GREEN K MORGAN TAT E N AIRBANK F S S H E ANGAMON O S HURON R C E ORIA KINGSBUR I HALSTED D PE AIR R F NORTH Kennedy Expwy ERIE I V I ERIE E . CL N ST ONTARIO ASH MICHIGAN G B RUSH A OHIO RIVER WA OHIO M AVENUE G 817 – 907 SOUTH WELLS STREET NORTH GRAND E GRAND McCLUR H Location ILLINOIS T 90 HUBBARD LS ORLEANS TH CITY FRONT WEL HUBBARD NEW ARK AZA DRIVE P ORIA FRANKLIN NOR PL NORTH WATER PE 94 KINZIE KINZIE WACKER WACKER FULTON WACKER SOUTH WATER SON LAKE LAKE ET ST EAST LOOP 41 RANDOLPH RANDOLPH HARBOR ORIA WEST LOOP CENTRAL HALSTED GREEN WASHINGTON WASHINGTON PE ANGAMON CARPENTER MORGAN S LOOP MICHIGAN MADISON MADISON MONROE MONROE ASH B JEFFERSON WA S CLINTON CANAL E LLE ADAMS ADAMS CLARK WELLS TAT SA S DEARBORN FRANKLIN LA CKER DESPLAINE JACKSON JACKSON WA RACINE ABERDEEN VAN BUREN VAN BUREN HARRISON AKE SHORE DRIVE L 290 Eisenhower Expwy CONGRESS COLUMBUS HARRISON LLE VERNON PARK SA BALBO INANCIAL CLARK PLYMOUTH FEDERAL F LA WELLS DEARBORN POLK ABERDEEN POLK 8TH R JEFFERSON CABRINI CABRINI ARK TER CARPENTER MILLER MORGAN E P 9TH ASH B TAYLOR TAT WA MICHIGAN S 11TH COLUMBUS FUTURE ROOSEVELT WELLS-WENTWORTH ROOSEVELT 12TH PL RY O’BRIEN 90 CONNECTOR SOLIDARITY MORGAN 13TH 13TH NEWBER MAXWELL MAXWELL MAXWELL McFETRIDGE YMOUTH FEDERAL PL LIBERTY 94 CLARK 14TH 14TH 14TH Dan Ryan Expwy RAIRIE P 14TH PL 14TH PL 15TH PL 16TH 16TH LAKE SHORE DRIVE S 17TH RY ORIA MILLER 17TH PE 17TH PL JEFFERSON CLINTON DESPLAINE FEDERAL NEWBER DEARBORN 18TH 18TH 18TH 19TH CANAL 19TH CANALPORT NORMAL Y 19TH PL T CLINTON ORIA CULLERTON ANGAMON MORGAN CULLERTON CARPENTER MILLER SHELB S PE RAIRIE CALUME P UBLE E R ASH B CHINA PL TAT LUMBER S INDIANA WA MICHIGAN CLARK CERMAK CERMAK N 22ND PL RTH TO ARCHER GROVE ALEXANDER RINCE 23RD WENTWO P 23RD 23RD PL LUMBER WALLACE 24TH 24TH NORMAL 24TH PL 24TH PL Stevenson Expwy CORBETT 55 KING DR 817 – 907 SOUTH WELLS STREET Area Overview GROWING SOUTH LOOP NEIGHBORHOOD LOCATION • The South Loop is a vibrant and growing neighborhood located just south of the Chicago central business district. The subject property is located within 3 blocks from the Chicago River, the Congress Expressway, the Roosevelt Collection shopping district, The British School (opening in 2015), and the River City Marina. • The South Loop has recently become a more student-oriented neighborhood with the addition of the University Center, housing over 3,000 college students in dorm and apartment style units, as well as Dwight Lofts and 731 South Plymouth Court, two student housing buildings owned by Columbia College Chicago. Colleges in the area include Roosevelt University, Columbia College, Robert Morris University, John Marshall Law School, and the Loop campus of DePaul University. • The South Loop is one of Chicago’s fastest growing neighborhoods, with nearby developments including the AMLI Lofts under construction at 850 S. Clark (398 suburban style apartments), AMLI 900 (440 existing units), and JDL’s proposed 1000 S. Clark, a 469-unit apartment tower. These developments will welcome thousands of new residents (1-mile radius: 60,000 population, $77,000 average income). • The Property is just minutes away from Grant Park and the lakefront, Harold Washington library, Chicago CTA and Metra stations, Soldier Field, the Museum Campus and numerous cultural institutions. Dynamic Mixed Use Development Site • Located between Wells Street and Financial Place, the site has two hard corners and 772 feet of frontage on three streets, with an area of approximately 35,335 square feet (0.81 acres). • City of Chicago zoning district DX-5 has a base FAR of 5.0 yielding 176,675 square feet of development rights, prior to any creative design which may allow bonus FAR. • The site is currently leased on a month-to-month basis for $14,000 per month, before real estate taxes. This positive cash flow after all expenses provides an equity return to the buyer while holding the site for future development. • The parking agreement can be terminated and based on demand, significant revenue may be generated beyond the current lease, including opportunities for billboard signage. 817 – 907 SOUTH WELLS STREET Area Overview (continued) WELLS WENTWORTH CONNECTOR • In May 2014, the City announced the start of the Wells-Wentworth Connector, a road project intended to make Wells street the preferred artery between the Loop and Chinatown/Cermak. • The project, when completed in 2015, will have a huge impact on the northwest corner of the South Loop, as this will change Wells Street to a major thoroughfare. Increased traffic may increase values of nearby development. • Construction of this new north-south collector street will allow for improved traffic flow throughout the SOURCE: www.cityofchicago.org/ undeveloped areas, by creating a coordinated series of intersections, as well as improve pedestrian connectivity to nearby destinations such as the new Ping Tom Park Fieldhouse, the proposed new Chinatown Library, the existing Roosevelt Road commercial areas, and transit stops. RESTAURANTS/SHOPPING • The South Loop features numerous new restaurants, boutiques, book shops and antique stores. The area’s growing restaurant business continues to draw some of the best owners and chefs in the City. Popular spots such as Iron Chef Jose Garces’ Mercat a La Planxa, and Ryan McCaskey’s Acadia, draw patrons from all over Chicagoland. • The Property is within walking distance of Target and grocery stores such as Jewel/Osco, Whole Foods, Mariano’s, and Trader Joe’s. Best Buy, Marshall’s, DSW Shoes, Michael’s, Staples and Home Depot are also nearby in the newly developed shopping area on Roosevelt and Canal. • The Shops at Roosevelt Collection include H&M, White House|Black Market, Z Gallerie, ICON Theaters and numerous restaurants and coffee shops, and has SOURCE: shops.rooseveltcollection.com recently announced leases with Container Store, lululemon, and Banana Republic. 817 – 907 SOUTH WELLS STREET Aerials FACING WEST FACING EAST 817 – 907 SOUTH WELLS STREET Aerials FACING NORTH FACING SOUTH 817 – 907 SOUTH WELLS STREET Area Development 817 – 907 SOUTH WELLS STREET AMLI LOFTS BRITISH SCHOOL OF CHICAGO 1000 S CLARK ST (400 existing units) (under construction) (490 proposed units) SOURCE: www.amli.com SOURCE: Antunovich Associates SOURCE: chicago.curbed.com.