Development Site for Sale
1034 W Madison Street Chicago, Illinois
15,000 SF Site Ideal for Residential, Retail, Office or Mixed-Use Development
W MADISON STREET
Table Of Contents
03 Executive Summary
06 Property Description
11 Market Overview
13 Contact Information
CUSHMAN & WAKEFIELD | 1034 W MADISON STREET, CHICAGO 2 Executive Summary The Offering
Executive Summary
The Offering PROPERTY SUMMARY Cushman & Wakefield of Illinois, Inc has been retained by Ownership as the exclusive advisors in the sale of 1034 W Madison Street in Chicago, Illinois. The offering consists of a 15,000 SF Address 1034 W Madison Street, Chicago redevelopment site that currently includes 4 building totaling approximately 12,500 SF.
1034 W Madison Street is located in Chicago’s West Loop neighborhood and offers immediate Site Size 15,000 SF access to highways and ample public transportation options. The property features excellent visibility with 155’ of frontage directly on W Madison Street and is currently zoned DX-3. Zoning DX-3 (potential for 4.0 FAR)
OVERVIEW N CARPENTER STREET STREET CARPENTER N
W MADISON STREET
CUSHMAN & WAKEFIELD | 1034 W MADISON STREET, CHICAGO 4 The Offering
Project Highlights
Premium Location - Located in Chicago’s West Loop Neighborhood, 1034 W Madison Street sits in the 25th Ward represented by Alderman Byron Sigcho Lopez. As one of the fastest growing neighborhoods in Chicago, the West Loop has and continues to, welcome various residential and commercial developments to the area. Along with being one of the top entertainment and dining districts in the city, the West Loop caters to residential, office, and retail demands. Developers are clamoring for new sites and opportunities to continue to breathe new life into the neighborhood and the potential that lies within.
Development Potential - The site offers a unique residential, retail, office or mixed use redevelopment opportunity in Chicago’s West Loop Neighborhood. 1034 W Madison Street is situated just blocks away from the Chicago CTA “L” Green and Blue Line stops to the North and South and just steps away from the Madison CTA bus line.
Zoning - Currently, the property offers a DX-3 (45,000 SF) zoning designation with the potential for an FAR of 4 (60,000 SF) by fulfilling the Affordable Housing requirement for the FAR increase, greatly reducing or eliminating the required parking.
Access - The site is advantageously situated with excellent accessibility to the CTA “El” Green, Pink & Blue Line train systems, multiple bus stops and easy access to I-90/94 and I-290.
CUSHMAN & WAKEFIELD | 1034 W MADISON STREET, CHICAGO 5 Property Description Property Description
Aerial Overview
+/- 150’6” +/- 100’8”
+/- 100’4” N CARPENTER STREET STREET CARPENTER N
+/- 151’2”
W MADISON STREET
CUSHMAN & WAKEFIELD | 1034 W MADISON STREET, CHICAGO 7 Property Description
Aerial Overview: Access
W MADISON STREET
S DAMEN AVENUE S HALSTED STREET HALSTED S W ROOSEVELT ROAD STREET HALSTED S
CUSHMAN & WAKEFIELD | 1034 W MADISON STREET, CHICAGO 8 Property Description
Aerial Overview: Surrounding Amenities
10 9 36
69 45 8 74 2 76 3 4 5 7 1 73 47 11 1615 77 12 75 59 14 13 42 43 377880 64 79 62
63 68 44 55 25 48 52 27 88 30 32 46 2223 24 26 28 85 66 67 81 21 5472 71 61 87 29 8431 33 65 35 53 20 56 41 40 70 39 834938 34 17 18 58 19 86 82
50 60 57 51 6
RESTAURANTS NIGHTLIFE HEALTH AND WELLNESS RETAIL
1 Kaiser Tiger 19 Crave Kabob 36 Bar Siena 56 Snippets Mini-Cuts 74 Kids & Company Day Care
2 Lou Malnatis 20 Subway 37 El Che Bar 57 Studio84One 75 VCA Animal Care
3 La Colombe Coffee 21 Palace Grill 38 The Madison Bar 58 Beauty Mark Salon 76 Free People
4 Nandos Peri-Peri 22 Viaggio Ristorante 39 Black Barrel Tavern 59 Solo Salon 77 West Loop Auto Spa
5 Umami Burger 23 West End Grill & Tavern 40 Third Rail Tavern 60 Lacquer Day Spa 78 Kavi Gupta Gallery
6 Piko Street Kitchen 24 Nohea Café BANKING 61 Nail Party 79 Carrie Secrist Gallery
7 Formento's 25 Talay 41 First Eagle Bank 62 The Hair Loft 80 M2057 by Mario Pinto
8 Girl & The Goat 26 Freshii 42 Parkway Bank & Trust 63 Mane Abstracts Hair Salon 81 Gold Coast Tickets
9 Maude's 27 The Great American Bagel 43 Chase Bank 64 Base Salon 82 Morgan Cleaners
10 Forno Rosso 28 Mad Social GROCERY 65 European Wax Center 83 The Fig Tree
11 Green Street Smoked Meats 29 Butterfly Sushi 44 Whole Foods Market 66 G2 Men's Salon 84 Smitten Boutique
12 Parlor Pizza 30 Crossroads Bar & Grill 45 JP Graziano Grocery 67 LA Tan 85 Cat & Mouse Games
13 Dunkin Donuts 31 Cone Gourmet Ice Cream HEALTH AND WELLNESS 68 Elle Nail Spa 86 Wigglyville Pet Boutique
14 Sushi Pink 32 Monteverde 46 Johnny's Ice House 51 Brooklyn Boulders 69 Ora Dental Studio 87 Studio East6
15 Subway 33 Pockets 47 Core Power Yoga 52 9Round Fitness 70 West Loop Dental 88 Leaders 1354
16 La Sardine 34 Starbucks 48 Pure Barre 53 HM Day Spa 71 Spex
17 Billy Goat Tavern 35 Ciao Café 49 Crosstown Fitness 54 Exfole8 RETAIL
18 Dunkin Donuts 50 Bare Feet Power Yoga 55 Be Fabulous 72 Verizon
CUSHMAN & WAKEFIELD | 1034 W MADISON STREET, CHICAGO 73 Randolph Street Market 9 Property Description
Area Demographics
DEMOGRAPHICS 1 MILE 3 MILE AREA DEMOGRAPHICS Population Trend
2019 49,038 435,180
2024 Projected 53,631 454,007
Housing
Total Housing Units
2019 29,065 238,581
2024 Projected 32,004 250,012
Median Home Value
2019 $389,197 $423,050
1
2024 Projected $423,690 $464,626 M
I
L 3
E
Household Income M I
L E
Median Household Income S
2019 $106,829 $84,535
2024 Projected $120,163 $100,101
Per Capita Income
2019 $80,400 $62,952
2024 Projected $91,770 $72,300
CUSHMAN & WAKEFIELD | 1034 W MADISON STREET, CHICAGO 10 Market Overview Market Overview
Chicago Overview POPULATION Approximately 10 million residents live in the Chicago metropolitan area. The city of Chicago is home to over 2.7 million residents, an increase of approximately 1% since the 2010 census, and expects an additional population increase of 2% by 2024. The Chicago metropolitan area, the third most populous region in the United States, is a growing, vibrant, 24-hour LOCATION metropolis. Chicago’s diverse and thriving economic base, Located along the western shore of Lake Michigan, Chicago is the hub of the Midwestern skilled labor pool, and wide variety of cultural and recreational United States. Approximately 17% of the national population live within 500 miles of Chicago, making the city the focal point of Midwestern markets. The City of Chicago is the urban center activities make it one of the most important and influential of the much larger metropolitan statistical area, which spreads as far north as Kenosha, WI, as cities in the world. Chicago’s pro-business attitude, highly far south as Joliet, Illinois and as far west as Aurora, Illinois. skilled workforce, culturally diverse population, low cost of living, high quality of life, comprehensive transportation system and diverse economy give the city a unique and LOCATION HIGHLIGHTS compelling economic profile.
• 107 million SF of office space in loop
Chicago is recognized as one of the most important • Over 57 million visitors to the City of Chicago in 2018 industrial, financial and cultural centers in the U.S. It is • $2 billion Chicago retail sales the nation’s largest producer of steel and machinery, has the world’s largest commodity market, and is the nation’s largest wholesaling center. Chicago’s mid-continent location and efficient access via air, land and water have made it the WEST LOOP MARKET INTEL central hub of the U.S., leading the nation with its output of manufactured goods. Chicago thrives on its strong, diverse • The median home price in the West Loop is $389,197 and growing economic base not only in manufacturing, but also in wholesale and retail trade, communications, • The median household income in the West Loop is $112,258 publishing, banking, finance, insurance, law, advertising, • The median age in the West Loop is 33.6 accounting, medicine and high technology.
CUSHMAN & WAKEFIELD | 1034 W MADISON STREET, CHICAGO 12 Contact Information
Contacts:
Larry Goldwasser, SIOR Colin Green Executive Director Senior Director [email protected] [email protected] +1 312 470 2323 +1 312 470 2322
Matt Cowie John Marks Director Associate [email protected] [email protected] +1 312 470 1872 +1 312 229 1016
Cushman & Wakefield of Illinois, Inc 225 W Wacker Drive, Suite 3000 Chicago, IL 60606