5107 S Blackstone Ave & 1401 Hyde Park Blvd
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5107 S Blackstone Ave & 1401 Hyde Park Blvd Prime Redevelopment Opportunity in the Prestigious Hyde Park Neighborhood in Chicago Presented By: Tyler Hague Jeffrey Hyman Lauren Stoliar Vice President Regional Director SVP Associate +1 312 612 5936 +1 847 384 2827 +1 312 612 5944 [email protected] [email protected] [email protected] Table of Contents Agency Disclosure 3 Offering Summary 4 Location Highlights Property Description Zoning Analysis Surveys Property Photos 10 Aerials Submarket Overview 14 Hyde Park Aerials Area Demographics Development Potential 18 Multifamily Development Student Housing Development Senior Housing Development 2 EXCLUSIVE AGENT Colliers International (“Seller’s Agent”) is the exclusive agent for the owner and seller (“Seller”) of 5170 S Blackstone Ave and 1401 E Hyde Park Blvd (“Property”). Please review, execute and return the Confidentiality Agree- ment to receive access to additional property information in the virtual data room. No cooperating brokerage commission shall be paid by Colliers or the Seller. Buyer’s Broker, if any, shall seek commission compensation from the Buyer only. DISCLAIMER This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accura- cy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes un- equivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers Interna- tional and/or its licensor(s). ©2019. All rights reserved. 3 Offering Summary Colliers International is pleased to present an exceptional opportunity to acquire two prime development sites within Chicago’s highly desirable Hyde Park neighborhood. 5107 S Blackstone Ave is located on Blackstone Ave., just off of E. Hyde Park Blvd. 1401 E. Hyde Park Blvd. is located directly across the street on the corner of E. Hyde Park Blvd and Blackstone Ave. Both sites are within walking distance of major Hyde Park attractions and within steps of Whole Foods and the bustling 53rd street corridor featuring numerous retail shops, entertain- ment,and restaurants. CTA and University of Chicago bus stops are located across the street and the Hyde Park Metra station, Lake Shore Drive and the lakefront are within blocks. The sites are opportunistic for a multifamily, senior housing or student housing development. SITE SUMMARY Site Number Site Address Lot Area 1 5107 S Blackstone Ave 28,999 SF 2 1401 E Hyde Park Blvd 36,338 SF ¹ 2 4 5107 S Blackstone Ave & 1407 Hyde Park Blvd 5107 Blackstone Ave & 1407 Hyde Park Blvd 5107 S Blackstone Ave 1401 E Hyde Park Blvd BP LA Fitness CorePower Yoga Target CVS Hyde Park Farmers' Market Five Guys Nando's PERi-PERi Aloha Poke Co. Whole Foods Market Allegro Coffee Company Dunkin' Starbucks Ulta Beauty Hyatt Place Chicago-South Harper Theater Tennis Courts Chicago Theological Schools The University of Chicago 1.39 Mi to UofC Campus 1.44 Mi to UofC Campus Kenwood Academy HS Museum of Science and Industry, Chicago Location Highlights The property’s proximity to major job centers - Superior access to cultural, historical, retail and recre- and transportation is excellent: ational amenities CTA Bus System.........................................Immediate -Enviable urban location featuring a walker’s paradise CTA subway & “L” System....................... 0.2 Miles score of 93/100 and very bikeable score of 87/100 ac- Lake Shore Drive............................................0.5 Miles cording to www.walkscore.com Lakefront............................................................0.7 Miles -Bus stop right at the doorstep and a short 0.2 walk I-90/94.................................................................3.5 Miles to the Metra train station with direct access to Chicago Downtown........................... ...........6.2 Miles Downtown Chicago Midway International Airport ................8.7 Miles O’Hare International Airport...................23.3 Miles -Strong employement -The University of Chicago and its medical center employ more than 16,000 people many of whom live within a 3 mile radius 5 PropertY Description Address: 5107 S Blackstone Ave & 1401 E Hyde Park Blvd, Chicago, IL. 60615 Location: In the Hyde Park neighborhood of Chicago Property Index NOS: 20-11-403-002, 20-11-403-003, 20-11-403-029, and 20-11-404-011 Age 100+ Years Zoning: B3-2 Topography: Level Site Size: 28,999 SF & 36,338 SF Street Paving: Asphalt Sidewalks: Concrete Gas: Public Water & Sewer: Public Street Frontage: Dorchester Ave/Blackstone Ave Major Flaws: None Overall Features: Currently used as paved surface parking 6 Zoning Analysis The subject area is comprised of four parcels totaling 65,337 square feet. Per the current B3-2 zoning designation, the parcel may be improved with a mixed-use office, retail, hotel or multifamily development allocated as follows: 5107 S Blackstone Ave Parcel: 20-11-404-011 Land Square Footage: 28,999 1401 E Hyde Park Blvd Parcel 1: 20-11-403-002 Parcel 2: 20-11-403-003 Parcel 3: 20-11-403-029 Total Land Square Footage: 36,338 B3-2 Far: 2.2 Lot Area Per Unit: 1,000 sq ft/dwelling unit, 700 sq ft/efficiency unit, 700 sq ft/SRO unit Max Height: Varies by lot frontage, and whether building has ground-floor commercial space Front Yard Setback: None, unless property borders an R-Zoned lot. Then the front setback must be at least 50% of the R lot’s front setback Rear Yard Setback: If property has dwelling units, minimum of 30 ft. If its rear property line borders the side property line of an R-zoned lot, the rear setback must equal the side setback of the R-zoned lot. If rear line borders the R lot’s rear line, setback must be at least 16 ft. Dwelling Units: 1000 sq ft/unit Efficiency Units: 700 sq ft/unit SRO Units: 200 sq ft/unit CHICAGO AFFORDABLE REQUIREMENT ORDINANCE The City of Chicago’s Affordable Requirements Ordinance requires residential developments that: a) A zoning change is granted that increases project density or allows a residential use not previously allowed b) The development is a “Planned Development” within the downtown area to provide a percentage of units at affordable prices. The ordinance applies to residential developments of 10 or more units and requires that developers provide 10 percent of the units as “affordable” or 20 percent as “affordable” if city money is provided. Developers are also allowed to pay “in lieu” fees for some, or all, of the affordable units. 7 1401 E Hyde Park Blvd 8 5107 S Blackstone Ave 9 North Facing Aerial South Facing Aerial 10 East Facing Aerial West Facing Aerial 11 5107 S Blackstone Total Sq Ft: 28,999 12 1401 E Hyde Park Blvd Total Sq Ft: 36,338 13 SUBMARKET OVERVIEW HYDE PARK Hyde Park is one of the 77 neighborhoods in Chicago and is just six miles south of the Chicago Loop. It is home of the University of Chicago, the Hyde Park Art Center, the Museum of Science and Industry, the Oriental Institute and the Renaissance Society. Hyde Park serves as a national model for a successfully integrated socio-economical neighborhood, ethnically, and culturally. It has been the home to Frank Lloyd Wright, President Barack Obama, Muhammad Ali, Senator Carol Mosely-Braun and Marshall Field and medical institutions. Education Hyde Park is home to the highly esteemed University of Chicago, ranked #3 in 2018 by U.S News and World Report for America’s Best Universities. Founded in 1892 by John D. Rockefeller, the private instit- uation currently enrolls about 16,016 students with a full-time staff of 2,843. The school has attained a worldwide reputation for rigorous academics. One indicator: 69 Nobel laureates have been affiliated with the University, more than any other instituation of higher learning. In addition to the Divinity School at the University, Hyde Park is home to four other theological schools including the Catholic Theological Union, the Lutheran School of Theology and the McCormick Theological Seminary. The University of Chicago Hospital system is the largest medical research institute in the state of Illinois was selected as one of the best hospitals in the United States by U.S News and the World Report. Further, it was ranked among the best in 11 speciality areas and has received more top rankings than any other hospital in the state. Many of Hyde Park’s elementary and secondary schools are similary honored, including Ray School, Kenwood Academy, Murray Language Academy and University of Chicago Laboratory Schools. Further, Hyde Park is host to the Chicago Center for Urban Life, an award winning experiential study and internship program for college students. - 14 Culture & Recreation HYDE PARK Hyde Park boasts an astonishing variety DEMOGRAPHICS of artisitic and cultural destinations, from the Smart Museum of Art, to Frank Lloyd Wright’s Robie House, to the renowned Mu- seum of Science and Industry and President POPULATION HOUSEHOLD Obama’s home as a tourist destination. The University of Chicago hosts a full schedule 91,716 41,619 of world-class performances throughout the year, including lectures, concerts and plays. Each summer, the neighborhood hosts the Hyde Park Brew Fest, a two day festival Population By Age that celebrates food, beers, ciders and DJs from around the world. During the fall, the neighborhood hosts the Hyde Park Jazz Fes- tival, a full day of free, nonstop jazz. Hyde Park is also home to an extraordinary array of parks, playgrounds, and soccer fields. Promontory Point on the lake is a favorite desitnation for swimmers and wedding par- ties while the Hyde Park Neighborhood Club offers a variety of indoor recreation classes.