FOR SALE: River North Development Site 12317 Sq. Ft
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FOR SALE: River North Development Site 12,317 Sq. Ft. 320 WEST ERIE STREET CHICAGO, ILLINOIS 60654 PROPERTY HIGHLIGHTS: • 12,317 sq. ft. (100’ x 123’) Development Site • Currently Operated as a 71 Stall Income Producing Parking Lot • Located in Chicago’s vibrant River North Gallery District • DX-5 Zoning / 5.0 FAR / 61,585 sq. ft. RBA / 68 Residential Units Permitted As-of-Right • Located ~495 feet from CTA “L” Brown / Purple Line (Superior Stop) • 42nd Ward (Alderman Brendan Reilly) David P. Kimball • 2017 Taxes = $102,487.17 ($8.32 per sq. ft.) Vice President • ASKING PRICE: Subject to Offer P: 312.558.3858 [email protected] PROPERTY OVERVIEW Address: 320 – 326 W Erie St Chicago, IL 60654 County: Cook County Neighborhood: River North / Gallery District Property Type: Surface Parking Lot (71 Stalls) Price: Subject to Offer Total Land Area: 12,317 sq. ft. (0.283 acres) Frontage: 100 feet on Orleans St 123 feet on Erie St Existing Curb Cuts: 1 on Erie St and 1 on Orleans St Zoning: DX-5 (see zoning analysis) FAR: 5.0 RBA: 61,585 sq. ft. permitted as-of-right Residential Units: 68 units permitted as-of-right Ward: 42nd Ward (Alderman Brendan Reilly) Tax ID Pin(s): 17-09-215-003, 004, 005 Taxes: 2017: $102,487.17 ($8.32 psf) 2016: $92,476.66 ($7.51 psf) 2015: $84,607.70 ($6.87 psf) 2014: $71,460.91 ($5.80 psf) 2013: $70,049.72 ($5.69 psf) Parking Lease: Currently leased to SP Plus Corporation under a mutually terminable lease agreement. Financial information can be provided upon request. Public Transportation: CTA “L” Brown / Purple Line - Chicago Stop: 495 +/- feet ~ 3 min. walk CTA “L” Brown / Purple Line - Merchandise Mart Stop: 1,850 +/- feet ~ 9 min. walk CTA “L” Red Line - Chicago Stop: 2,395 +/- feet ~ 12 min. walk CTA “L” Red Line - Grand Stop: 2,400 +/- feet ~ 12 min. walk CTA Bus - #37 Sedgwick: 75 +/- feet ~ 1 min. walk Divvy Bike Station (Sedgwick & Huron): 356 +/- feet ~ 2 min. walk Ogilvie Transportation Center (Metra): 0.9 +/- miles ~ 17 min walk Union Station (Amtrak & Metra): 1.0 +/- miles ~ 21 min. walk This information provided herein has been obtained from sources believed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Any projections, opinions, assumptions or estimates used are for example only and may not represent actual performance. Interested parties should conduct a careful, independent investigation of the property. PROPERTY SURVEY PROPERTY OVERVIEW 320 W Erie St Old 320 W Erie St Town Gold Coast River Streeterville North Fulton Market West Loop Loop N PROPERTY OVERVIEW 100’ 123’ ZONING MAP & ANALYSIS Zoning Analysis 320 W Erie St is zoned DX-5, Downtown Mixed-Use District. The DX, Downtown Mixed-Use district is primarily intended to accommodate office, commercial, public, institutional and residential development. The district promotes vertical mixed- use (residential/ nonresidential) projects that contain active ground-floor uses. No front or side setbacks are required in DX districts. Rear setbacks are required only for floors containing dwelling units. The minimum rear setback standard is 30 feet for floors containing dwelling units, except that buildings in the DC-12, DX- 12, DC-16 and DX-16 are exempt from this rear setback standard. The maximum floor area ratio (FAR) for the DX-5 zoning is 5.0 to 1.0. Thus, the maximum building area permitted to be constructed on the site as-of-right is 61,585 sq. ft.: 12,317 sq. ft. land area x 5.0 FAR = 61,585 sq. ft. max building area FAR Bonuses are allowed for affordable housing and adopt-a-landmark bonuses only. There are no maximum building height limits in the “D” districts but planned development (PD) review and approval is required for any building that meets or exceeds the following height thresholds: 130 feet (residential) and 150 feet (non-residential) The minimum lot area per dwelling unit is 200 sq. ft. and for efficiency units 135 sq. ft. (a maximum of 30% of the total units can be efficiency units). Thus, the maximum number of residential units permitted to be constructed on site is 68.24 units : 12,317 sq. ft. ÷ (200 x 0.7 + 135 x 0.3) = 68.24 units The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. PROPERTY PHOTOS AREA DEMOGRAPHICS Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022 Esri converted Census 2000 data into 2010 geography. AREA DEMOGRAPHICS Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest dividends, net rents, pensions, SSI and welfare payments, child support, and alimony. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022 Esri converted Census 2000 data into 2010 geography. AREA DEMOGRAPHICS Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022 Esri converted Census 2000 data into 2010 geography. AREA DEMOGRAPHICS Data Note: Persons of Hispanic Origin may be of any race. The Diversity Index measures the probability that two people from the same area will be from different race/ ethnic groups. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022 Esri converted Census 2000 data into 2010 geography. AREA DEMOGRAPHICS Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022 Esri converted Census 2000 data into 2010 geography. AREA DEMOGRAPHICS Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parent child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate polygons or non-standard geography. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022 Esri converted Census 2000 data into 2010 geography. AREA DEMOGRAPHICS Data Note: Consumer spending shows the amount spent on a variety of goods and services by households that reside in the area. Expenditures are shown by broad budget categories that are not mutually exclusive. Consumer spending does not equal business revenue. Total and Average Amount Spent Per Household represent annual figures. The Spending Potential Index represents the amount spent in the area relative to a national average of 100. Source: Consumer Spending data are derived from the 2013 and 2014 Consumer Expenditure Surveys, Bureau of Labor Statistics. Esri. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022 Esri converted Census 2000 data into 2010 geography. CONFIDENTIALITY CONTACTS: & DISCLAIMER Neither MB Real Estate Services Inc (“Broker)” nor Owner of the David P. Kimball property makes any representation or warranty as to the Vice President completeness or accuracy of the material contained in this Offering P: 312.558.3858 Memorandum. [email protected] The information contained within this Offering Memorandum is proprietary and strictly confidential and by accepting the contents herein, you agree (i) that you will hold and treat the Offering Memorandum and its contents in the strictest confidence, (ii) that you will not disclose any information contained within this Offering Memorandum to any other entity without the prior written consent of the Owner or Broker, (iii) that you will not use the Offering Memorandum in any manner detrimental to the interest of the Owner or Broker, and (iv) that you will immediately return any information contained herein to Broker upon request. This Offering Memorandum has been prepared to provide a summary of information to prospective purchasers and to establish only a preliminary interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Broker has not made any investigation, and makes no warranty or representation with respect to the existing or potential income or expenses for the Chicago Office subject properties, the presence or absence of contaminating 181 West Madison Street substances or existing environmental conditions, the compliance Suite 4700 with State and Federal regulations, the physical conditions of the Chicago, Illinois properties or the size and square footage of the properties or any P: 312.726.1700 improvements. F: 312.807.3883 www.mbres.com The Owner and Broker reserve the right, at their sole discretion, to New York Office reject any or all expressions of interest to purchase the property 335 Madison Avenue and expressly reserves the right at their sole discretion to 14th Floor terminate discussion with any entity at any time with or without New York, New York notice. The Owner shall have no legal commitment or obligations P: 212.350.2300 to any entity reviewing this memorandum or prospective F: 212.350.2301 www.mbres.com purchaser that makes an offer on the subject property unless and until that such offer for the property is approved by the Owner pursuant to its approval process and the signature of an authorized representative of the Owner is affixed to a real estate purchase agreement prepared by the Owner.