Tod Opportunity in the Heart of Lincoln Park
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Downtown Loop Lake Michigan TOD OPPORTUNITY IN THE HEART OF LINCOLN PARK. N Sheffield Ave N Lincoln Ave Ave Lincoln Lincoln N N Tom Svoboda N Seminary Ave Senior Associate +1 312 935 1481 N [email protected] AFFILIATED BUSINESS DISCLOSURE DISCLAIMER CBRE, Inc. operates within a global family of companies with many This Memorandum contains select information pertaining to the subsidiaries and related entities (each an “Affiliate”) engaging in a broad Property and the Owner, and does not purport to be all-inclusive or range of commercial real estate businesses including, but not limited contain all or part of the information which prospective investors may to, brokerage services, property and facilities management, valuation, require to evaluate a purchase of the Property. The information contained investment fund management and development. At times different in this Memorandum has been obtained from sources believed to be Affiliates, including CBRE Global Investors, Inc. or Trammell Crow reliable, but has not been verified for accuracy, completeness, or fitness Company, may have or represent clients who have competing interests for any particular purpose. All information is presented “as is” without in the same transaction. For example, Affiliates or their clients may have representation or warranty of any kind. Such information includes or express an interest in the property described in this Memorandum estimates based on forward-looking assumptions relating to the general (the “Property”), and may be the successful bidder for the Property. economy, market conditions, competition and other factors which are Your receipt of this Memorandum constitutes your acknowledgement subject to uncertainty and may not represent the current or future of that possibility and your agreement that neither CBRE, Inc. nor any performance of the Property. All references to acreages, square footages, Affiliate has an obligation to disclose to you such Affiliates’ interest or and other measurements are approximations. This Memorandum involvement in the sale or purchase of the Property. In all instances, describes certain documents, including leases and other materials, in however, CBRE, Inc. and its Affiliates will act in the best interest of summary form. These summaries may not be complete nor accurate their respective client(s), at arms’ length, not in concert, or in a manner descriptions of the full agreements referenced. Additional information detrimental to any third party. CBRE, Inc. and its Affiliates will conduct and an opportunity to inspect the Property may be made available to their respective businesses in a manner consistent with the law and all qualified prospective purchasers. You are advised to independently fiduciary duties owed to their respective client(s). verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial CONFIDENTIALITY AGREEMENT advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT Your receipt of this Memorandum constitutes your acknowledgement OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further The Owner expressly reserves the right, at its sole discretion, to reject interest in the acquisition of the Property, (ii) you will hold it in the any or all expressions of interest or offers to purchase the Property, and/ strictest confidence, (iii) you will not disclose it or its contents to any or to terminate discussions at any time with or without notice to you. third party without the prior written authorization of the owner of the All offers, counteroffers, and negotiations shall be non-binding and Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this neither CBRE, Inc. nor the Owner shall have any legal commitment or Memorandum in any manner detrimental to the Owner or CBRE, Inc. obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc. © 2020 CBRE, Inc. All Rights Reserved. 2 Executive SUMMARY CBRE, AS EXCLUSIVE AGENT, IS PLEASED TO ANNOUNCE THE OPPORTUNITY TO ACQUIRE 2670 N LINCOLN AVE, A 13,941 SF REDEVELOPMENT SITE IN THE HEART OF LINCOLN PARK. 2670 N Lincoln Ave is a rare Transit Oriented Development Opportunity in the affluent and densely populated Lincoln Park neighborhood. The property previously W Diversy Pkwy functioned as a gas station with a c-store, and a one-story bank. The current ownership group has demolished the gas station and began the remediation process. They will N Lincoln Ave Lincoln N be delivering the site clean, above Illinois EPA’s Tier 1 soil Ave Lincoln N remediation objectives for residential properties. The site is zoned B3-2 allowing for a wide array of uses including residential, hospitality, retail, and mixed-use. The as of right FAR is 2.2, which allows for a 30,670 sf building. The TOD designation reduces the typical parking N Seminary Ave requirement by 50%. N Sheffield Ave 3 N Property HIGHLIGHTS Size: ±13,941 sq ft Zoning: B3-2 Community Shopping District FAR: 2.2 TOD Designated • Walkable to the CTA Diversey Station with Brown and Purple Lines. • Walkable to the CTA Fullerton Station with Brown, Purple, and Red Lines. • I-90/94 and Lake Shore Drive are easily accessible by car. • See walk and drive times on page 11 Lincoln Park is home to Chicago’s top-rated schools Traffic counts: 10,300 vehicles per day on N Lincoln Ave Parcel Numbers: 14-29-410-001 & 14-29-410-002 Taxes: $25,329.63 Pricing: Call Broker for Pricing Alderman: Michele Smith, Ward 43 4 N Seminary Ave Ave Seminary Seminary N N N Lincoln Ave Ave Lincoln Lincoln N N 5 N SEMINARY AVENUE N 191.10’ 60.15’ N N LI N 228.4’ C O L N N 191.10’ A V E N U E Zoning Snap & SITE PLANS private roof deck private roof deck for penthouses for penthouses lincoln 4 penthouse 1750 sf 4th 3 penthouse 2300 sf 4th 4 units, 3 bedroom 3rd 4 units, 3 bedroom 3rd 6 units, 2 bedroom 2nd 6 units, 2 bedroom 2nd seminary OPTION 1 OPTION 2 OPTION i 14 UNITS OPTION ii 13 UNITS 14 UNITS 13 UNITS SEPT 3 2019 SEPT 3 2019 1 3 4th 2 penthouse 2700 sf 3rd 5 units, 3 bedroom 2nd 5 units, 3 bedroom OPTION iii 12 UNITS OPTION 3 SEPT 3 2019 12 UNITS5 Parking Requirements, Lot Size Zoning FAR Lot Area Per Unit Units Allowed Total Buildable SF Max Building Height TOD Designated 1,000 14 47 feet, w/ ground-floor 0.5 spots per 13,941 B3-2 2.2 30,670 SF/dwelling unit dwelling units commercial dwelling unit 45 feet, w/o ground-floor 0.5:1 commercial 6 Comparable LAND SALES MAP Land Size Buildable $ Per Address Zoning Price $ PSF Land $ Per Unit Close Date Use in SF FAR in SF Buildable Foot 521 W Diversey 16,893 B1-5 $5,955,500 84,465 $70.51 $352.54 $198,517 3/2017 30 condos 2706-12 N Lincoln Ave 8,608 B3-2 $3,010,000 18,937 $158.95 $349.67 $376,250 4/2018 8 condos 441-447 W Arlington Pl 11,526 RM-5 $4,775,000 23,052 $207.14 $414.28 $596,875 4/2017 8 condos 450-454 W Belmont 14,693 PD $4,400,000 96,973 $45.37 $299.46 $55,000 1/2018 80 rental units 2751 N Hampden 12,824 RM-6 $3,894,500 56,425 $69.02 $303.69 $259,633 3/2017 15 condos Builable FAR Subject Site Size in SF Zoning in SF 2670 N Lincoln Ave 13,941 B3-2 30,670 450-454 W Belmont $4,400,000 521 W Diversey $5,955,500 2751 N Hampden $3,894,500 2706-12 N Lincoln Ave $3,010,000 441-447 W Arlington Pl 7 $4,775,000 Comparable LUXURY RESIDENTIAL PROJECT Schubert Pointe is located just north of subject site, at 1110 W Schubert Ave. It is a brand new, 8-unit luxury condo development. https://schubertpointe.com/ N Lincoln Ave N Seminary Ave 8 N Entertainment, Retail, RESTAURANTS IN THE NEIGHBORHOOD 2670 N Lincoln Ave is surrounded by all that Lincoln Park has to offer. The location is steps away from famous dive bars, Michelin starred restaurants, and trendy gastropubs. Lincoln Park is home to a robust list of theatre’s and entertainment venues offering residents year-round enjoyment of popular performers and shows. The neighborhood also contains a large number of upscale national retailers, boutiques, bookstores, and coffee shops. Rose’s Lounge 9 Neighborhood Map, North Center Wrigley CENTRAL LINCOLN PARK LOCATIONField Lakeview POPULATION 1 MILE 3 MILES 5 MILES Lincoln Park 88,704 488,200 1,043,904 Lincoln Park Bucktown Zoo North Ave Beach Old Town Gold Wicker Park Coast AVG HOUSEHOLD INCOME Goose 1 MILE 3 MILES 5 MILES Island $144,906 $127,023 $109,912 West Town River North West Loop AVG HOUSING VALUE The Loop 1 MILE 3 MILES 5 MILES 692,526 599,020 509,923 10 Transportation MAP Diversey CTA Stop Brown & Purple Lines 0.3 miles Walk - 6 min Drive - 2 min Kennedy Expressway 1.8 mi 9 min US 41, Lake Shore Drive Fullerton CTA Stop 1.4 mi Red, Brown, & Purple Lines 7 min 0.4 miles Walk - 9 min Drive - 2 min 11 Downtown Loop Lake Michigan Tom Svoboda Senior Associate +1 312 935 1481 [email protected] © 2020 CBRE, Inc.