739 South Clark Street Chicago, IL
Total Page:16
File Type:pdf, Size:1020Kb
CHICAGO SOUTH LOOP Offering Memorandum For Sale > 30,559 SF (0.70 ACRE) MIXED-USE DEVELOPMENT SITE 739 South Clark Street Chicago, IL NORTHNORTH PREPARED BY: Brian Pohl Executive Vice President DIRECT +1 312 612 5931 EMAIL [email protected] Peter Block Executive Vice President DIRECT +1 847 384 2840 EMAIL [email protected] AGENCY DISCLOSURE EXCLUSIVE AGENT Colliers International (“Seller’s Agent”) is the exclusive agent for the owner and seller (“Seller”) of 739 S Clark Avenue (“Property”). Please contact us if you have any questions. 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. DESIGNATED AGENT The designated agents for the Seller are: Brian Pohl Peter Block EXECUTIVE VICE PRESIDENT EXECUTIVE VICE PRESIDENT [email protected] [email protected] DIR +1 312 612 5931 DIR +1 847 384 2840 COLLIERS INTERNATIONAL 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, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally 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 International and/or its licensor(s). ©2015. All rights reserved. Table of Contents EXECUTIVE SUMMARY .......................... 1 PROPERTY INFORMATION ..................... 4 SUBMARKET OVERVIEW ........................ 10 DEVELOPMENT POTENTIAL .................. 14 CHICAGO SOUTH LOOP | OFFERING MEMORANDUM COLLIERS INTERNATIONAL CHICAGO SOUTH LOOP Offering Memorandum For Sale > 30,559 SF (0.70 ACRE) MIXED-USE DEVELOPMENT SITE > Executive Summary 739 SOUTH CLARK STREET, CHICAGO, ILLINOIS EXECUTIVE SUMMARY Offering Summary Colliers International is pleased to present an exceptional opportunity to purchase a 30,559 square foot (0.70 acre) infill development site (“The Property”), superiorly located on Clark Street in Chicago’s burgeoning “South Loop” neighborhood. Property Highlights › 30,559 SF development site with extraordinary visibility and tremendous accessibility located just two blocks from Chicago’s loop › 45,000 SF three-story brick office/warehouse building contiguous to 15,559 SF parking lot › Prime development or redevelopment site zoned as DX-12 › Ability to build 366,708 SF As-Of-Right › Within new Chicago TOD Reform Ordinance Zone › Site ideal for multi-family, student housing, mixed-use, hotel, or condominium development › Ideal for college or university academic facility › Clear views east down Balbo Ave to Grant Park and Lake Michigan (above 10th floor) The Property’s proximity to major job centers and transportation is excellent: Investment Highlights Chicago Loop .......................................Immediate › Superior access to cultural, historical, retail and recreational amenities CTA “L” Blue and Red .........................Immediate › Walking distance to entire Loop office district, State Street retail CTA Bus System .................................Immediate district, the Art Institute of Chicago, Harold Washington Library, Soldier Metra Train Stop ..................................Immediate Field, the Museum Campus, and Grant Park as well as Lake Michigan Grant Park ..............................................0.5 miles › Three mass transit stations located within ¼ mile of the property, Roosevelt Collection ..............................0.6 miles offering access to all major CTA and Metra transportation lines as well I -90/94 ..................................................1.0 miles as both major Chicago airports, and the surrounding suburbs I-290 ......................................................0.5 miles › Immediate proximity to Loop campus cluster including University of I-55 .........................................................2.0 miles Illinois Chicago, Columbia College, DePaul University, Roosevelt Midway Airport ...................................... 9.0 miles University, National Louis University, Robert Morris University, and School of the Art Institute of Chicago O’Hare International Airport ................18.5 miles CHICAGO SOUTH LOOP | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 1 EXECUTIVE SUMMARY Regional Aerial NORTHNORTH 14 10 4 6 9 1 3 5 7 2 8 11 13 12 739 S Clark Street 1 Union Station 8 Columbia College 2 Rock Island Metra Line 9 Art Institute of Chicago 3 Washington Library 10 Millennium Park 4 State Street Retail Corridor 11 Grant Park 5 Robert Morris University 12 Soldier Field 6 National Louis University 13 Roosevelt Collection 7 Roosevelt University 14 Willis Tower CHICAGO SOUTH LOOP | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 2 CHICAGO SOUTH LOOP Offering Memorandum For Sale > 30,559 SF (0.70 ACRE) MIXED-USE DEVELOPMENT SITE > Property Information 739 SOUTH CLARK STREET, CHICAGO, ILLINOIS PROPERTY INFORMATION Property Description and Details ADDRESS: 739 S Clark Avenue ACCESS: Typical Chicago, Illinois 60605 STREET PAVING: Asphalt paved DIMENSIONS: 300’ x 101.86’ SIDEWALKS: Concrete GROSS BLDG AREA: 45,000 Square Feet (Above Grade) GAS: Public 60,000 Square Feet WATER & SEWER: Public sewer and water (Incl. Basement) STREET FRONTAGE: Clark Avenue: 300’± along the east side YEAR BUILT 65 Years Old MAJOR FLAWS: None ZONING: DX-12, Downtown Mixed Use OVERALL FEATURES: The land has typical physical features as TOPOGRAPHY: Level compared to similar alternatives. Its overall locational attributes are better than average SITE SIZE: 30,559 square feet relative to competitive parcels. SHAPE: Rectangular CHICAGO SOUTH LOOP | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4 PROPERTY INFORMATION Survey/Site Plans CHICAGO SOUTH LOOP | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 5 PROPERTY INFORMATION Survey/Site Plans CHICAGO SOUTH LOOP | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 6 PROPERTY INFORMATION Zoning Analysis & Valuation The subject area is comprised of three parcels totaling 30,559 square feet. Parcel 1: 17-16-405-042 Parcel 2: 17-16-405-040 Parcel 3: 17-16-405-011 Per the current DX-12 zoning designation, the parcel may be improved with a mixed-use office, retail, hotel or multifamily development allocated as follows: DX-12 DOWNTOWN MIXED-USE DISTRICT The DX-12 zoning designation is typically reserved for downtown high-rises encompassing a residential, hotel, or office component within the usable space. This district is most prevalent in and around the CBD and general Chicago ‘Loop.’ DX or DC designations carry the highest density allowed in the Chicago Building Code. FRONT YARD SIDE YARD BACK YARD ZONING FAR LOT AREA PER UNIT MAX HEIGHT SETBACK SETBACK SETBACK DX-12 12 115 sq ft/dwelling unit, None, but buildings taller None None None 75 sq ft/efficiency unit, than city's "building height 60 sq ft/SRO unit thresholds" require Planned Development review. CHICAGO AFFORDABLE AS-OF-RIGHT ALLOWABLE BUILDING SIZE REQUIREMENT ORDINANCE Property Parcel Footprint: 30,559 The City of Chicago’s Affordable Requirements Ordinance requires Loss Factor: 0% residential developments that a) A zoning change is granted that increases project density or allows a residential use not previously Developable Footprint: 30,559 allowed or b) The development is a “planned development” within DX-12 Zoning / FAR: 12 the downtown area to provide a percentage of units at affordable prices. The ordinance applies to residential developments of 10 or As-Of-Right Allowable Building SF: 366,708 more units and requires that developers provide 10 percent of their units at affordable prices. The updated Ordinace will be effective on October 12, 2015. CHICAGO SOUTH LOOP | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 7 PROPERTY INFORMATION Property Photographs Clockwise from top left: Current property; Clark Street looking North; Parking lot; Clark Street looking South CHICAGO SOUTH LOOP | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 8 CHICAGO SOUTH LOOP Offering Memorandum For Sale > 30,559 SF (0.70 ACRE) MIXED-USE DEVELOPMENT SITE > Submarket Overview 739 SOUTH CLARK STREET, CHICAGO, ILLINOIS SUBMARKET OVERVIEW South Loop Submarket Overview 739 South Clark Street is surrounded by a diverse mix of property types and space usage. Home to historic “Printer’s Row” the South Loop has become one of Chicago’s fastest gentrifying neighborhoods, particularly in the multifamily/student housing sector. Recent developments include AMLI Lofts (398 suburban style existing units), Vesta Lofts (58 existing units), The Shelby (94 existing units), AMLI 900 (440 existing units), 1000 S Clark (469 planned units), 619 S LaSalle (106 planned units), 600 S Clark (202 planned units) and 1001 S State (397 planned units) among others. The walk to work environment as well as immediate accessibility to Chicago’s best amenities has both millennials and baby boomers flocking to the growing South Loop as the population increased 95% between 2000-2010 and an additional 14% since. The submarket has also become a hotbed for student housing due to its proximity to multiple campuses presenting students with an urban core living environment and immediate access to the educational atmosphere other city locations