3022 S. Wells Street Chicago, IL
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Bridgeport Development Opportunity 3022 S. Wells Street Chicago, IL Jones Lang LaSalle Americas (Illinois), L.P. ("JLL") Contact Information Primary Sales Contacts Tom Kirschbraun Scott Miller Managing Director Managing Director +1 312 228 2265 +1 312 228 2266 [email protected] [email protected] Lindsey Fahey Dan Reynolds Director Director +1 312 228 3012 +1 312 228 2437 [email protected] [email protected] Jack Hubbard Aidan Cozzi Analyst Analyst +1 312 228 2249 +1 312 520 9938 [email protected] [email protected] Debt / Equity Contact Lucus Borges Director +1 312 300 7303 [email protected] DISCLAIMER Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the properties to market them for sale. Information concerning the properties described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2020. Jones Lang LaSalle IP, Inc. All rights reserved. / 02 / Bridgeport Development Opportunity 04 The Offering 10 Location Overview 06 Property Overview 14 Market Overview 08 Zoning Overview 16 Transaction Guidelines / 03 / 3022 S. Wells Street THE OFFERING Jones Lang LaSalle (Illinois), L.P. (“JLL”) as sole and exclusive agent, has been retained to offer for sale to qualified investors the opportunity to acquire fee simple interest in a premier development opportunity located at 3022 South Wells Street, Chicago, IL (“the Property”). Current improvements on the Property include Santa Lucia Church, Rectory and Garage Buildings on the West side of Wells Street. 3022 S. Wells Street is located just to the south of downtown Chicago in the Bridgeport neighborhood. The majority of the Property is currently zoned M1-1 with a smaller section zoned RS-3 and covers 0.23 acres and 12,465 sf of existing building space. / 04 / 3022 S. Wells Street INVESTMENT HIGHLIGHTS Unique Assets with Bridgeport Strong Infill Adaptive Reuse Potential Community Location The existing improvements, formerly Santa Bridgeport is a culturally rich South Side neighborhood nestled The Property is 0.23 acres in size. This Lucia Parish, represent unique structures between interstate 90/94 to the east, interstate 55 to the north, type of scale is difficult to achieve due to with the potential to be adaptively reused. the south fork of the Chicago River to the west, and Pershing Road the infill nature of the neighborhood. The Throughout Chicago, and the rest of to the south. A traditionally working-class area, Bridgeport is also Property offers an opportunity to pursue the U.S., places of worship have been one of Chicago’s most ethnically diverse neighborhoods. Chinese, an adaptive reuse or development renovated into apartments, condos, office Irish, Italian, Lithuanian, Polish, and Mexican immigrants have all project. As next generation work and space or even climbing walls. Adaptively passed through Bridgeport each leaving behind a unique imprint live spaces continue to grow beyond the reusing the buildings would add unique on the area. Eateries, art centers, parks, entertainment venues, traditional Loop locations, Bridgeport character to a future development and and cultural institutions are dotted throughout the neighborhood. stands poised to benefit. The area’s reduce construction costs compared to The area is hugely popular with students from the nearby Illinois proximity to downtown Chicago and ground-up development. Institute of Technology (“IIT”). Approximately 7,800 students highly accessible transit connections are are enrolled in the university which specializes in advanced obvious catalysts for development. X Existing improvements provide engineering and science degrees. Additionally, Chicago’s White character to future development Sox Stadium can accommodate 40,000 plus fans and draws large X 0.23 acres spread between both X Adaptive reuse of buildings can sides of South Wells Street reduce construction costs crowds to Bridgeport’s eastern boundary on game days. X Within the southbound path of development from CBD X Nearby Illinois Institute of Technology has 7,800 enrollment X White Sox games draw 20,000+ fans over 81 home games per season / 05 / 3022 S. Wells Street PROPERTY OVERVIEW Key Property Highlights ADDRESS 3022 S Wells St CURRENT USE Church, Rectory, Garage SUBMARKET Bridgeport LAND AREA 9,278 square feet | 0.23 acres CURRENT BUILDING AREA 12,465 square feet PIN 17-28-435-021, 17-28-435-022 NEAREST TRANSIT 31st & Wells Bus Stop: 1 min walk Sox & 35th Red Line Station 13 min walk 35th/ITT Station: 17 min walk DEMOGRAPHICS (3-MILE RADIUS) W.30th Street Population: 275,334 Households: 114,820 Median HH Income: $58,754 Daytime Employees: 345,134 TRAFFIC COUNTS W. 31st St: 19,210 VPD S. La Salle St: 9,544 VPD CHURCH 90 GARAGE RECTORY S. Wells Street Wells S. S. Princeton Avenue 94 S.Wentworth Avenue / 06 / W.31st Street 3022 S. Wells Street THERE ARE CURRENTLY 3 BUILDINGS ON THE PROPERTY Church Rectory 8,832 SF 3,133 SF – Built 1908 Garage 500 SF / 07 / 3022 S. Wells Street ZONING OVERVIEW S. WELLS STREET WELLS S. / 08 / 3022 S. Wells Street Zoning Overview CURRENT ZONING M1-1 (Limited Manufacturing District) RS-3 (Residential Single-Unit) SURROUNDING ZONING RS-3 ALDERMAN Patrick Daley Thompson | 11th Ward CURRENT FAR 1.2 FAR AS-OF-RIGHT DENSITY 11,134 square feet MAXIMUM BUILDING HEIGHT N/A EFFICIENCY UNITS Maximum 40% of all units SETBACKS No side or front setbacks required. Minimum rear setback of 30 ft. RESIDENTIAL Not permitted under M1-1, Limited to detached homes in RS-3 The majority of the Property is currently zoned M1-1, the Limited Manufacturing / Business in the City of Chicago. M1-1 is very restrictive zoning and does not allow for many uses, including residential. A buyer would likely have to work with the City to allow for repurposing or redevelopment of the site. Rezoning will require Alderman Thompson’s approval and will likely include significant community input. The majority of the surrounding area is zoned RS-3 with limited RT-4. / 09 / 3022 S. Wells Street LOCATION OVERVIEW r F Amenity Map 90 W. Cermak Road Gas Station 1 BP 18 Gio's Café & Deli S. Loomis Street 94 2 Citgo 19 Duck Inn S. Canal Street Grocery 20 Starbucks 3 Cermak Fresh Market 21 Bridgeport Coffeehouse Chicago River 55 Park 22 Nana's 4 McGuane Park 23 Franco's 24 Antique Taco 3 W. 26th Street 5 Armour Park W. 26th Street S. Wabash Avenue 7 S. Michigan Avenue 25 25 Punky's Pizza & Pasta 8 S. Princeton Avenue 6 Henry C. Palmisano Nature Park 19 18 33 55 S. Wells Street Restaurant Retail 26 W. 28th Street Henry C. S. Halsted Street 7 Taipei Cafe 26 Lily's Fashion Apparel Palmisano Park 6 8 27 At&T 3022 S. A Place By Damao W. 29th Street S. Wallace Street 28 Walgreens 9 McDonalds 4 Wells Street 17 S. State Street 10 Wingstop 29 B.Studio W. 30th Street 9 W. 30th Street 8 11 Subway 30 CVS 28 10 32 90 1 13 23 31 GameStop 29 W. 31st Street 12 Dunkin 16 W. 31st Street 20 11 2 34 21 30 15 14 13 School 27 12 Northern City 31 94 32 Robert Healy Elementary School 14 Harvey's S. Indiana Avenue S. Wallace Street 15 Fabulous Freddies 33 Mark Sheridan Math & Science Academy S. Morgan Street Recreational 22 16 Maxwell Street Depot W. 33rd Street 34 Zhou B Art Center 5 17 Impallaria Bakery & Deli 35 White Sox Stadium 24 W. 35th Street W. 35th Street 35 Guaranteed Rate Field S. Michigan Avenue S. Indiana Avenue S. Halsted Street S. State Street / 10 / Industr ial Track CJ 2 NS CR & I Ind & I u st N S CR r ia l Trac k CJ3 Indiana 3022 S. Wells Street Transportation Map r F 90 Cermak-Chinatown W. Cermak Road Red Line Station Cermak- McCormick Place S. Loomis Street 94 Green Line Station 1-MINUTE DRIVE S. Canal Street FROM I-55 AND I-90/94 Chicago River 55 Halsted Orange Line Station W. 26th Street W. 26th Street S. Wabash Avenue S. Michigan Avenue S. Princeton Avenue 55 S. Wells Street W. 28th Street Henry C. S. Halsted Street Palmisano Park 3022 S. W. 29th Street S. Wallace Street Wells Street S. State Street W. 30th Street W. 30th Street 90 Ashland Orange Line Station W. 31st Street W. 31st Street 94 S. Indiana Avenue S. Wallace Street S. Morgan Street W. 33rd Street CTA Green Line 35th-Bronzeville-IIT CTA Red Line Green Line Station CTA Orange Line Metra Station Sox-35th W. 35th Street #44 Bus Stop W. 35th Street Red Line Station 35th-Bronzeville-IIT Guaranteed Shared Bike Green Line Station Station Rate Field S. Michigan Avenue S.