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Development Overview DEVELOPMENT OVERVIEW 1000 SOUTH MICHIGAN AVENUE CHICAGO, IL WINTER 2019/2020 *There can be no assurance these objectives will be achieved. An investment in the Offering may incur a selling commission of 4%. Please see the PPM for a complete description of the fees. This is neither an offer to sell nor a solicitation of an offer to buy the securities referenced herein. The offering of membership units in 1000 South Michigan Preferred LLC (the “Company”) is made only by a Confidential Private Placement Memorandum of the Company (the “PPM”). You must read the entire PPM in order to fully understand the risks related to the purchase of units in the Company. The information set forth herein is not indicative of future performance and there is no assurance that the Company will experience similar returns. Time Equities Inc. and Time Equities Securities LLC are affiliates. Securities Offered Through Time Equities Securities LLC, a Member of FINRA. NORTH VIEW OVER GRANT PARK + LAKE MICHIGAN CONTENTS 1000 South Michigan Avenue ...................................................................... 3 Project Overview .......................................................................................... 4 Estimated Project Timeline .......................................................................... 5 Optimized Unit Mix & Product Diversification .............................................. 6 Site Description ........................................................................................... 10 Land Acquisition & Assemblage .................................................................. 11 Land Basis & Entitlement ............................................................................12 ARO & Site Access .......................................................................................13 Project Capital Investment & Pre-Sales To Date ........................................14 Project Team ................................................................................................15 Business Plans ..............................................................................................16 Strong Case for Condo as Highest & Best Use ..........................................17 Parking .........................................................................................................18 Chicago Condo Market Overview ...............................................................19 1000M Condo Comparable Sales Analysis ................................................20 Chicago Rental Market Overview ............................................................... 23 1000M Comparable Rental Market Analysis ............................................. 24 Grant Park & Michigan Avenue Sub-Market Description ...........................27 Detailed Project Description ....................................................................... 28 Sponsor Team .............................................................................................29 Development Overview Winter 2019/2020 / 2 NORTH VIEW OVER GRANT PARK + LAKE MICHIGAN 1000 SOUTH MICHIGAN AVENUE Time Equities Inc. (Sponsor) is developing 1000 South Michigan Avenue, Chicago, IL – an 830-foot-tall, 450-unit, Helmut Jahn- designed, luxury condominium tower (with 430 space parking garage) located directly on Grant Park in downtown Chicago. 1000M is fully entitled with active an active pre-sale campaign. Construction on site has commenced as of November 2019 (with completion anticipated 38 months later, at the end of 2022). The total working project budget – including land, hard costs (for tower and attached garage), soft costs and contingency – is $~473,000,000, as reflected in the sources and uses schedule below. This project budget represents a total cost basis of $720.00 per sellable SF, based on the project’s 656,000 residential sellable SF. Sponsor notes that the project budget remains subject to adjustment at this time, pending the finalization of the GMP budget/contract and other costs. 1000M Sources and Uses Sources of Funds GS Construction Loan 72.5% 343,096,113 Pref Equity Investor 15.0% 70,985,403 Sponsor Equity 12.5% 59,154,502 Total Sources 100% 473,236,018 Uses of Funds Site Costs 38,000,000 Hard Costs 330,500,000 Soft Costs 65,510,493 Construction Loan Interest 18,500,000 Contingency 20,725,525 Total Uses 473,236,018 Development Overview Winter 2019/2020 / 3 58TH FLOOR — KITCHEN PROJECT OVERVIEW 1000M represents an opportunity to invest in a Within Chicago, the limited supply of new luxury world class, 72-story, skyline-changing tower in condominium product is well documented the ‘Second City.’ and described further herein. The comparable projects in the market achieve average sales of The project Sponsor is a leading private +$1,000/SF (as documented in the sales comps international real estate investment and herein), which is the same price level that development company with the resources and 1000M seeks to achieve on average (and has experience required for an undertaking of this already achieved on certain pre-sale contracts). magnitude. In addition to strong Sponsorship, The Chicago condo sale high-water mark was the 1000M preferred equity opportunity hopes set in 2018 at $2,200/SF. to benefit from an attractive last-dollar basis, strong pre-sales, entitlements/GMP in place Looking forward, the pipeline of luxury condo prior to funding, and various other factors deliveries in Chicago remains extremely that we believe de-risk the deal and offer a low – and even lower for tower projects of compelling risk/reward relationship (including scale with views (such as 1000M). Downtown low Sponsor land cost and advantageous first Chicago remains a high-barrier-to-entry mortgage/construction financing). market in which land costs, construction costs and government policy/politics will constrain The Sponsor has already spent 4 years planning large-scale condominium development for the MICHIGAN AVENUE LOBBY ENTRANCE the 1000M development – from land acquisition foreseeable future. and site assemblage to entitlement, design and presales. Having now demonstrated market At the same time, the downtown Chicago viability through its presales program the project market is experiencing impressive economic and will move forward with construction, which population growth. As detailed elsewhere in this commenced November 2019. project overview, Chicago is one of the most robust markets in the country for the growth of Once complete 1000M will be an architectural young, affluent households, and has welcomed icon and will have a dramatic impact on the dozens of major corporate relocations in recent Chicago skyline. With its curved corners and years. In addition, Google, Salesforce, Facebook, cantilevering facades, the tower grows as it Glassdoor and Accenture have recently ascends to its pinnacle at 830’ – reaching announced major workforce expansions in high above neighboring buildings to unlock the downtown core. ‘forever’ views. All of the above factors come together to make Relative to New York City, Miami, London and 1000M a compelling project and, we believe, various other gateway cities around the globe, the next great American skyscraper. the Chicago luxury condo market is today both undervalued and undersupplied. Purchasing a condominium in a building with equivalent scale and prestige in one of these other cities might cost double or triple that of a unit at 1000M. Development Overview Winter 2019/2020 / 4 VIEW LOOKING NORTH TOWARD DOWNTOWN ESTIMATED PROJECT TIMELINE Estimated 1000M Project Timeline Sign GMP Contract December, 2019 Start Construction January, 2020 Start Pref Equity Funding May, 2020 Start Loan Funding January, 2021 First TCOs July, 2022 Condo Closings Begin August, 2022 Constr. Comp./All TCOs December, 2022 Lease Up Begins/Unsold Units January, 2023 Finish Early Closings June, 2023 Inventory Loan Closing December, 2023 Development Overview Winter 2019/2020 / 5 LEVEL 11 — LOUNGE OPTIMIZED UNIT MIX & PRODUCT DIVERSIFICATION 1000M offers 450 condominium units spread out over 71 floors. However, as reflected below, in the Unit Program Snapshot, 1000M is really broken up into three smaller ‘buildings within a building.’ The Signature Base units are located on floors 3-40, the International Collection is located on floors 41-47, and the Signature Tower units are located on floors 48-71. 1000M’s three different unit programs/tiers appeal to different buyer profiles and therefore generally do not compete with each other. Said another way, 1000M is designed to offer compelling product to an extremely wide range of customers. Units range from a $300,000 micro studio on the 40th floor, to an $8,500,000 penthouse on the DINING ROOM — 48TH FLOOR 71st floor – and everything in between. Among other things, this strategy is designed to speed up absorption and maximize $/SF by presenting a limited offering of diverse product within the building. Each program type has its own target buyer, unit mix/sizing and pricing structure and value proposition. 1000M UNIT PROGRAM SNAP SHOT Floors # of Units Total SF Gross Sales Avg $/Unit Avg. $/SF Avg. SF 3-40: Sig. Base 212 329,818 244,243,100 1,152,090 $741 1,556 41-47: Int. Coll. 133 70,653 73,388,256 551,791 $1,039 531 48-71: Sig. Tower 105 251,740 299,781,980 2,855,066 $1,191 2,398 450 652,211 617,413,336 1,372,030 947 1,449 Development Overview Winter 2019/2020 / 6 LIVING ROOM — 39TH FLOOR The Signature Base Units: UNIT MIX: SIGNATURE UNITS - BASE BR Type # of Units Total SF Gross Sales Avg.
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