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Page 1 Lincoln Lofts 3 4 2 5 N . L I N C O L N , C H I C a G O Lincoln Lofts 3425 N. Lincoln, Chicago, IL Kevin Beard MUP Ryan Flynn MBA MS Josh Hendershot M.ARCH LEED AP Taubman College of Architecture and Urban Planning Ross School of Business & School of Natural Resources Taubman College of Architecture and Urban Planning Developed by Marketplace Properties LLC | April 13 2012 Professor Peter Allen Stephen M. Ross School of Business University of Michigan 701 Tappan Street Ann Arbor, MI 48109 Dear Peter, Marketplace Properties, LLC is pleased to present you Lincoln Lofts, a new mixed use retail and residential development on Chicago’s North side. Located directly adjacent to the Paulina Brown Line Station, Lincoln Lofts helps facilitate a walkable, urban lifestyle. The project includes streetfront retail that caters to transit riders and residents alike, including a bar & restaurant along with amenities such as a 5th Story green roof providing exclusive Chicago skyline views. The project also engages the community through a generously landscaped urban courtyard which provides outdoor seating and a gathering space. Lincoln Lofts is the north side’s next neighborhood destination. Lincoln Lofts is located on one of Chicago’s great retail streets, surrounded by amenities including restaurants, bars, boutiques, many grocery options, highly rated schools, and cultural facilities. These amenities attract high income, educated residents to the area, where jobs have grown for each of the last five years and 50 percent of households make more than $100,000 per year. High incomes support high rents. Transit proximate developments in Lakeview are commanding residential rents of $2.00 to $2.50/SF/month and ground floor retail rents of $30.00 to $40.00/SF/year. We propose a partnership with the current landowner, Peter Karonis. To this partnership, we will contribute the following skills, services, and knowledge: market research including competition analysis and an optimal tenant mix positioning study; financial modeling including a highest and best use study, sensitivity analysis, and ROI forecasting; architectural and design services including conceptual drawings, floor plans, and branding. Mr. Karonis will contribute land, cash equity, and collateral for loans to the partnership. Our financial approach is designed to maximize the value of this unique site in one of Chicago’s most desirable neighborhoods. The key financial metrics for this project include: After Tax ROI: 11% ATCF: $120k/year Projected Value (at Sale) = $5.5M Leveraged IRR = 26% These attractive figures provide a compelling reason to invest in this project, both from the perspective of Marketplace Properties and our partner, Peter Karonis. We are excited to continue development of Lincoln Lofts, which provides an opportunity to engage in meaningful placemaking while generating attractive financial returns. This project will further enhance the local community by providing both retail and residential spaces that are accessible via multiple transit options. We welcome your input as we continue this development and look forward to your feedback. Sincerely, Marketplace Properties, LLC Kevin Beard, MUP Ryan Flynn, MS, MBA Josh Hendershot, M.ARCH, LEED AP BD+C Project Highlights N. Lincoln Ave N. Paulina St. Project Summary W. Newport Ave We propose constructing a new building including ground floor retail, residential above, and a public urban courtyard that can accommodate outdoor dining and community events. With a total of 18,661 SF of space, Lincoln Lofts has three combinable retail spaces totalling 5,350 SF, and 11,311 SF of residential space in eleven units. Paulina Station Brown Line Proposed Site Plan Improvements Proposed Newly Developed Elevation on Lincoln Avenue Unique Partnership StructureDeD irectly Adjacent to Transit 25,000 SF Retail and Lofts Walkscore of 97 2017 ROI of 10.7% The subject property is surrounded by amenities. Within one quarter mile - a five-minute walk - of the property Neighborhood Context are: great restaurants like Frasca Pizzeria & Wine Bar, Pho Thai Cuisine, and Waterhouse Tavern and Grill; many grocery options including Whole Foods, Paulina Market (a butcher), Seven Days Grocery; coffee shops 1 Fernando's Restaurant including a Starbucks, and numerous bakeries, record shops, pharmacies, boutique clothing shops and more. 2 Finley Dunnes Tavern 3 Waterhouse Tavern & Grill Within this same quarter mile radius is also a well-kept city park, the highly-rated Hamilton public elementary 4 Frasca Pizzeria & Wine Bar 5 Suvan's Cafe & Bakeshop school, St. Andrew Catholic school, an art center, YMCA, and numerous places of worship. The walkability 6 Starbucks and concentration of amenities in the area is objectively measured by Walk Score’s Street Smart metric, which 7 Burrito House 8 Pho Thai Cuisine rates the property a 96: Walker’s Paradise. 9 Dinkel's Bakery 10 Cafe El Tapatio 11 Cafe Orchid 12 Four Moon Tavern 25 13 Wishbone Restaurant 14 Kitsch'n On Roscoe 20 31 15 Volo Restaurant 19 16 Dunkin' Donuts 17 Caribou Coffee 18 Northdown Cafe and Taproom 42 19 Family Grounds Cafe 41 38 20 Blue Sky Bakery 16 21 Ann Sather Restaurant 33 44 7 22 Paulina Market 23 Whole Foods Market 43 24 Damen Food & Liquor 26 22 37 25 Trader Joe's 2 40 26 Robinson Pam 1 21 27 Lynn's Halmark 28 The Ark Thrift Shop 3 10 15 29 Dinkel's Bakery 12 14 4 6 30 Gold Coast Gallery 5 31 Wild Rose Chocolatier Inc 28 45 89 32 Antique Resources 29 33 Geoff Benge's Guitar Shop 23 34 Woodnuts & Co 24 13 35 Old Music Shop 17 36 Gap 30 18 37 Hamilton Elementary School 38 St Andrew School 35 39 Jahn Elementary School 34 32 36 39 40 Wild Onion Books 41 Cork Lounge 42 Tai's Lounge 43 Bank of America 44 PNC Bank Bank Books Grocery School 45 Chase Bank Bar Coffee Restaurant Shopping Transit & Jobs Excellent Accessibility & Visibility Immediately north of the Paulina Brown Line El stop, the property is highly accessible by public transit. On an average weekday more than 2,000 El rides begin at the Paulina stop, totaling more 50,000 per month on average. This ridership volume provides the subject property with excellent visibility. Notably, both sides of the property are visible from the Paulina platform. In addition to rail transit, the subject property is served by a Bus #11 stop at Lincoln and Roscoe. Lincoln Avenue, a major retail corridor through Chicago’s North Side, includes bike lanes and enjoys consistent multi- modal traffic. Robust Employment More than 728,000 jobs are accessible via public transit in 30 minutes or less from the subject property. This number grew steadily each year through the worst of the economic crisis, from just over 642,000 in 2005. The majority of these jobs are well paying, over $3,333 per month, the highest bracket in the data set. Furthermore, major growth industries comprise the largest number of jobs with 115,460 jobs in professional services, 87,354 jobs in finance and insurance, and 87,355 jobs in health care. These numbers represent two positive trends for the property. First, overall economic improvement in the Chicagoland region. Second, and more significantly, many employers flight to quality office space in the loop. The growing concentration of jobs in central Chicago will help support growth of adjacent transit-accessible Highlighted Area Accessible By Transit In 30 Minutes or Less neighborhoods like Lakeview. Strong Demographics 3425 N. Linccolo n, CChhih caagog , ILL 3425 N. Lincoln, Chicago, IL 5 Miles Lakeshore 5 Miles 2 Miles 2 Miles 1 Mile 1 Mile Wrigleyg Field Lincoln Lofts Lincoln Lofts Belmont Harbor Lincoln Park Median Household Income Under $25,000 $25,000-$49,999 $50,000-$74,999 Downtown $75,000-$99,000 $100,000+ 343 2525 N. LLincololn,n, Chicagog , IL 5 Miles Demographics in the subject property’s market area are strong. Median household income was $84,000 a year in 2009, the most recent data available. This 2 Miles represents an increase of 39 percent from income in 2000. Nearly 50 percent 1 Mile of households in the area make more than $100,000 per year. High incomes support high home values, with the median home worth $466,800 in 2009. Lincoln Lofts Educational attainment helps explain the area’s incomes: 87 percent of area residents hold a Bachelor’s degree and 34 percent hold a Master’s degree or higher. Overall, the demographic data indicate that the area is home to many high-skill, high-income residents: creative class types that are driving the economy forward. Lincoln Lofts’ location provides easy access to many of Chicago’s greatest Bachelor’s Degree or Higher amenities. Wrigley Field and all of the entertainment options that surround it are Less than 20% 20-40% just one mile away. Montrose Beach, Chicago’s best, is just two miles away, as 40-60% are Belmont Harbor and the Lincoln Park Zoo. The Loop and all of the world 60-80% 80-100% class restaurants, bars, museums, shopping, and entertainment it offers are just five miles away. Comparables Residential Location Rent/Month Bed Bath SF Rent/SF 1800 W Roscoe$ 2,800 2 2 1,100 $ 2.55 2942 N Lincoln$ 2,900 3 2 1,300 $ 2.23 3519 N Fremont $ 2,650 2 2 1,550 $ 1.71 Our proforma rents are realistic. Little to no premium for larger units. Retail Location Rent/SF/Year Rent Type Other Notes 1351 W Roscoe$ 44.00 Net Small space available, only 450SF 3349 N Southport$ 35.00 NNN Up to 5,139SF available, owner will fit out 3245 N Ashland$ 25.07 Modified Gross Office or retail (no restaurant) 901 W Armitage$ 55.00 NNN Restaurant Our proforma rents are realistic. Restaurant rents are higher than office or other retail.
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