Offering Memorandum 2240 S
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OFFERING MEMORANDUM 2240 S. Michigan Ave, Chicago, IL HISTORIC MOTOR ROW BUILDING IN OPPORTUNITY ZONE property information property highlights GVG Real Estate Advisors of @properties Commercial is pleased to present an • Qualified for Historic Tax Credits opportunity for you to own a piece of one of Chicago’s most historic and sought • Located in top rated Opportunity Zone propertyafter information communities. Vicinal to Chicago’s sprightly and developing McCormickproperty • Proximatehighlights to entertainment, thousands of area residents and hotel rooms Square, this approximately 8,000 SF building is positioned perfectly for • Walking distance from CTA Green Line station GVG Real Estate Advisors of @properties Commercial is pleased to present an • Qualified for Historic Tax Credits your businesses growth and scale. The property is nestled in the closest • Conveniently accessible to all major transportation options opportunity for you to own a piece of one of Chicago’s most historic and sought • Located in top rated Opportunity Zone Opportunity Zone to downtown Chicago and located within walking distance after communities. Vicinal to Chicago’s sprightly and developing McCormick • Proximate to entertainment, thousands of area residents and hotel rooms to the new Wintrust Arena, Marriott and Hilton Hotels, vibrant restaurants, demographics 1 mile 3 mile 5 mile Square, this approximately 8,000 SF building is positioned perfectly for • Walking distance from CTA Green Line station public transportation the world renowned McCormick Convention Center, in your businesses growth and scale. The property is nestled in the closest • ConvenientlyPopulation accessible Estimate to all major transportation38,281 options 279,867 736,663 addition to several new urban development projects and luxury apartment Opportunity Zone to downtown Chicago and located within walking distance Estimated Avg. Household Income 122,188 $123,237 $111,683 living communities. The site possesses excellent re-development potential to the new Wintrust Arena, Marriott and Hilton Hotels, vibrant restaurants, and can be repurposed to accommodate mixed-use, hotel/hospitality,demographics office, 1 mile 3 mile 5 mile public transportation the world renowned McCormick Convention Center, in retail/restaurant or medical practice uses. The current zoning of DS-5 permitsPopulation Estimate 38,281 279,867 736,663 addition to several new urban development projects and luxury apartment for additional buildable square footage on the site allowing for immediateEstimated Avg. Household Income $122,188 $123,237 $111,683 living communities. The site possesses excellent re-development potential value–add potential. and can be repurposed to accommodate mixed-use, hotel/hospitality, office, retail/restaurant or medical practice uses. The current zoning of DS-5 permits for additional detailbuildable square summary footage on the site allowing for immediate value–add potential. Sale Price Price Upon Request Year Built 1889 detail summaryNo. Stories 2 Lot Size 0.14 AC/6,098 SF Sale Price Price Upon Request Building Size 8,000 SF Year Built 1889 Zoned DS-5 No. Stories 2 Property Type Retail Lot Size 0.14 AC/6,098 SF Lot Frontage 35 ft Property Subtype Office/Storefront Building Size 8,000 SF Lot Depth 175 ft APN#: 17-27-101-023-0000 Zoned DS-5 Lot Frontage 35 ft Property Type Retail Lot Depth 175 ft Property Subtype Office/Storefront APN#: 17-27-101-023-0000 atpropertiescommercial.com All information furnished is from sources deemed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, changes, or withdrawal without notice. atpropertiescommercial.com All information furnished is from sources deemed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, changes, or withdrawal without notice. location overview We would call the South Loop and the Near Southside a boomtown – but that would be an understatement. Chicago’s original Gold Coast in the late 19th century, the area was once home to the likes of Marshall Field, George Pullman and Philip Armour. Today, the vibrant neighborhood continues to extend its reach further south and is known for its access to the lake front, shops, restaurants, parks, Museum Campus and The Loop. This southern corridor of the city continues to evolve and is in the midst of a major transformation, with residential construction booming. Large developments planned and underway include mixed-use projects along Cermak and Chicago’s infamous Michigan Avenue and State Street. Meanwhile, several apartment buildings hotels and restaurants are under construction, bringing thousands of new residents into the neighborhood and a surge of vibrant energy to join them. • Direct access to Southbound CTA 1 & 4 buses • Two blocks from the Cermak CTA Green Line Station • 0.3 miles from the I-55 Expressway entrance • 1 mile from Lake Shore Drive • 1.3 miles from Illinois Institute of Technology • 1.5 miles from Columbia College • 1.2 miles from Chicago’s Museum Campus atpropertiescommercial.com All information furnished is from sources deemed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, changes, or withdrawal without notice. the neighborhood MCCORMICK SQUARE HILTON GARDEN INN, HAMPTON INN AND HOME2 SUITES BY HILTON An area at the crossroads of transformational moments in Chicago’s history, 23-story, 466 rooms, connected to McCormick Place via skybridge. this global destination now has a name: McCormick Square. Bringing approximately $9.4 billion dollars in economic impact between 2014 and 2018, SOUTHBRIDGE (current development project) McCormick Square is a sound and critical investment in the economic vitality Located at the bustling intersection of Cermak and State Streets, just and stability of Illinois. steps from CTA Green and Red Line Stations and multiple bus routes, this dynamic destination brings new life to an area known for its vibrancy and MCCORMICK CONVENTION CENTER history. Southbridge is a new and unique mixed-use development that is The facility is comprised of four buildings, the West, South, North Buildings planned to provide approximately 877 residential units across income levels, and the Lakeside Center. These buildings have a combined total of 2.6 million approximately 65,000 square feet of retail, and multiple recreational areas. square feet of exhibit space, 1.2 million square feet all on one level, making The development will be constructed in multiple phases and designed to meet it the nation’s largest and most flexible use convention center. The entire best-in-class urban and sustainable standards while bridging the South Loop, McCormick Place campus is linked by dramatic pedestrian promenades and Chinatown and the Bronzeville neighborhoods. sky bridges, containing retail shops and other visitor amenities. WINTRUST ARENA FBRK (current development project) A new 10,000 seat arena, home to a first-class NCAA basketball court that is Located in the former Hudson Motor Building at 2222 S. Michigan Avenue, a private venture is redeveloping the 115,000 square foot building into the new home to DePaul University’s men’s and women’s basketball teams, as 40,000 square feet of co-working and member club space designed to foster well as Chicago’s WNBA team - The Chicago Sky. collaboration in specific industry sectors including tech, nonprofits, sports and MARRIOT MARQUIS CHICAGO HOTEL art. The proposed plan calls for a 109 room boutique hotel and 100,000 square 40-story, 1,205 rooms, two 25,000 square foot ballrooms and more than feet that would feature a gym, barbershop, restaurants and a rooftop pool. 90,000 square feet of meeting space accessed connected to McCormick Place via pedestrian bridge. HYATT REGENCY MCCORMICK 800,000 square feet, 32-story, 1,258 rooms, 600-car parking atpropertiescommercial.com All information furnished is from sources deemed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, changes, or withdrawal without notice. SUMMARY PROFILE 2000-2010 Census, 2020 Estimates with 2025 Projections retail & traffic map Calculated using Weighted Block Centroid from Block Groups Lat/Lon: 41.8516/-87.6243 RS1 2240 S Michigan Ave 1 mi radius 3 mi radius 5 mi radius Chicago, IL 60616 2020 Estimated Population 0 T 38,281 279,867 736,663 2025 Projected Population 0 T 36,959 273,094 731,290 2010 Census Population 0 T 35,254 246,166 690,090 2000 Census Population 0 T 26,867 221,016 712,397 Projected Annual Growth 2020 to 2025 - -0.7% -0.5% -0.1% POPULATION Historical Annual Growth 2000 to 2020 - 2.1% 1.3% 0.2% 2020 Median Age 37.8 35.4 34.3 2020 Estimated Households 0 T 20,207 144,990 338,854 2025 Projected Households 0 T 19,808 143,141 338,793 2010 Census Households 0 T 17,420 115,532 291,758 2000 Census Households 0 T 11,847 89,847 271,737 Projected Annual Growth 2020 to 2025 - -0.4% -0.3% - HOUSEHOLDS Historical Annual Growth 2000 to 2020 - 3.5% 3.1% 1.2% 2020 Estimated White - 33.6% 48.0% 46.1% 2020 Estimated Black or African American - 22.5% 21.7% 27.4% SITE 2020 Estimated Asian or Pacific Islander - 39.1% 18.9% 10.6% 2020 Estimated American Indian or Native Alaskan - 0.3% 0.4% 0.5% - 4.5% 11.0% 15.4% RACE AND RACE ETHNICITY 2020 Estimated Other Races 2020 Estimated Hispanic - 6.8% 19.4% 27.2% 2020 Estimated Average Household Income $0 T $122,188 $123,237 $111,683 2020 Estimated Median Household Income $0 T $75,827 $82,239 $74,980 INCOME 2020 Estimated Per Capita Income $0 T $64,585 $64,089 $51,775 2020 Estimated Elementary (Grade Level 0 to 8) - 8.0% 5.5% 7.1% 2020 Estimated Some High School (Grade Level 9 to 11) - 4.5% 5.2% 6.8% 2020 Estimated High School Graduate - 15.1% 14.3% 18.3% This report was produced using data from private and government sources deemed to be reliable.