901 w lake street - for sale
TRANSCRIPT
901WEST LAKE STREET
NelsonHillCreating Maximum Value in Real Estate
property overview2
PROPOSED ZONING EXPANSION AREA
CTA GREEN ANDPINK LINE TRAINS
SITE
901WEST LAKE STREET
PROPOSED DEVELOPMENT
EXISTING SITE
The subject property, located at 901 W. Lake Street, is a 12,478 Sq. Ft. corner site
at Lake and Peoria. The property is improved with a two (2) story loft Class B
warehouse building. Much like its surrounding properties, this property has been
used for food production. It is zoned C1-1 Commercial and is within the City of
Chicago’s new downtown expansion area allowing for an increased FAR to promote
higher density.
901 W. Lake StreetFOR SALE
BUILDING SIZE 101,072 SF
LAND SIZE 12,478 SF
STORIES 12
ZONING DX-5
RESIDENTIAL 68 - 98 UNITS
RETAIL FIRST FLOOR
MAX FAR / BONUS FAR 5.0 / 3.1
LAND SIZE 12,478 SF
STORIES 2
ZONING C1-1
2014 TAXES $1.51 PSF
PIN(S) 17-08-432-003-0000
SALE PRICE SUBJECT TO OFFER
property overview 3
www.NelsonHill.com
NOBU HOTEL
1K FULTON
SITE
900 W. RANDOLPH DEVELOPMENT
W. RANDOLPH ST
N.
PE
OR
IA S
T
ZONING EXPANSION
901 W. LAKE STREET LOCATION
CITY OF CHICAGO ZONING PROPOSAL
The subject property benefits from its location in the thriving West
Loop neighborhood. This neighborhood has seen a dramatic shift in
the past five (5) years from food production warehouses to creative
loft office, retail and residential conversions. Redevelopment is the
highest-and-best use for many properties in this submarket.
Furthermore, the CTA Green and Pink Lines run adjacent to the
property on the North. Specifically in the West Loop, the City
has earmarked the South side of the CTA Green and Pink Line
tracks that run along Lake Street as a prime location for highrise
development, in an effort to create a “buffer” from the train and the
surrounding neighborhood.
This Spring, 2016, the City of Chicago announced a new zoning
expansion proposal to increase high density development in four
designated areas surrounding the Central Business District (CBD).
While each individual project will still need to seek a zoning
variance, highrise redevelopment, increased FAR and height
restrictions for these designated areas are being promoted by the
City. The Nobu Hotel and Hoxton Hotel are both located within a
block of the subject property and will be 12-stories and 11-stories,
respectively, when completed.
CURRENT ZONING C1-1
PROPOSED ZONING DX-5
CURRENT FAR 0.92
PROPOSED FAR 5.0
NEIGHBORHOOD OPPORTUNITY BONUS 3.1
property overview 4
neighborhood analysis 7
www.NelsonHill.com
FULTON MARKET
HOXTON HOTEL
ACEHOTEL
NOBUHOTEL
SOHOHOUSE
RESTAURANTROW 900 W. RANDOLPH
DEVELOPMENT
1K FULTON
MCDONALD’SDEVELOPMENT
SITE
HA
LSTED
FULTON
LAKE
RANDOLPH
WASHINGTON
GR
EEN
PEO
RIA
SAN
GA
MO
N
MO
RG
AN
CA
RP
ENTE
R
AB
ERD
EEN
WELCOME TO THEWEST LOOP
OVERVIEW
FULTON MARKET GROWTH
NEIGHBORHOOD SHIFT TO CREATIVE LOFT OFFICE
The Fulton Market District in Chicago’s West Loop neighborhood was historically a meat-packing district and
Chicago’s first marketplace. The rich history and character of this neighborhood is embodied in the loft warehouse
construction seen in many West Loop and Kinzie Corridor buildings. As the tech scene rises in Chicago and suburban
corporations continue their downtown migration, the West Loop has become a prime location for redevelopment.
The emerging West Loop, located immediately west of Chicago’s
Central Business District (CBD), boasts a number of world renowned
restaurants along Randolph Street, mass transit with a new CTA
Station at Morgan and Lake (completed in 2012) and a collection of
new office and residential developments. The neighborhood has seen
explosive growth in real estate value and is quickly transforming from
a meat-packing district into a desirable and walkable entertainment
and tech-focused corridor. Projects like 1K Fulton, Fulton West,
Morgan Manufacturing and the former Harpo Studios land site have
piqued the interest of suburban corporations and are creating a
snowball effect for future growth.
1K FULTON DURING CONSTRUCTION
14,200POPULATION GROWTH
SINCE 2000
70%PROFESSIONAL
WORKFORCE
$106,902AVERAGE ANNUAL
HH INCOME
67%RESIDENTS HOLDING A
BACHELOR’S DEGREE
NEW DEVELOPMENT
Given the increasing demand for loft office and residential conversions,
developers have specialized in adaptive reuse redevelopment; a prime
example being 1K Fulton, completed in 2014 by Sterling Bay Companies. 1K
Fulton, formerly Fulton Cold Storage, now houses corporate giants Google
and SRAM. A number of new projects are currently underway, including Fulton
West, Revel Events, Blue Plate, Harpo Studios and more.
To accommodate the influx of tech executives, a number of boutique hotels
including the Nobu Hotel, Hoxton Hotel and Ace Hotel are sprouting up to
meet the needs of corporate business travelers.
In addition, local high-end amenities like the SoHo House have been added to
the neighborhood to provide executives with exclusive club access to
a private roofdeck, coworking spaces, pool and fitness facilities.
SOHO HOUSE
NOBU HOTEL
1K FULTON
FULTON
LIFE BOOK
MAP LEGENDNELSONHILL TRANSACTIONS
DIVVY STATION
CTA STATION
PLANNED
5.0 BASE FAR, 7.7 MAX FAR
PROPOSED ZONING EXPANSION
HISTORIC OVERLAY DISTRICT
ZONING EXPANSION
N O
GD
EN A
VE
W GRAND AVE
N M
OR
GA
N S
T
N R
AC
INE
ST
W FULTON MKTW FULTON MKT
W LAKE STW LAKE ST
W RANDOLPH ST
W MADISON ST
W HUBBARD ST
W KINZIE ST W KINZIE ST
W OHIO ST
W OHIO ST
N U
NIO
N S
T
N G
REE
N S
TN P
EOR
IA S
T
W WAYMAN ST
N U
NIO
N A
VE
W CARROLL AVEW CARROLL AVE
W CARROLL AVE
W ARBOUR PL
W KINZIE ST
MACELLORISTORANTE
SAWTOOTH
MONTESSORISCHOOL
LUXEGREATAMERICANBAGEL
CROSSROADSBAR & GRILL
MADISON STREET KITCHEN
G2 MEN’SSALON
BREW &GROW
MERIT SCHOOL OF MUSIC
ULTABEAUTY
GREEN ST.SMOKED MEATS
HAROLD’SCHICKEN
WCIU-TV
TAKHOLDESIGN
LECOLOMBE
STUBHUB
MUSICBOXFILMS
COLUMBUS MEAT
QUALITYFOODS
AMITYPACKINGLAKE ST
LOFTS
JOHN R.MORREALE
ECONOMYPACKING
PICKENSKANEPAGODA
RED
TERRY’STOFFEE
ABERDEENTAP
CASA DELSOL
COOPERTECHNICA
MARTANTHONY
SALERNO’S
BERT’SCAR WASH
D’AMATO’SBAKERY
GREAT LAKES TATTOOS
TWISTEDSPOKE
THEOGDEN
TWO
EMMIT’SIRISH PUB
PICCOLOSOGNO
LA SCAROLA
IGUANACAFE
BARTAKITO
LA SIRENACLANDESTINA
FULTON MKTKITCHEN
LATINOMEAT
BENNETT DAY SCHOOL
PARAGONSTUDIOS
THE MID
MOMOTARO
PADDYO’FEGAN’S
TURNINGLEAF COMM.
DE CERO
MAUDE’S LIQUOR BAR
NOBU
HAYMARKETPUB
AUCHEVAL TANOSHII
BARSIENA
THIRDRAILTAVERN
MADISONCLEANERSFIRST
EAGLEBANK
PLUMBER’SLOCAL UNION
WESTEND
THE GARDNERSCHOOL OFCHICAGO
JOHNNY’SICEHOUSE
GRACIE’SCAFE
220
N31
8 N
350
N
351 N
W WASHINGTON BLVD W WASHINGTON BLVD
HISTORIC DISTRICT OVERLAY
UNIONPARK
N A
BER
DEE
N S
T
N M
AY
ST
N N
OB
LE S
T
N A
DA
ST
N A
RM
OU
R S
T
N S
AN
GA
MO
N S
T
N P
EOR
IA S
T
N A
BER
DEE
N S
T
N C
AR
PEN
TER
ST
W RUNDELL PL
W ARCADE PL
N M
AY
ST
N E
LIZ
AB
ETH
ST
N A
DA
ST
N L
OO
MIS
ST
N B
ISH
OP
ST
N T
HR
OO
P S
T
N S
AN
GA
MO
N S
T
N P
EOR
IA S
T
N G
REE
N S
T
N L
AFL
IN S
T
N L
OO
MIS
STN J
UST
INE
ST
1500 W
1200 W
1015 W
945 W
905 W
1001 W
450
N
315
N
172
N
1516 W
E’S
N OGDEN A
VE
N MILWAUKEE AVE
N H
ALS
TED
ST
N H
ALS
TED
ST
N R
AC
INE
ST
materials marketing
PEORIAPACKING
FOUR STAR FOODS
RIZESPRODUCE
JUPITEROUTPOST
CRISTINAFOODS
ABERDEENAUTO
ASPENFOODS
FABRI SAUSAGE
ATKFOODSINTERNATIONALSEAFOOD
METHODBICYCLE
MCDFOODS
TUCKERPUP’S PET RESORT
FM HAIRPRODUCTS
SAM’SMEAT
CONSUMERSSUPPLY CO.
SOUTH CENTRAL BANK
A & AAUTOMOTIVE
TETECHARCUTERIE
MIDTOWNTRANSFER
ADMMILLING
PIZZERIADEL MERCATOCDT
MAHZELMETALSH.O.M.E.
MEDACTA
VICTORYRECORDS
GENIECO
LYON &HEALY
GREENBEGINNINGS
BAGGIAAUTO
RELIABLEPLATING
COBRALOUNGE
RICKARDBINDERY
KUNZGLOVE
LESLIE HINDMANAUCTIONEERS
1229 W
1217 W
1134 W
PEREZFLOYD’SBARBERSHOP
GRANGE HALL BURGER BAR
FULTON MARKET | WEST LOOP AMENITIES MAP
RESTAURANT ROW
www.NelsonHill.com
The Fulton Market District in Chicago’s West Loop has a rich history in meat-packing as Chicago’s original marketplace. The area is experiencing substantial growth in loft-office conversions, attracting corporate brands and multi-tenant developments such as: 1K Fulton, Morgan Manufacturing and Fulton West (planned).
The subject property is located at the corner of Lake and Peoria, within the new 5.0 - 7.7 FAR Zoning Expansion zone recently approved by the City of Chicago.
901 W. LAKE STREET
Restaurant Row, along Randolph Street, has become a hub for world renowned restaurateurs. This transitioning neighborhood is home to the trendiest bars and restaurants in Chicago and a popular destination for “foodies.”
SUBJECT PROPERTY
neighborhood analysis 9
property management services 11
WEST LOOPDEVELOPMENTOPPORTUNITY
CONTACT
901WEST LAKE STREET
MARK A. NELSON, SIOR
312.267-1101
MICHAEL D. NELSON, SIOR
312.267-1102