eleven forty seven 1147 - loopnet...3 11 south green gateway west loop lennar multi-family october...
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EXECUTIVE SUMMARY
Holliday Fenoglio Fowler, L.P. (“HFF”) is an Illinois licensed real estate broker
1147Eleven Forty SevenWest Jackson Boulevard
1147Eleven Forty SevenWest Jackson Boulevard
40,000 SF Premium Land Site Located at the Southeast Corner of Jackson and
Racine in the West Loop
The Current Home of Hubbard Street Dance Chicago
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1147Eleven Forty SevenWest Jackson Boulevard
Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the opportunity to purchase a 39,584 SF premium land site at the southeast corner of Jackson Boulevard and Racine Avenue, in Chicago’s West Loop submarket. The site address is 1147 West Jackson Boulevard and currently serves as the home to Hubbard Street Dance Chicago. The site offers significant redevelopment potential in a transit oriented location and rapidly transforming neighborhood.
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CURRENT HOME OF HUBBARD STREET DANCE CHICAGO
I N V E S T M E N T H I G H L I G H T S
+ DX-5 zoned land site with strong development momentum in the immediate area
+ Close proximity to the University of Illinois at Chicago (UIC) campus and the 560-acre Illinois Medical District (IMD) , which are both major employment drivers
+ Transit-oriented development site, within 2 minutes of the CTA Blue Line Racine stop, dedicated bike lanes, and proximate to key I-90/94 access ramp
+ Flourishing employment sector greatly influenced by the migration of the tech Industry; adding thousands of new jobs, including Gogo, Google and General Electric
+ Adjacent to West Loop’s new Target Store, with immediate proximity to the new Whole Foods and Mariano’s Fresh Market
+ Immediate access to one of the country’s most vibrant restaurant, bar, and tech scenes; the Randolph Street Corridor and the Fulton Market District
+ Dynamic downtown multi-housing market featuring YoY effective apartment rent growth of 5.6%
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1147Eleven Forty SevenWest Jackson Boulevard
S I T E S U M M A R Y
The land site consists of four tax parcels with an aggregate
site size of 39,584 SF. The site consists of a 53,000 SF
1 and 2 story building, occupied by Hubbard Street Dance
Chicago, that is used as an arts and dance facility. The site also
includes a revenue-generating billboard along the south side
of the building. The potential future uses for this site include:
+ The redevelopment of the site into a new mixed-use building design incorporating the Hubbard Street Dance Company and including amenities such as a coffee shop, restaurant, fitness center and a physical therapy center.
+ The redevelopment into a commercial office, condominium building or multifamily residential with ground floor retail.
S I T E O V E R V I E W
TAX PARCEL CURRENT ZONING
17-17-223-001-0000 DX-5
17-17-223-002-0000 DX-5
17-17-223-003-0000 DX-5
17-17-223-004-0000 DX-5
Aggregate Site Size 39,584 sf
Potential Mixed-Use Project Examples
HOUSTON BALLET ARTS CENTER
1116 WEST ADAMS
ALVIN AILEY DANCE THEATER THE MOSS ARTS CENTER
Potential Multi-Housing or Condominium Project Examples
1035 W VAN BUREN 625 WEST ADAMS
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CURRENT HOME OF HUBBARD STREET DANCE CHICAGO
P O T E N T I A L M U L T I - F A M I L Y U N I T S U M M A R Y
“AS-IS” DX-5Aggregate Site Size 39,584
FAR 5.0
Buildable FAR SF 197,920
Maximum Dwelling Units:
Minimum Lot Area per Unit - Dwelling 200 sf
Minimum Lot Area per Unit - Efficiency 135 sf
Maximum Efficient Units 30%
Maximum Residential Units 226 units
PLANNED DEVELOPMENTAggregate Site Size 39,584
FAR 8.0
Buildable FAR SF 316,672
Maximum Dwelling Units
Minimum Lot Area per Unit - Dwelling 200 sf
Minimum Lot Area per Unit - Efficiency 135 sf
Maximum Efficient Units 30%
Maximum Residential Units 317 units
290
Jackson Boulevard Raci
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Aber
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etVan Buren Street
1147 W.Jackson
Boulevard
S I T E P L A N
Thro
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1101 W
1127
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SherwinWilliams
211 S1201 W1233209-211 S
222 S
1254-1238 WResidences on Racine1258 W
1252 W----------------------------1224 W
1252 W------------------------------1224 W
1060 W
1041 W1060 W
1033
W1061 W
1014 WAuto BodyShop1030 W
222 S
210 SCoöp Gym
1021
W1029 WMid-Lakes Distribution
1026 W
Bays English
Muffins
1016 W 1010 W
1001 WShell
318 S
1015
W
1025
W
410 SThe Automatic Lofts
1050
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215 S
1001 W
VanguardLofts
1214 W-1224 W
Circle KPetroleum Station
12271241 W
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1035 W
290
Jackson Boulevard
Van Buren Street
Blue Line Station
1147 W.Jackson
Boulevard
Public Alleyway
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1147Eleven Forty SevenWest Jackson Boulevard
T H E I L L I N O I S M E D I C A L D I S T R I C T
+ Given the proximity to 1147 West Jackson, the Illinois Medical District (“IMD” or “The District”) will serve as a hub for residents of a potential multi-family development and visitors for a potential retail or mixed-use development.
+ The IMD is a diverse assemblage of medical and educational institutions surrounded by a rapidly changing urban context.
+ Only minutes from Chicago’s Loop, the District is well positioned to serve its roughly 50,000 daily visitors and 29,000 employees.
+ The District is a 24/7/365 environment that includes five world-class medical centers and hospitals, with convenient access to public transportation and major expressways.
+ The five major institutions are: Rush University Medical Center, John H. Stroger Hospital of Cook County, University of Illinois Hospital and Health System, Jesse Brown Veterans Affairs Medical Center and the Chicago Technology Park.
+ There is also a major mixed-use development underway, The Gateway, which will transform the IMD through creation of a “town center” including office, medical office, retail, hotel and young professional housing space.
I L L I N O I S M E D I C A L D I S T R I C TThe IMD:
Consists of 560 acres
Houses 1,900 hospital beds
Has 29,230 employees
Receives more than 9,000 health sciences students
Is one of the largest urban medical districts in the U.S.
Provides incubation for approximately 30 emerging technology-based companies
The IMD Annually Generates:
$3.4 billion in economic activity
$3.1 billion in direct and indirect employment compensation
$2.3 billion in goods and services
$329 million in university research and development annually
$100 million to State of Illinois and Cook County Taxes
RUSH UNIVERSITY MEDICAL CENTER
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CURRENT HOME OF HUBBARD STREET DANCE CHICAGO
CHICAGO TECHNOLOGY PARK GATEWAY IMD DEVELOPMENT
UNIVERSITY OF ILLINOIS HOSPITAL AND HEALTH SYSTEM JESSE BROWN VETERANS AFFAIRS MEDICAL CENTER
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1147Eleven Forty SevenWest Jackson Boulevard
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CURRENT HOME OF HUBBARD STREET DANCE CHICAGO
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1147Eleven Forty SevenWest Jackson Boulevard
Merchandise Mart
111 N Canal
150 N Riverside Plaza444 W Lake Street
U N P R E C E D E N T E D D E V E L O P M E N T
+ The West Loop has experienced unprecedented development activity in the past couple of years, with local, regional and national players entering and investing in the submarket.
+ Three major office developments under construction west of the Chicago River:
+ The 54-story/1.2 million square foot 150 N. Riverside Plaza
+ The 52-story/1.1-million square foot, River Point Tower 444 Lake Street
+ The 443,645 square foot, 625 W. Adams Street
+ Have attracted blue-chip tenants including William Blair, Hyatt Hotels, Polsinelli, Navigant Consulting, McDermott Will & Emery, DLA Piper, Mead Johnson, and Morton Salt.
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CURRENT HOME OF HUBBARD STREET DANCE CHICAGO
3
T h e c u r r e n t s i t e c o n s i s t s o f a
5 3 , 0 0 0 S F b u i l d i n g , o c c u p i e d b y
H u b b a r d S t r e e t D a n c e C h i c a g o , t h a t
i s u s e d a s a n a r t s a n d d a n c e f a c i l i t y .
Hubbard Street Dance Chicago, establ ished
in 1977, is among the world ’s top
contemporary dance companies and has been
located at 1147 West Jackson s ince 1998.
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1147Eleven Forty SevenWest Jackson Boulevard
C O N S T R U C T E D O R P R O P O S E D D E V E L O P M E N T SADDRESS PROPERTY NAME OWNER TYPE COMPLETION DATE Size
1 1247-1249 West Madison Madison Throop Place Michigan Ave RE Group Multi-Family August 2016 81,720 RSF2 1241-1245 West Jackson Jackson Throop Place Michigan Ave RE Group Multi-Family February 2016 950,000 RSF3 11 South Green Gateway West Loop Lennar Multi-Family October 2015 133,600 RSF4 1116 West Adams CA Condos Belgravia Multi-Family June 2015 291,456 RSF5 922 West Washington Circa 922 Focus Development Multi-Family March 2015 99,637 RSF6 765 West Adams Arkadia Tower White Oak/CA Ventures Multi-Family March 2015 329,528 RSF7 1609 West Warren Warren Ashland Place Michigan Ave RE Group Multi-Family January 2015 60,400 RSF8 1035 West Van Buren 1035 West Van Buren Related Multi-Family Under Construction 347,967 RSF9 1220 West Van Buren 1220 West Van Buren Missner Loft Office Proposed 115,000 RSF
10 228 South Racine Residences on Racine InterForum Multi-Family Proposed 71,844 RSF11 1061 West Van Buren 1061 West Van Buren Pizzuti Multi-Family Proposed 277,320 RSF12 1050-1060 West Monroe 1050-1060 W. Monroe Michigan Ave RE Group Multi-Family Proposed 156,000 RSF13 1515 West Monroe FLATS Cedar Street Multi-Family Proposed 300,000 RSF14 1045 West Washington 1045 W. Washington Belgravia Multi-Family Proposed 150,000 RSF15 37 South Sangamon 37 South Sangamon Quest Realty Multi-Family Proposed 40,000 RSF16 111 South Peoria 111 South Peoria LG Development Multi-Family Proposed 184,500 RSF17 845 West Madison H2O John Buck Multi-Family Proposed 550 Units18 1 South Halsted 1 South Halsted Fifield Multi-Family Proposed 393,600 RSF19 625 West Adams 625 West Adams White Oak Office Proposed 443,645 RSF
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CURRENT HOME OF HUBBARD STREET DANCE CHICAGO
Over 4.3 million square feet of new development has been completed or is proposed since 2015 within a 7 block radius of 1147 West Jackson
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1147Eleven Forty SevenWest Jackson Boulevard
PUBLICAN GIRL & THE GOAT
GREEN STREET SMOKED MEATS
D Y N A M I C W E S T L O O P N E I G H B O R H O O D
+ The West Loop is unquestionably Chicago’s most dynamic and fastest growing multi-housing, office and mixed-use submarket.
+ Over the last five years, West Loop has emerged as one of the most vibrant restaurant and night-life corridors in the country.
+ The entertainment options, shopping, high-end apartment towers, and access to Chicago’s CBD makes West Loop ideal for the ”Live, Work, Play” preference of young professionals.
+ A former meatpacking, warehouse, and distribution hub, the art-edgy neighborhood combines a mixture of new and old warehouse buildings and an exciting dining scene featuring some of the best restaurants and chefs in the city.
+ 1147 West Jackson offers access and proximity to unparalleled education options, including the University of Illinois at Chicago, Skinner Elementary and Whitney Young Magnet High School; both Blue Ribbon Award winners.
+ Located less than a half mile from Mary Bartelme Park and Skinner Park; both are beautifully landscaped oases containing water features, elevation changes, and open green space in the heart of the West Loop.
+ Google recently moved into the newly redeveloped 1K Fulton. Several firms have also announced relocations from the suburbs to the West Loop including Baxalta (Baxter spin-off), Motorola Solutions, and most recently, McDonald’s.
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CURRENT HOME OF HUBBARD STREET DANCE CHICAGO
BAR SIENNA
GIRL & THE GOAT
PARLOR PIZZA
AU CHEVAL
SOHO HOUSE
DIVVY BIKE SHARE
THE AVIARYMOMOTARO WHOLE FOODS
NEWLY RENOVATED MORGAN CTA STATION
ARTOPOLIS
FLOYD’S 99 BARBERSHOP
MARIANO’S FRESH MARKET
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1147Eleven Forty SevenWest Jackson Boulevard
H U B O F T E C H S E C T O R E X P A N S I O N
+ Recently coined “Silicon Prairie,” Chicago outranks even San Francisco for both the highest percentage of profitable tech startups and best return on investment.
+ 1147 West Jackson is walking distance to the recently announced location of McDonald’s World Headquarters. The new building will include 608,000 SF, with McDonald’s taking 100% of the office space. McDonald’s expects to move approximately 2,000 employees to the site when it opens in 2018.
+ The West Loop has emerged as the hub of Chicago’s burgeoning tech scene thanks to the opening of Google’s Midwest headquarters in a retrofitted 10-story former cold storage building in the area in late 2015. The 550,000-square-foot office building, known as 1K Fulton, has also attracted tenants such as Sandbox Industries and SRAM.
+ Other prominent tech employers attracted to the loft style creative office space in the West Loop include Uber, Twitter, and GoGo located at 111 N. Canal – all situated within minutes of 1147 West Jackson.
+ The prominence of Merchandise Mart and 600 West Chicago as key regional tech hubs have greatly impacted the surrounding neighborhood – 71 of the top 100 tech in Chicago are within a 1.5 mile radius of the Merchandise Mart. River North is the hub for emerging tech neighborhood spokes including the West Loop, Fulton Market, River West, and Goose Island.
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EXECUTIVE SUMMARY DEVELOPMENT DESCRIPTION FINANCIAL INFORMATION MCDONALD’S SUMMARY SPONSORSHIP OVERVIEW MARKET OVERVIEW LOCATION OVERVIEW
54,000+people work for
digital companies
Source: Built-in-Chicago
1 K F U L T O N
(2016)
Midwest Headquarters | 500,000 SF
Headquarters | 70,000 SF
Incubator | 18,000 SF
1 1 1 N O R T H C A N A L
259,000 SF | 650 employees
September 2014 | 31,000 SF
January 2015 | 60,000 SF
M E R C H A N D I S E M A R T
600,000 SF | 2,000 employees
Incubator | 75,000 SF
January 2015 | 132,000 SF
3,200+digital companies
F U L T O N W E S T
(2017)
Midwest Headquarters | 51,500 SF
(2017)Headquarters | 29,835 SF
(2017)Headquarters | 39,344 SF
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CURRENT HOME OF HUBBARD STREET DANCE CHICAGO
D E S I R A B L E T R A N S I T - O R I E N T E D D E V E L O P M E N T
+ Ideal access to public transportation: CTA’s Racine Blue Line stop is 0.1 mile away. Further, the #126 bus, which runs east to west along Van Buren and Jackson Street serving the West Loop and CBD, stops within one block of 1147 West Jackson.
+ Approximately 1.0 mile north are both Union Station and Ogilvie Transportation Center – the two primary commuter rail stations in Downtown Chicago.
+ The site is minutes from Chicago’s busiest expressways, I-90/94 and the I-290. The numerous feeder ramps provide unmatched transportation convenience.
E X C E P T I O N A L D E M O G R A P H I C S
AVERAGE
HOUSEHOLD INCOME
38% RESIDENTS BETWEEN
AGE OF 25 AND 34
HOLDING BACHELORS
DEGREE OR HIGHER80%
$151,250
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1147Eleven Forty SevenWest Jackson Boulevard
U I C F A C T SUIC has 15 colleges
Faculty: 1,917
Support staff: 8,199
Bachelor's degrees in 70 fields
17,511 undergraduates
8,114 graduate students
3,007 professional students
416 continuing education students
29,048 total students
More than 3,000 students live in University residence halls
Over 6,000 students live within the UIC surrounding community
UIC FORUM
1147 West Jackson
is adjacent to the
Univers i ty of I l l inois at
Chicago, which is one of
Chicago’s premier higher
educat ional inst i tut ions
UIC DOUGLAS HALL
UIC RESIDENCES
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CURRENT HOME OF HUBBARD STREET DANCE CHICAGO
P R O X I M I T Y T O U N P R E C E D E N T E D E M P L O Y M E N T C O R R I D O R
+ Centralized walk-to-work positioning with immediate access to the 130 million SF Chicago CBD office market.
+ Downtown Chicago , or the Loop, contains the highest concentration of Class A and trophy office space in the Midwest.
+ The Loop is home to prominent public companies such as Boeing, United, UBS, Goldman Sachs, IBM, CME Group and PricewaterhouseCoopers.
E X C E L L E N T M U LT I - H O U S I N G M A R K E T F U N D A M E N TA L S
+ The Downtown Chicago apartment market continues to be one of the strongest and most vibrant markets in the country with Class A effective rent growth up 5.9% year-over-year averaging $3.03 PSF for Q2 2016.
+ New supply is being rapidly filled by record absorption and luxury building cap rates are down to the low 4% range.
+ New condo development has been slow to gain momentum, but inventories are generationally low with peak pricing being attained.
H U B B A R D S T R E E T D A N C E C H I C A G O + Hubbard Street Dance Chicago, established in 1977, is among the world’s top contemporary dance companies and has been located at 1147 West Jackson since 1998.
+ Hubbard Street is comprised of 3 components: 1) the performing arts company of professional dancers; 2) the Lou Conte Dance Studio; 3) Hubbard Street’s Youth, Education and Community Programs.
+ The Lou Conte Dance Studio is the public facility for Chicago dancers of all ages and skill levels that is housed underneath the Hubbard Street Dance Chicago umbrella. The West Loop facility offers classes year-round, hosts auditions and rehearsals, and is free to explore during regular Open House events.
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Investment ContactsJEFFREY M. BRAMSONSenior Managing Director / Managing [email protected]
JAIME M. FINKSenior Managing [email protected]
DANIEL A. KAUFMANManaging [email protected]
AMY L. [email protected]
CLINTON MITCHELLDirector312.980.3619
NAVI K. [email protected]
NICK [email protected]
Debt ContactsJASON A. [email protected]
CHRISTOPHER N. KNIGHTAssociate [email protected]
©2016 HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references 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 buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
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