2500 S. WABASH AVE CHICAGO, IL 60616

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1 55 COMMERCIAL REAL ESTATE ADVISORS 2500 S. WABASH AVE CHICAGO, IL Acre Development Land Site Within 1 Mile of McCormick Place Parking Area State St Contact: Michael Rudman michael.rudman@svn.com Beverly Hayes beverly.hayes@svn.com

2 PROPERTY OVERVIEW PROPERTY IS CURRENTLY BEING USED AS TRAILER STORAGE WITH 6 MONTH TENANCY & 90 DAY KICK-OUT CLAUSE DEMOGRAPHIC SNAPSHOT (1 Mile) MEDIAN AGE AVERAGE INCOME PER HOUSEHOLD 37.3 $69,740 ESTIMATED DAYTIME POPULATION 2500 SOUTH WABASH AVENUE, CHICAGO, IL ,037 List Price: $3,900,000 Sub-Market: Bronzeville Land Size: 48,493 SF 1.11 Acres PROPERTY HIGHLIGHTS Zoning: M1-3 Ward: 3rd Ward Alderman: Alderwoman Pat Dowell ESTIMATED POPULATION - Outstanding exposure to I-55 - Potential development opportunity - Less than a Mile to McCormick Place & McCormick Place Entertainment District (MPED) including the new $390 Million Marriott Marquis Hotel - Proximity to Chicago CBD & major highways - Fenced property has curb cuts on both Wabash and 25th Street sides - Largest land land parcel on-market close to McCormick Place MPED - Flexible M1-3 zoning allows for motor vehicle towing, storage & repair 40,605 *Demographic Source: Applied Geographic Solutions 10/2016, TIGER Geography PROPERTY OVERVIEW 2500 S WABASH AVE, CHICAGO, IL / 2

3 DEVELOPMENT OPPORTUNITY WITHIN BRONZEVILLE TIF DISTRICT 55 Parking Area State St E 26th St 2500 SOUTH WABASH AVENUE, CHICAGO, IL Sub-Market: South Loop Zoning: M1-3 Land Size: 48,493 SF 1.11 Acres Ward: 3rd Ward Alderman: Alderwoman Pat Dowell DEVELOPMENT OPPORTUNITY 2500 S WABASH AVE, CHICAGO, IL / 3

4 Work Product z:\esri\individual_tifs\tifs_by_template\t-61_bronzeville.mxd N OR M A L AVE 27TH S T 28TH S T 28TH P L 29TH ST 30T H S T C A N A L S T Bronzeville TIF Overview Encompassing portions of the Douglas and Grand Boulevard communities, the Bronzeville TIF district was designated to revitalize an area that once served as the social, cultural and economic center of Chicago s African-American community. The 491-acre district provides resources that support the rehabilitation of existing structures and incentives for new construction on vacant and underutilized land. Priorities include historic preservation, business expansion, and cultural projects that promote the area s attractiveness as a place to live and do business. Goals also include an increase of rental and owner-occupied residential structures and initiatives that establish links to Chicago tourism and convention industries. The TIF has or will utilize a minimum $42 million in public dollars to attract a minimum of $116 million in private investment. 24TH ST 24TH P L 25T H P L 25TH P L 26TH ST 26TH P L 27TH S T 27TH ST 28TH S T 28TH P L 29TH ST 29TH P L 30TH ST 30TH P L ST EWA R T AV E PR I N C ET ON AV E W EL L S ST 34T H S T LA S A L LE S T D A N RYA N E XP Y 32ND S T 29TH S T FE D ER A L ST 31ST ST 33RD S T 24TH ST STAT E S T WA B A S H AVE 25T H S T IN D I A N A AV E PR A I R IE AVE 34T H S T ST EV EN S ON EX PY C A LU M ET AV E CALUMET AVE K IN G D R VER N ON A V E ELLIS AVE E L L I S A V E 31S T PL 33RD ST 33RD P L 29T H P L 32ND S T RHODES AVE 27TH S T 30TH S T L A K E P A R K A V E 32N D S T 32N D P L 31S T D R 33RD ST 33RD PL Bronzeville TIF At-A-Glance AUTHORIZED EXPIRES TOTAL NET BALANCE (INCLUDES FUNDS FOR FUTURE PROJECTS), FY08 REVENUE COLLECTED, FY08 TOTAL EXPENDITURES, FY08 RATIO OF PRIVATE TO PUBLIC INVESTMENT WITHIN TIF RECENT REDEVELOPMENT PROJECTS ESTIMATED ASSESSED VALUE IN TIF AREA, 1998 ESTIMATED ASSESSED VALUE IN TIF AREA, $21,133,779 $5,768,636 $208, to 1 Pershing/State Affordable Housing $52 million $103 million (98% increase since 1998) P A R N EL L A VE N OR M A L A VE 40TH P L 36TH ST ST EWA R T AV E 37TH S T 37TH P L 38TH S T 38TH P L PERSHING RD C A N A L S T SHIELDS AVE PR I N C ET ON A V E W EL L S ST WENTWORTH AVE D A N RYA N EX PY FE D ER A L ST D EA R B O R N ST 35TH ST 36T H S T 36T H P L 37T H S T 37T H P L 38T H S T WA B A S H AVE M IC H I G A N AVE IN D I A N A AV E PR A I R IE AVE GI L ES AVE 38T H S T PR A I R I E A VE CALUMET AVE K IN G D R VER N ON AV E R H OD E S AV E 37TH P L 38TH S T 38TH P L VI N C EN N E S AV E OAKWO OD B LV D 40T H S T 40T H S T BROWNING AVE 40T H S T LA N G L EY AV E EL L I S A V E C OT T A GE GR O VE A VE L A K E SH O R E D R Existing Tax Increment Financing Districts Bronzeville CITY OF CHICAGO RICHARD M. DALEY MAYOR DEPARTMENT OF PLANNING AND DEVELOPMENT L A K E P A R K A V E 38T H S T DREXEL BLVD OA K E N W A L D A V E SOURCE: 2008 Annual Report. For a copy of the full report and audited financial statement, contact the Department of Community Development. Copyright, 2007, City of Chicago TIF DISTRICT 2500 S WABASH AVE, CHICAGO, IL / 4

5 SURVEY 2500 S WABASH AVE, CHICAGO, IL / 5

6 Site - Looking West Site - Looking Southeast Site - Looking Southwest ADDITIONAL PHOTOS 2500 S WABASH AVE, CHICAGO, IL / 6

7 Micro Brewery across the Street Eastern Edge - Looking North Adjacent to Red & Green Line El Tracks Less than 1 Mile to McCormick Place ADDITIONAL PHOTOS 2500 S WABASH AVE, CHICAGO, IL / 7

8 BRONZEVILLE AERIAL New DePaul Arena McCormick Place Lake Michigan SITE Bronzeville Chinatown AERIAL 2500 S WABASH AVE, CHICAGO, IL / 8

9 CTA RED & GREEN LINES McCormick Place I S WABASH PROPERTY AERIAL 2500 S WABASH AVE, CHICAGO, IL / 9

10 MARKET DESCRIPTION BRONZEVILLE The Bronzeville area is a growing area, bordered by I-55 on the north, 51st on the south, Dan Ryan on the West, and the lake on the East. Long known for being home to many affluent African American professionals, it has begun to re-emerge as a vibrant community with a new Mariano s at 39th and Martin Luther King Drive. Also the IIT Campus plans to open the Ed Kaplan Institute for Innovation in late Mercy Hospital, a half mile from the site, is a major employer in the area with parking one block east of site. The new Pedestrian Bridge, a $28m development project at 41st street, broke ground in June Also in June 2017 the city selected a redevelopment team for the 49 ac. former Michael Reese site. The Bronzeville area has also seen an influx of Asian residents, moving east for retail and residential properties as Chinatown becomes more and more expensive and Bronzeville still provides affordable alternatives. SOUTH LOOP The South Loop, home of McCormick Place and the new Marriott Marquis hotel, is also home to the new Wintrust Arena where the DePaul Blue Demons will play. Numerous development projects are also under way, including high rises at 1101 S. Wabash, a 196 room Homewood Hilton, and 1136 S. Wabash, a 26 story high rise. MARKET DESCRIPTION / 10

11 DISCLAIMER The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of the SVN Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor. Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. This Offering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the SVN Advisor from any liability with respect thereto. To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk. DISCLAIMER / 11