23 TOTAL ACRES IN CHICAGO, IL REDEVELOPMENT OPPORTUNITY OF 18 ACRES IN THE NORTH BRANCH INDUSTRIAL CORRIDOR AND 5 ACRES IN THE ENGLEWOOD NEIGHBORHOOD

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1 Rahm Emanuel Mayor 23 TOTAL ACRES IN CHICAGO, IL REDEVELOPMENT OPPORTUNITY OF 18 ACRES IN THE NORTH BRANCH INDUSTRIAL CORRIDOR AND 5 ACRES IN THE ENGLEWOOD NEIGHBORHOOD

2 OFFERING HIGHLIGHTS Cushman & Wakefield has been retained by the City of Chicago as its exclusive advisor in the sale of 1685 N. Throop Street and S. Wentworth Avenue. Cushman & Wakefield is also managing the relocation and development of the existing Throop Facility s operation to a City owned property in the Englewood neighborhood. The development offering consists of an existing 410,000 SF industrial facility on an 18 acre site that is situated directly along the North Branch of the Chicago River and a 5 acre site located along the I-90/94 Expressway in Englewood. The specifications, design and budget for the new facility will be provided once they are finalized. Cushman & Wakefield will manage the process for the new 2FM facility. 2

3 1685 N. THROOP STREET OFFERING HIGHLIGHTS GENERATIONAL OPPORTUNITY: The offering of 1685 N. Throop Street provides investors with a truly rare opportunity to acquire an 18 acre urban infill development site in the epicenter of a global city. SITE ADDRESSES & PINS: 1685 N. Throop Street: PIN: W. Willow Street: PIN: N. Throop Street: PIN: W. Concord Place: PIN: WARD/ALDERMAN: 2 nd Ward, Alderman Brian Hopkins ZONING: The 1685 N. Throop Street site is located within the North Branch Industrial Corridor, which is currently the subject of a public review process Mayor Emanuel s Industrial Corridor Modernization North Branch. The site is currently zoned PMD 2 - Elston Corridor. The purpose of this process is to evaluate and improve infrastructure and modernize land use policies to support continued growth and private investment within the area. Goals that are guiding the process include: Maintain the North Branch as an economic engine and vital job center Provide better access for people to walk, bike and take transit Build upon the area s unique natural and built assets For the most current status of the framework plan that will guide future development in the North Branch Industrial Corridor, please visit the City of Chicago Industrial Corridor Modernization North Branch Community Meeting Presentation. PRIME LOCATION: 1685 N. Throop Street serves as a key connection point among Goose Island, Clybourn Corridor, Wicker Park and Bucktown neighborhoods. ACCESSIBILITY: In addition to being located 12-minutes north of Chicago s Loop, 1685 N. Throop Street is walking distance to the Clybourn Metra stop, to CTA bus line stops for 9, 72, 73 and 132 and to CTA L stops for the Blue line and Red line. The site is minutes from the Kennedy Expressway. PROPERTY STRENGTHS Demand for riverfront development Large infill property Superior access to roads, public transportation and bike routes Proximity to vibrant retail Clybourn Corridor QUICK STATS 3 18 ACRES 737 ft OF FRONTAGE ON THE RIVER 3 mile PROXIMITY TO THE LOOP 12 min DRIVE FROM THE LOOP 10M SF OF RETAIL WITHIN 1 MILE

4 1685 N. THROOP STREET AERIAL THROOP ST ELSTON AVE CONCORD PL 4

5 REPRESENTATIVE DEVELOPMENTS SURROUNDING 1685 N. THROOP STREET 60,000 SF LOFT OFFICE (BAKER DEVELOPMENT) 95,000 SF OFFICE BUILDING (SHAPACK) C.H. ROBINSON 207,000 SF OFFICE BUILDING (STERLING BAY) FORMER FINKL & SONS 28 ACRE SITE HOME DEPOT NORTH AVE WRIGLEY INNOVATION CENTER UI LABS SONO APARTMENTS MIXED-USE (STRUCTURED DEVELOPMENT) SHEFFIELD COMMONS SHOPPING CENTER CRATE & BARREL APPLE NORTH/CLYBOURN L STATION WHOLE FOODS NEW CITY, MIXED-USE CLYBOURN AVE TRUNK CLUB 170,000 SF PROPOSED HIGH-TECH OFFICE / MANUFACTURING SPACE (R2) DIVISION ST 90/94 AMAZON SOLUTIONS CENTER 52,000 SF HALSTED ST NORTHTOWN VILLAGE, TARGET BOELTER XAVIER APARTMENTS OLD TOWN VILLAGE WEST WORKSHOP CHICAGO THE LOST ARTS 600 W CHICAGO INNERWORKINGS, GROUPON, LIGHTBANK, WAREHOUSE RIVER VILLAGE NORTH DOMAIN LOFTS KENDALL COLLEGE MILWAUKEE AVE 5 284, ,000 VEHICLES PER DAY ALONG I-90/94 UNDER CONSTRUCTION TWO HIGH-RISE RESIDENTIAL BUILDINGS

6 1685 N. THROOP STREET ACCESS 47B 48A 90/94 48A 48B 1 MILE RADIUS.5 MILE RADIUS 90/94 49A 48B 49A 6 DIVVY BIKE STATION BUFFERED BIKE LANES

7 LINCOLN PARK BUCKTOWN CLYBOURN CORRIDOR / NORTH BRANCH GOLD COAST/ OLD TOWN WICKER PARK GOOSE ISLAND NOBLE SQUARE RIVER NORTH WEST TOWN RIVER WEST FULTON MARKET THE LOOP MEDIAN AGE POPULATION 7 BACHELOR S DEGREE CHANGE BUCKTOWN/ WICKER PARK BUCKTOWN/ WICKER PARK 43.8% LINCOLN PARK/ OLD TOWN LINCOLN PARK/ $107,446 $166,275 OLD TOWN 54.75% 85.3% RIVER WEST % RIVER WEST 50.7% 51,948 53, % LINCOLN PARK/ 14,601 OLD TOWN 20,994 3,985 2, CHANGE CHANGE RIVER WEST BUCKTOWN/ WICKER PARK HOUSEHOLD INCOME $61,708 $108,448 $68,682 $103, % CHANGE 29.53% 43.8% 48.5% LINCOLN PARK/ OLD TOWN 41.5% 49.7% 19.0% RIVER WEST 65.0% 79.0% 21.5% BUCKTOWN/ WICKER PARK SOURCE: ALTERYX - EXPERIAN DATA

8 DEVELOPMENT OF NEW 2FM FACILITY The City is contemplating several approaches to development of the new vehicle maintenance facility and fuel site. One approach is to require the successful purchaser to develop these facilities, the cost of which will be deducted from the proceeds of the sale. A second approach is to engage an unrelated third party to develop the site, again using proceeds from the sale to fund this project. The goal is to undertake the construction and relocation of the 2FM facilities as quickly and as efficiently as possible. Bidders are required to include their approach/proposal to address the development of the alternate site, acknowledging that the City may elect to proceed with an unrelated third party. As the project manager, Cushman & Wakefield will provide a scope and preliminary budget for the project, when available, but ultimately, in the event the City elects to move ahead with the Purchaser developing the facilities, Purchaser will be responsible for overseeing and providing a turn-key development, based on the provided information. The new vehicle maintenance facility will be designed in a manner which considers the context of the surrounding area. The scope for such will include: Design services Ground up construction (including site preparation and remediation, if necessary) The physical move Other related miscellaneous expenses Please note that preference will be given to offers that meet and exceed the City of Chicago MBE/WBE and City residency requirements. 8 FUTURE 2FM SITE WENTWORTH AVE S. WENTWORTH AVENUE 90/94 69TH ST

9 S. WENTWORTH AVENUE OFFERING HIGHLIGHTS As an important part of this offering, the City of Chicago is including an opportunity to acquire and develop an additional 212,670 square foot (4.9 acre) vacant parcel that is located at S. Wentworth Avenue, in the Englewood neighborhood. This property can be sold as a package, to the Purchaser of the Throop site(s), or individually to another Purchaser. This parcel is surrounded by residential and commercial uses and offers tremendous visibility and direct access to the I-94 expressway, just south of the I-90 split. The City s future 2FM headquarters and fleet operations facility, as described in this offering, will be built directly west of the site and will provide tremendous opportunities for businesses or services that align well with the new facility. It is the City s intent that the selected buyer of the Wentworth site will construct a commercial/retail development, but will consider mixed-use developments as well. Below is site specific information on S. Wentworth Avenue, as well. SITE ADDRESSES & PINS: 6705 S. Wentworth Avenue: PIN: S. Wentworth Avenue: PIN: WARD/ALDERMAN: 6 th Ward, Alderman Roderick Sawyer ZONING: The subject property is currently zoned Residential (Institutional) Planned Development #68. The City seeks commercial uses to be developed on this site, and would consider appropriate zoning changes as necessary. SIZE: Approximately 212,670 square feet / 4.9 acres OBJECTIVE: The City seeks to find a developer or development team experienced in the development of retail/commercial properties, with the knowledge and resources to successfully finance and develop a retail/commercial development in an urban area. SALE CONDITIONS: The successful buyer will be required to negotiate conditions related to: timing of the conveyance of the property, as related to the financing and permitting, for one or more phases of future redevelopment. The successful buyer must have 80% of financing and permits in hand prior to conveyance of the property. The sale of this site will require approval by the City of Chicago and City Colleges of Chicago. The current environmental condition of the subject property is unknown. The future development must adhere to all applicable City laws and requirements. 9

10 S. WENTWORTH AVENUE AERIAL NEWLY DEVELOPED ENGLEWOOD WHOLE FOODS 63RD ST URBAN PREP CHARTER ACADEMY HALSTED ST WALLACE ST WENTWORTH AVE 280, ,000 VEHICLES PER DAY ALONG I-90/ MARQUETTE RD PARKER COMMUNITY ACADEMY PAUL ROBESON HIGH SCHOOL S. WENTWORTH AVENUE 69TH ST FUTURE 2FM SITE 10 DIVVY BIKE STATION

11 OFFER PROCESS & DEADLINE 1685 N. Throop Street and S. Wentworth Avenue are being offered on an as-is, whereis basis. The prospective purchaser(s) will be selected by the City of Chicago in consultation with Cushman & Wakefield on the basis of (i) price (ii) track record of successful closing (iii) financial strength (iv) level of discretion to invest funds and (v) extent to which the development plan aligns with the City s framework plan. The City of Chicago reserves the right to accept an offer prior to this date or to remove the Property from the market at any time. Recipient represents that no broker or agent represents or will represent them in any possible transactions involving the Property unless disclosed in writing to Cushman & Wakefield prior to the receipt of the Evaluation Material and fully agrees to compensate their broker or agent. Neither Cushman & Wakefield nor the City of Chicago are responsible for any compensation to be paid to Recipient s broker or agent. INSPECTIONS Property tours must be scheduled through a Cushman & Wakefield team member. All potential purchasers must be accompanied by a Cushman & Wakefield team member while on site. OFFER STRUCTURE In addition to highlighting your company s recent acquisition activities, operations and capabilities, please include in your offer information the following specifics: BID DATE: An official bid date has not been set. Registered investors will be notified once a date has been identified. BUYING ENTITY: Please specify all buyer partners (if any). PURCHASE PRICE: Please specify purchase price on an all cash basis. CLOSING TERMS/DEVELOPMENT OF NEW FACILITY: Please provide proposed terms for developing the new facility prior to closing; or for the City to occupy the Throop building post-closing, while the new facility is constructed. USES: Please provide an overview of the proposed development and the potential uses. CAPITAL SOURCES: If an advisor to an institutional fund, please specify the client. DEBT: Please provide structure of acquisition debt financing including identification of any lender and their amount required to review. BUDGETED EXPENSES: Please provide detail related to demolition, environmental or any other expenditures in your underwriting. APPROVAL PROCESS: Please summarize approval process in terms of timing and identification of any decision makers that may still need to tour (both equity and debt). EARNEST MONEY: Please identify the amount and time/conditions at which it becomes non-refundable. DUE DILIGENCE: Please specify when it is to commence and when it will end. CLOSING: Please specify the amount of time required to close the transaction after completion of due diligence. OTHER: Please specify any other terms and/or conditions necessary in order to close the transaction including committee approvals and specific due diligence items required to close the transaction. 11

12 Rahm Emanuel Mayor Larry Goldwasser, SIOR, CCIM Managing Director Kathleen Nelson Senior Director Dirk Riekse Managing Director