DOWNTOWN MIDLAND. PROPERTY OFFERING Over 14-acres of development-ready land

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1 DOWNTOWN MIDLAND PROPERTY OFFERING Over 14-acres of development-ready land February 1, 2016

2 For more information, please contact: JEFF CUTLER Executive Vice President - Corporate Services CBRE Martin jeff.cutler@cbre-martin.com Phone: (517) FRAN LEFOR ROOD Senior Project Manager SB Friedman Development Advisors frood@sbfriedman.com Phone: (312)

3 PROPERTY OFFERING CBRE and SB Friedman Development Advisors, on behalf of Spheric Development, LLC, the Michigan Baseball Foundation, and Chemical Bank, are marketing over 14-acres of development-ready property in Downtown Midland, Michigan. The Land Owners are seeking development partners that will work with them to achieve their vision of an attractive, vibrant downtown core. Recent market analyses suggest near-term market potential in Downtown Midland for hundreds of additional new residences, a new 80- to 100-room limited-service hotel, additional professional service office development, and new retail offerings and restaurants. This market potential, when combined with a renewed community focus on downtown revitalization, presents exciting opportunities for new development. Proposed downtown revitalization efforts, including enhancements to the downtown riverfront, a redesigned streetscape along Main Street, improved mobility and connectivity, and other potential catalytic civic projects, are anticipated to improve the marketability of the downtown area to residents, visitors, and employees. Development Objectives About the Land Owners This land offering is motivated by a broader downtown revitalization effort led by Momentum Midland, a local movement with a focus on downtown economic development. In 2015, Momentum Midland initiated a planning process that developed an actionable road map for Downtown Midland. The process included a public survey, design workshops, stakeholder and community engagement, and real estate market analyses The resulting Downtown Midland Investment and Implementation Plan addresses land use and market opportunities and provides conceptual plans for catalytic civic/public projects and private opportunities. The Land Owners envision that development of the properties available through this offering will align with the design and development principles outlined in the plan. (See Appendix C) The Land Owners are also committed to quality architecture, due in part of the legacy of Midland-born architect Alden B. Dow, who is known for his contributions to mid-twentieth century modern architecture. The Land Owners seek high-quality development that builds on Alden B. Dow s legacy and the architectural contributions of more recent development downtown. About the Land Owners Consultants SPHERIC DEVELOPMENT, LLC, was formed to acquire and renew properties in Downtown Midland that had reached the end of their useful life and in several cases were abandoned blight. Their work has included assembling and preparing larger development-ready sites that meet contemporary development needs. Through this offering, these properties are being reintroduced into the real estate market with the vision of providing space for urban, mixed-use development. MICHIGAN BASEBALL FOUNDATION (MBF), a non-profit organization with a mission to drive economic development and quality of life in Downtown Midland, is marketing underutilized property it owns adjacent to Dow Diamond and the East End development. CHEMICAL BANK, a major employer and property owner in Downtown Midland, is marketing an underutilized site to development partners focused on downtown revitalization efforts. CBRE MARTIN is the Land Owners Broker of Record. CBRE will facilitate all land transactions and receive development proposals for all sites identified as Infill Redevelopment Sites on page 9 of this Property Offering. SB FRIEDMAN DEVELOPMENT ADVISORS is the Land Owner s redevelopment consultant. It has conducted the market potential analysis presented within, and will be receiving proposals for all sites identified as Catalytic Redevelopment Sites on page 9 of this Property Offering. SB Friedman is also available to answer any site-specific or market-related questions. DOWNTOWN MIDLAND PROPERTY OFFERING PAGE 1

4 AVAILABLE PROPERTIES Fitzhugh Street Grove Street INFILL E 0.49 ACRES INFILL D 0.09 ACRES INFILL F 0.17 ACRES POTENTIAL ROAD DIET - INDIAN STREET SITE ACRES INFILL B 0.28 ACRES 409 ASHMAN STREET OFFICE INFILL C 0.17 ACRES SITE ACRES Ellsworth Street INFILL A 0.32 ACRES Rodd Street McDonald Street Ashman Street Jerome Street POTENTIAL ROAD DIET - BUTTLES STREET Gordon Street Larkin Street PROPOSED STREETSCAPE PROJECT - MAIN STREET THE H HOTEL THE H RESIDENCE Additional information about each property is presented in Appendix A PAGE 2 DOWNTOWN MIDLAND PROPERTY OFFERING

5 AVAILABLE PROPERTIES Grove Street INFILL H 0.83 ACRES INFILL G 0.34 ACRES POTENTIAL ROAD DIET - INDIAN STREET SITE ACRES 414 TOWNSEND STREET OFFICE SITE ACRES SITE ACRES POTENTIAL CATALYTIC CIVIC PROJECT SITE Larkin Street Ellsworth Street State Street SITE ACRES George Street SITE ACRES SITE ACRES Cronkright Street Townsend Street Rodd Street POTENTIAL ROAD DIET - BUTTLES STREET EAST END DEVELOPMENT Poseyville Road PROPOSED STREETSCAPE PROJECT - MAIN STREET Additional information about each property is presented in Appendix A DOWNTOWN MIDLAND PROPERTY OFFERING PAGE 3