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No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.
FOR SALE > PRIME SOUTH LOOP DEVELOPMENT SITE
817-907 S Wells Street | Chicago IL Asking Price: $6,200,000 ($175 psf)
Site Overview
Address: 817-907 S. Wells
Size: 35,335 Square Feet (0.81 acres)
Frontage: 333.61 linear feet on north-south Wells St.
Zoning: DX-5 (FAR 5.0), mixed use
FAR: 176,675 square feet
Current Use: Surface Parking Lot (Daily fee)
TONY SMANIOTTO Executive Vice President312 612 5916 [email protected]
BOB CHODOSPrincipal312 612 5902 [email protected]
For more information, please contact:
COLLIERS INTERNATIONAL200 S. Wacker, Suite 700Chicago, IL 60606www.colliers.com/chicago
COLLIERS INTERNATIONAL is pleased to announce that it has been retained by Ownership as the exclusive marketing agent for the parking lot/development site located at 817-907 South Wells Street in Chicago’s South Loop submarket. This property is a premier residential/mixed-use development site located in the northern section of the booming South Loop neighborhood, with frontage along Wells Street, and minutes away from the Loop office district and major train stations.
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817 – 907 SOUTH WELLS STREETLocation
FUTURE WELLS-WENTWORTH CONNECTOR
GROWING SOUTH LOOP NEIGHBORHOOD LOCATION
Dynamic Mixed Use Development Site
• The South Loop is a vibrant and growing neighborhood located just south of the Chicago central business district. The subject property is located within 3 blocks from the Chicago River, the Congress Expressway, the Roosevelt Collection shopping district, The British School (opening in 2015), and the River City Marina.
• The South Loop has recently become a more student-oriented neighborhood with the addition of the University Center, housing over 3,000 college students in dorm and apartment style units, as well as Dwight Lofts and 731 South Plymouth Court, two student housing buildings owned by Columbia College Chicago. Colleges in the area include Roosevelt University, Columbia College, Robert Morris University, John Marshall Law School, and the Loop campus of DePaul University.
• The South Loop is one of Chicago’s fastest growing neighborhoods, with nearby developments including the AMLI Lofts under construction at 850 S. Clark (398 suburban style apartments), AMLI 900 (440 existing units), and JDL’s proposed 1000 S. Clark, a 469-unit apartment tower. These developments will welcome thousands of new residents (1-mile radius: 60,000 population, $77,000 average income).
• The Property is just minutes away from Grant Park and the lakefront, Harold Washington library, Chicago CTA and Metra stations, Soldier Field, the Museum Campus and numerous cultural institutions.
• Located between Wells Street and Financial Place, the site has two hard corners and 772 feet of frontage on three streets, with an area of approximately 35,335 square feet (0.81 acres).
• City of Chicago zoning district DX-5 has a base FAR of 5.0 yielding 176,675 square feet of development rights, prior to any creative design which may allow bonus FAR.
• The site is currently leased on a month-to-month basis for $14,000 per month, before real estate taxes. This positive cash flow after all expenses provides an equity return to the buyer while holding the site for future development.
• The parking agreement can be terminated and based on demand, significant revenue may be generated beyond the current lease, including opportunities for billboard signage.
817 – 907 SOUTH WELLS STREETArea Overview
WELLS WENTWORTH CONNECTOR
RESTAURANTS/SHOPPING
• In May 2014, the City announced the start of the Wells-Wentworth Connector, a road project intended to make Wells street the preferred artery between the Loop and Chinatown/Cermak.
• The project, when completed in 2015, will have a huge impact on the northwest corner of the South Loop, as this will change Wells Street to a major thoroughfare. Increased traffic may increase values of nearby development.
• Construction of this new north-south collector street will allow for improved traffic flow throughout the undeveloped areas, by creating a coordinated series of intersections, as well as improve pedestrian connectivity to nearby destinations such as the new Ping Tom Park Fieldhouse, the proposed new Chinatown Library, the existing Roosevelt Road commercial areas, and transit stops.
• The South Loop features numerous new restaurants, boutiques, book shops and antique stores. The area’s growing restaurant business continues to draw some of the best owners and chefs in the City. Popular spots such as Iron Chef Jose Garces’ Mercat a La Planxa, and Ryan McCaskey’s Acadia, draw patrons from all over Chicagoland.
• The Property is within walking distance of Target and grocery stores such as Jewel/Osco, Whole Foods, Mariano’s, and Trader Joe’s. Best Buy, Marshall’s, DSW Shoes, Michael’s, Staples and Home Depot are also nearby in the newly developed shopping area on Roosevelt and Canal.
• The Shops at Roosevelt Collection include H&M, White House|Black Market, Z Gallerie, ICON Theaters and numerous restaurants and coffee shops, and has recently announced leases with Container Store, lululemon, and Banana Republic.
817 – 907 SOUTH WELLS STREETArea Overview (continued)
SOURCE: www.cityofchicago.org/
SOURCE: shops.rooseveltcollection.com
817 – 907 SOUTH WELLS STREETAerials
FACING WEST
FACING EAST
817 – 907 SOUTH WELLS STREETAerials
FACING NORTH
FACING SOUTH
817 – 907 SOUTH WELLS STREETArea Development
SOURCE: Antunovich AssociatesSOURCE: www.amli.com SOURCE: chicago.curbed.com
817 – 907 SOUTH WELLS STREET
AMLI LOFTS (400 existing units)
BRITISH SCHOOL OF CHICAGO (under construction)
1000 S CLARK ST (490 proposed units)
