3944 N. SHERIDAN ROAD & 1015 W. IRVING PARK RD, Chicago...WILLIAM TOM Managing Principal...

WILLIAM TOM

Managing Principal

312.909.5059

[email protected]

DANIEL NACK

Principal

312.259.1800

[email protected]

For more information contact:

3944 N. SHERIDAN ROAD &

1015 W. IRVING PARK RD, Chicago

www.vetcre.com

DISCLOSURE & CONFIDENTIALITY AGREEMENT

3944 NORTH SHERIDAN ROAD | 1015 WEST IRVING PARK ROAD

Transit Oriented Development Opportunity

3944 North Sheridan Road & 1015 West Irving Park Road is located at the

intersection of the Wrigleyville, Buena Park and the Uptown neighborhoods, 3

blocks to Wrigley Field and steps to Lake Michigan.

The 17,250 SF land site has potential for up-zoning to a Transit-Oriented

Development with an FAR of 5.0 plus bonus. The site is surrounded by B1-5,

B2-5 and B3-5. Ald. Cappleman expressed support for this site.

The site has over 60’ of frontage on Sheridan Road and over 66’ on Irving Park

Road with a private alley.

The area has a high demand for retail, residential and parking including Cubs’

games ($40.00+). Non-accessory parking is permitted under current zoning.

The winning bidder will be granted time for entitlement including increasing

FAR, TOD designation and review of the private alley.

Deal Parameters

Submit a standard letter of intent, more fully described on page 3.

Offered:

• 99-year initial term

• Right of first offer on sale

• Zoning period [e.g. 120 days]

EXECUTIVE SUMMARY


PROPERTY DESCRIPTION

Deal Structure 99-year Ground Lease

Location: 3944 N. Sheridan Road &

1015 W. Irving Park Road, Chicago

Land: 17,250 SF

Current Zoning: B1-3

Zoning Potential FAR 5.0 86,250 Buildable SF - plus air rights

Air Rights –BSFAdjacent property will consider a PD

Transfer est. 50,000 SF buildable SF

Vehicle Count: 44,466

Ward: 45

Alderman: James Cappleman

OFFER PROCESS


OFFER GUIDELINES

The Property is offered as a ground lease, as-is, delivered vacant. The

prospective ground lessee will be selected by the lessor in consultation with

VCRE on the basis of (i) price (ii) track record of successful development

(iii) financial strength. Lessor 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 either represents or will represent

them in any possible transactions involving the Property, unless disclosed in

writing to VCRE prior to offer submission. Lessee shall be responsible for the

compensation of their broker.

INSPECTIONS

Property tours must be scheduled through a VCRE team member. All potential

purchasers must be accompanied by VCRE while on site.

Please do not disturb current tenants.

ENVIRONMENTAL

Lessor is not aware of any environmental hazards or prior hazardous use.

Recipients are advised to conduct independent research.

CTA

Chicago Transit Authority recognizes that the Sheridan Station and tracks will

require renovation sometime in the future. CTA has no plans or funds for the

foreseeable future.

CALL FOR OFFERS

A call for offers is scheduled for the end of November. There will be a two-week

period for submission of offers.

OFFER GUIDELINES

In addition to highlighting your company’s recent acquisition activities, operations

and capabilities, please include in your letter of intent the following specifics:

ENTITY:

Please specify all partners or joint venture entities.

TERM:

99-years. Lessor will consider other term lengths but will not consider a sale.

GROUND RENT:

Please specify annual ground rent, escalations, period and formula for rent

resets. For example, 20 year rent resets at __% of the then FMV of the land at

its current use. Lessee shall be responsible for all taxes, fees, insurance and

operating expenses.

CAPITAL SOURCES FOR DEVELOPMENT:

If an advisor to an institutional fund, please specify. A performance bond for

construction will be required. Mortgage must be subordinate to the ground

lease.

SUBORDINATION:

Lessor will agree to not mortgage the land.

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).

DUE DILIGENCE & ENTITLEMENT PERIOD:

Please specify when it is to commence and when it will end.

Ward Alderman expressed interest in a new development at this site.

OTHER:

Offers may include a right of first offer on sale (to a non-related entity). Please

specify any other terms and/or conditions necessary and specific due diligence

items required for the transaction.

PROXIMITY TO WRIGLEY FIELD & LAKE MICHIGAN


AREA POTENTIAL


Radius 1 Mile

Population:

2019 Estimate 81,542

2010 Census 82,288

Households:

2019 Estimate 44,254

2010 Census 45,674

Owner Occupied 15,928

Renter Occupied 28,326

2019 Avg Household Income $99,164

2019 Med Household Income $73,234

2019 Households by Household Inc:


PLAT


PLAT / PRIVATE ALLEY


LAND USE

CONSULT LEGAL COUNSEL FOR LAND USE


1015 W Irving Park Rd

3944 N Sheridan Rd

LOCATION MAP

WILLIAM TOM

Managing Principal

312.909.5059

[email protected]

DANIEL NACK

Principal

312.259.1800

[email protected]

For more information contact:

www.vetcre.com

3944 N. SHERIDAN ROAD

1015 W. IRVING PARK ROAD

3944 N. SHERIDAN ROAD & 1015 W. IRVING PARK RD, Chicago...WILLIAM TOM Managing Principal...

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