Waveland Partners LLC was formed by Edward M. Polich and...

About W

avela

nd P

art

ners

LLC

• Waveland Partners LLC was formed by Edward M. Polich and Nicholas F. Wilder in

2001 as the successor to LCOR Incorporated’s Midwest Regional office.

• The principals of Waveland Partners possess over 50 years of combined real

estate experience. A significant portion of that experience established our former

firm’s reputation as a Developer and Owner of premier properties in major markets

and as one of the nation’s premier Public / Private developers.

• Waveland’s portfolio of experience reflects our key involvement in all types of real

estate asset management and sales, including land, office, retail, residential,

industrial, parking, mixed-use and transit oriented developments.

• We have extensive experience as a real estate asset manager and advisor to

institutions, municipalities and high net worth individuals seeking to optimize their

real estate assets through repositioning, redevelopment and monetization.

• The consulting services we have provided in the past, combined with our

experience in the development, occupancy and operation of various types of

commercial real estate assets enables us to provide critical input to the owners

(including investors and lenders) of under-utilized real estate assets.

• One of our core beliefs as real estate professionals is that there is no substitute for

direct principal involvement in our client and partnership relationships.

• Initially retained as an advisor to the Federal Court appointed Custodian for this asset,

Waveland outlined a strategy to achieve the monetization of the asset through re-

positioning and disposition. We were subsequently asked to assume comprehensive asset

and property management responsibilities for a portfolio of this and other assets seized by

the court as result of the original owner’s fraudulent acts.

• Edgewater Medical Center (shown below) is an existing former hospital campus – multiple,

decaying, vacant structures situated on an urban land site of 2.58 acres or 1.045 hectares

in size. In it’s current state, the asset has been appraised at a negative value.

• Waveland has successfully obtained entitlements (re-zoning) and municipal financing

(TIF) commitments in close consultation with the local Alderman and City staff.

Edgewater Medical Center Redevelopment Chicago, Illinois

• Once we have completed final

documentation of entitlements,

we will coordinate hazardous

materials remediation, building

demolition and site preparation

and market the parcels to

developers.

Edgewater Medical Center Redevelopment Chicago, Illinois

• Utilizing plans and

renderings of the potential

redevelopment of the site

enables us to successfully

re-zone the site and create

and agreement for municipal

financing assistance via TIF

utilization.

• Waveland will simultaneously

provide on-going

management services,

execute the marketing plan

and oversee the sale of

individual land parcels to

developers.

CFMT of FLORIDA & ROGAN TRUSTS Nationwide Locations

Waveland, on behalf of a Federally appointed Receiver, has

provided asset search, stabilization, operating and

disposition strategy creation for real estate located in

Florida, Georgia, South Carolina, California and Illinois.

These assignments have included:

• The management and sale of a portfolio of cash &

equities.

• The sale of single-family homes and bundled condominiums.

• The completion of a partially converted condominium project requiring extensive re-

positioning and the work-out of an existing investor/partner/owner in order to enable the completion of the conversion and sale of the units.

The Claretian Missionaries Chicago, Illinois

• Waveland has been retained as real estate

asset manager and advisor to the Claretian

Missionaries USA Province, a Catholic men’s

religious order and owner of real estate assets

across North America.

• In Chicago, our asset management services

have included planning & supervising a

$2.3MM façade restoration and modernization

of the building’s life-safety systems.

• We also are implementing a plan for leasing

which will create improved office & retail tenant

spaces for AT&T and other tenants in the

building.

• This plan has significantly increased revenue

generated by the asset.

The Claretian Missionaries Illinois, Texas, and California

• Our assignments as the Asset Manager for the Claretians range in size and

complexity from that described on the previous page to:

• Assembling and acquiring property for the construction of surface parking for

Our Lady of Guadalupe Church in Chicago.

• Providing a long term asset utilization assessment of the Claretian’s

Provincial House in Oak Park, Illinois.

• In San Antonio, Texas we are re-purposing various building located on the

Order’s Founding House campus, including the restoration of the 100+ year

old historic Founding House structure (lower right).

• We have also coordinated the design and structural repairs required to

stabilize the steeple of the IHM Church on the San Antonio campus (right).

• In Northern California we have developed an asset

management and development strategy for over 450 acres

of undeveloped land (a bequest to the Order) located

between San Francisco and Sacramento, California.

• Also in California, we have provided asset management

services related to the Dominguez Seminary in Compton

and the La Placita Church of Los Angeles.

Brach-Brodie Estate Land Naperville, Illinois

• Over the past decade, Waveland Partners has been the asset

manager and development advisor to the Brach and Brodie

Estates which jointly own approximately 300 acres of un-

improved farmland bisected by State Highway 59 in the midst

of the fast growing Naperville and Aurora, Illinois corridor.

• In order to successfully monetize this asset for the benefit of

the estates, we assembled a team including contractors, civil

engineers, zoning attorneys and land use planners to create a

retail center.

• The new center’s roster of tenants and land owners

includes Costco, Staples, Lowes and Starbucks.

• As the asset manager, Waveland Partners

enabled the creation of imaginative solutions to

physical and marketing challenges in conjunction

with city officials and owners with sometimes

divergent approaches to the process.

• The project has faced numerous hurdles including a location under the flight path of a private

airstrip, soil conditions resembling a swamp and county officials who wanted to take the most

valuable parcels for park expansion.

• Waveland was asked to address the real estate asset management and

long term senior care issues of this Catholic women’s religious order.

• The Order’s real estate portfolio included its 115 year old Mother House

(shown above) situated on a five acre campus along with a number of

other owned structures situated on remote land parcels.

• In addition to underwriting the operating efficiencies of the Mother House

and the escalating costs of the Order’s care for senior sisters, we helped

the Executive Committee develop a strategic approach to these assets.

Sisters of St Francis of Mary Immaculate Joliet, Illinois

Mother Alfred Moes

• Subsequently, the senior care issues

were addressed through the Order’s

self-development of a Continuum of

Care Campus on one of the previously

noted remote land parcels.

• Implementation of the strategy resulted in a successful,

multi-parcel transaction which included the sale and

conversion of the Mother House to the University of St.

Francis for administration and classroom uses.

Meyerhof Family Estate Land Borrego Springs, California

• Waveland was retained by the family to provide asset advisory services to enhance

and monetize this 260 acre raw land parcel located in the desert community of

Borrego Springs, California.

• Upon our initial investigation, we determined that the parcel was about to be down-

zoned to very low density as a result of prevailing anti-development sentiment in San

Diego where it is located.

• Via the creation of a development plan (shown above) of a near zero “carbon

footprint” by utilizing minimal land disruption and the creation of pre-fabricated home

sites, we were able to enlist the support of the County for re-zoning the property with

increased density (about 200%).

• As a result, we are anticipating a

significant increase on expected

yield from this asset upon

completion of the 24 to 36 month

re-entitlement process.

• Waveland has been retained by a family owned real estate firm in Aurora, Illinois to

assist them in the enhancement of their undeveloped real estate assets.

• Waveland’s team created a master plan to reconfigure one of their more complex

sites to allow for the development a mixed use center including 90,000 square feet of

retail shops, 50 for-sale townhomes and 132 luxury rental residences (shown above).

• Waveland is also assisting the family in the creation of a development plan for retail

shops adjacent to an existing grocery store on another parcel, also located in Aurora.

Greenfield Commons Mixed Use Development Aurora, Illinois

Manhassett Village Residential Redevelopment Richmond Heights, Missouri

• An existing, 65 year old asset was in dire

need of repositioning or redevelopment to

enhance returns to its owners.

• Waveland, as advisor, assessed the state of

the existing asset and implemented changes

in operations to increase short term revenues

and recommended redevelopment of the site

be explored.

• Waveland’s team conducted a market assessment, created a comprehensive redevelopment

plan reflecting our findings and worked with the City and community of Richmond Heights, local

counsel and consultants to re-zone the site at a significantly higher density.

• To date, we have completed demolition of the

existing structures and the construction of

municipally financed infrastructure improvements

and the property stands ready for

redevelopment.

• The proposed first phase of development is

shown in the Architect’s renderings above and to

the right.

Chicago Title Tower Chicago, IL

• Developed, leased and managed by Ed Polich and the

Linpro/LCOR Chicago office

• $260 million project development budget

• Completed in 1992

• 50 story Class A high-rise office tower

• One million gross square feet with three levels of below

grade loading and parking

• Located in the North Loop Redevelopment District in CBD

Chicago

• Purchased the Harris and Selwyn Theaters, gifted them to

the City of Chicago and, ultimately The Goodman Theater

• Includes an extension and access to the underground

ped-way system and major public transit stations

• Formed a separate entity to provide Asset Management and

Leasing services upon completion

Archstone – Waveland Alliance Mixed Use Development Aurora, Illinois

• Waveland, with Archstone Mixed-Use and Regency Centers, previously proposed the

acquisition of 60 acres of the Brach-Brodie estate for development as a mixed-use

community.

• The proposed plan ($190mm) anticipated the creation of 342,000 sqf of retail space

and 500 residential units of varying style and pricing in a village-like setting.

181 North Clark Street Chicago, Illinois

• Created a revised and

amended redevelopment

agreement and P.D

Ordinance by working

closely with the Chicago

DPD

• 800,000 sq. ft. of office

above a fully enclosed 650

car parking facility

• Street level retail along

Clark and Lake

• A 200,000 gross sf mixed-use (parking & retail) building at the corner of Lake and Clark

Streets in Chicago, IL.

• Waveland created a development plan and formed a joint venture to acquire and

develop the vacant land parcel.

• Negotiated a purchase and sale agreement with the existing off-shore, institutional land

owner.

181 North Clark Street Chicago, Illinois

• Developed, leased and managed by Nick Wilder for

Jaymont Properties



• 27 story Class A mid-rise office tower

• 366,417 gross square feet

• Designed by Skidmore Owings & Merrill

• Steel frame and concrete construction with granite and

glass curtain wall

• Located in West Loop area of Chicago CBD

• Fully leased within 18 months of opening

• Sold for a record high price per square foot

303 West Madison Chicago, IL

Archstone – Waveland Alliance Skokie, Illinois

• Waveland with Archstone, worked in concert with the Village of Skokie to create a

strategy to redevelop their old, under-utilized downtown into an entertainment,

commercial and residential district.

• In the early stages of municipal financing planning, the ($180mm) plan anticipates the

creation of 450 residences, 135,000 sq. ft. of retail and 65,000 sq. ft. of office space.

Warren-Market Street Entertainment District

Dayton Performing Arts Center Dayton, Ohio

• Nick Wilder Consulted with a public/private

partnership to develop preliminary plans and

financial strategy for two theaters with 3,000 seats,

hotel, apartment tower and parking.

• Coordinated the design of the Center with Cesar

Pelli Architects

• Raised over $50 Million from public and private

sources

• Initiated and coordinated the involvement of the

Regional Transportation Authority, City of Dayton,

Montgomery County, Dayton Philharmonic, Dayton

Opera Company and Victoria Theater Association

in the planning and funding process.

The Chicagoan Chicago, IL

• Developed for Draper and Kramer by Ed Polich as

Development Manager


• 235 unit, 35 story luxury high-rise rental building

• Recognized as the benchmark for luxury in Chicago’s

Near North apartment market

• Washer/dryer in select units plus common facilities

• Walk-in closets in every unit

• Heated rooftop swimming pool with landscaped terrace

and sundeck

• Dedicated tenant health & exercise room

• Indoor tenant and public self-park garage

• 24-hour security / doorman

Prairie Lakes Apartments Naperville, IL

Prairie Lakes is a 325 unit multi-family development

created by LCOR under the direction of Ed Polich.

This development introduced a ground breaking

degree of luxury to the suburban Chicago rental

market featuring fully protected, two-story units

with integrated parking garages.

The property also boasts resort-like amenities

including a fitness center and half-court

basketball & volleyball gymnasium.

When sold, it was valued at the then highest

price per unit paid for a suburban Chicago

rental property.

Spring Meadows Senior Living Libertyville, IL

• $32 million project

development budget


• 200 unit Rental Congregate

Care Community

• 45 Assisted Living units, 155

Independent units

• Full food service

• Housekeeping and laundry

services

• Full entitlements achieved in 8

months

• $30 million project

development budget


• 195 unit Rental

Congregate Care

Community

• 45 Assisted Living units,

150 Independent units

• Full food service and two

dining rooms

• Housekeeping and

laundry services

• Full entitlements achieved

in 12 months

Spring Meadows Senior Living Naperville, IL

Ass

et M

ana

gem

ent

& A

dvi

sory

Serv

ices

• Highest and Best Use Evaluation

• Land Use Planning

• Infrastructure Planning and Design

• Entitlement Issues

• Public and Private Financing Analysis

• Marketing Strategy and Execution

• Purchase and Sale Agreements

• Development and Development

Management

Upon retention to provide asset management or advisory services, Waveland will

conduct an initial asset status review to familiarize ourselves with the physical

and economic context in which our services are to be provided. We then meet

with our client to review their goals and objectives and determine the most

effective strategy to achieve any specific objectives while ensuring our asset

advisory services create maximum real estate value for our clients.

This approach has been employed successfully on a range of assignments

including the development of raw land, the completion of interrupted

development or the repositioning or redevelopment of older or distressed assets.

The following various types of analysis, further detailed on subsequent pages,

may be conducted by Waveland to develop a successful value maximization

strategy.

Highest and Best Use Evaluation

Assess demand characteristics of certain markets and values

• Commercial Retail

• Residential

• Office

• Industrial

• Needs of local demographic

Desirable and achievable zoning & entitlements

• Permitted uses under existing zoning

• Allowable and achievable density

Adjacent uses and zoning envelopes

• Compatibility with alternate uses / NIMBY factor

Transportation and traffic patterns

• Internal and external vis-à-vis retail potential

• Government approval of needed intersections and curb cuts

Waveland Advisory Services

Land Use Planning

Assess access characteristics of site

• Ingress

• Egress

Visibility

Vehicular and pedestrian circulation

• New urbanism

• Traditional

Topography

• Green design

• Wetlands

• Respect for natural site features

Storm water management

• Potential site amenity

Transition zones

• Setbacks and landscaping elements


Infrastructure Planning and Design

Roadways

• Traffic impact analysis (external)

• Traffic circulation study (internal)

Intersections

• Site access locations

• Signalization requirements

Grading and excavation

• Respect existing topography to greatest extent possible

• If excavation is required attempt to balance site spoils

Detention and retention requirements

• Minimize area on most valuable parcels

• Utilize existing grades to allow natural flow to streams and waterways


Entitlement Issues

Roadways and traffic control • Traffic signal warrants and signal locations

• Permitted uses under existing zoning

• Allowable and achievable density

• Streetscape and public R.O.W.

requirements

Off site improvements • Roadway and infrastructure improvements

• Recapture agreements

Annexation and zoning • Site plan and plat approval

• Subdivision requirements

• Impact and permit fees

• Parks and open space requirements and

outlots

Environmental remediation and

protection • Wetlands and wildlife conservation

• Archeological and historic preservation

issues

Legal coordination of municipal and

governmental processes


Public and Private Financing Analysis

Public / municipal bond financing

• Creation of special improvement or assessment districts

• Minimizes interest on debt and allows repayment by end users through RE taxes

Tax increment or PILOT financing

• Determination of eligible costs

• Negotiate and structure terms of public-private agreements

• Funds provided in exchange for future increases in RE taxes

Sales tax rebates

Conventional debt financing

• Pension funds and institutional lenders

• Bank loans

Investment / equity financing

• Institutional investors

• Project specific syndicated equity funds Waveland Advisory Services

Marketing Strategy and Execution

Consumer / end-user profile analysis

Product pricing

• Area or market comparables

Canvassing and focus groups

• Brokers

• Developers, end-users and parcel purchasers

• Best prospects and most likely consumers

Public Relations

• Events, community activities and placed news items

Collateral materials

• Original artwork for advertisements, brochures and signage

Paid media

Site signage Waveland Advisory Services

Purchase and Sale Agreements

Negotiation of critical business terms

• Earnest money

• Purchase price and any adjustments thereto

• Due diligence period

• Contingencies

• Closing dates and defaults

Escrow agreements and title issues

Risk management issues

• Due diligence and other third parties

• Mechanics liens

• Site access prerequisites

Coordination of legal services


Development and Development Management

Asset creation

Asset repositioning or redevelopment

Infrastructure development

Coordination of project professionals

• Architects and planners

• Civil, m/e/p and structural engineers

• Specialized consultants

• Professional service providers

• Construction contractors and vendors

Price and contract negotiations

• Project professionals

• Property purchasers

• Municipal and utility agreements

• Long-term service and maintenance agreements


Waveland Compensation Formats

Fee based consulting and advisory services

• Fixed monthly retainer fee plus expense reimbursement

• Hourly fees

• Reduced hourly fees with phased or completion based success fees

Equity Participation

Profit Participation

Brokerage Commissions

Combinations of formats are also acceptable


Ass

et

Mana

gem

ent &

Advis

ory

Act

ivitie

s • Edgewater Medical Center

• CFMT of Florida & PR Trusts

• The Claretian Missionaries

• Brach-Brodie Estate Land

• Sisters of St Francis of Mary Immaculate

• Meyerhof Family Estate Land

• Greenfield Commons Mixed Use Development

• Manhassett Village Residential Redevelopment

Develo

pm

ent Ex

peri

ence

• Chicago Title Tower

Chicago, IL

• Mixed Use Development Aurora, IL

• 181 North Clark Street Chicago, IL

• 303 West Madison Chicago, IL

• Warren-Market Street

District Redevelopment Skokie, IL

• Dayton Performing Arts

Center Dayton, OH

• The Chicagoan Chicago, IL

• Prairie Lakes Apartments Naperville, IL

• Spring Meadows Senior Living Libertyville, IL

• Woodstock Commons Rental

Residences Woodstock, IL

Waveland Partners LLC was formed by Edward M. Polich and...

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