1212_s_michigan

DESCRIPTION
High profile location at the corner of historic South Michigan Avenue and
Roosevelt Road (1200 South), at the gateway to the booming South
Loop. This area is in the midst of very rapid development, accounting for
nearly 50% of all new condominium and townhouse sales in Chicago in
2005 & 2006. Over 6,000 residential units were recently completed,
including the Central Station and Dearborn Park planned communities,
and nearly 10,000 additional units are planned in the area in major
developments such as the new Roosevelt Collection, Prairie Station and
Riverside District developments.
It is located less than 1 mile from Chicago’s main downtown “Loop”
business district. The Museum Campus and Soldier Field are just 2
blocks to the east. Numerous new “big box” retail stores have opened
recently along Roosevelt Road to the west including Target, Jewel/Osco,
Dominick’s, Whole Foods, Home Depot, Best Buy, Walgreen’s, Linens N’
Things, Office Depot, DSW and many others. It is also less than a mile
from McCormick Place, the 2nd highest volume convention center in the
country.
This site has outstanding access to all major transportation modes,
including Lake Shore Drive, 1/8th mile to the east, the Dan Ryan
Expressway (I-90/94), less than 1 mile to the west, and only 2 blocks to
both elevated and subway train stations on Roosevelt Road and 2 blocks
to the South Shore Metra train line.

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Traffic Counts:

145,000 vehicles per day on Lake Shore Drive
29,000 vehicles per day on Roosevelt Road
23,000 vehicles per day on South Michigan Ave

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Demographics:   (2005)                         1.0 mile                   3.0 mile
              Population                     18,223                     251,373
              Households                    9,733                      122,044
   Median Household Income       $64,731                   $53,231

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Commercial Space:
This commercial space is at the base of a recently remodeled 30-story,
344-unit residential apartment tower. This space offers the following key
features:

2,800 RSF 1st floor space at the hard corner of Roosevelt and
Michigan
1,150 RSF 1st floor space with entry along Roosevelt LEASED
1,100 sq ft 1st floor space with entry on Michigan just south of
residential entry LEASED
6,000+ RSF 2nd floor space with entry from elevator lobby on
Roosevelt.
Potential for 1,000+ SF roof deck (additional cost)
New high tech façade with metal cladding and extensive window line
12’ ceilings on 1st floor, 14-20’ ceilings on 2nd floor.
Spectacular visibility with prominent building signage potential
facing Lake Shore Drive, Grant Park, the Museum Campus,
Soldier Field and Roosevelt Road
“Black iron” ventilation can be easily accommodated for
restaurants.
Potential for on-site customer parking.
DX-12 zoning allows virtually all commercial uses.

The ideal user would be a clothing boutique, jewelry store, restaurant,
bookstore or other specialty retailer that can take advantage of bi-level
space and the high-profile corner location.

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Delivery Condition:
This space will be delivered as a “vanilla box”, with an open ceiling and
concrete floors ready for Tenant’s final flooring choice. Tenant-specific
build-out could be amortized into the lease rate by the landlord based on
tenant credit and lease term.
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Lease Rate:
$40 - $45 per rentable square foot, triple net, for street level space
$25 - $35/ft, triple net for mezzanine space
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CAM & Tax Pass-throughs:
Approximately $6.55 per RSF (2008)
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Availability:
Summer 2009.