910_S_Michigan

DESCRIPTION:
Great location on South Michigan Avenue across from Grant Park in the
booming South Loop. This area is in the midst of very rapid
development, accounting for nearly 50% of all new construction
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 just a few blocks away,
and nearly 10,000 additional units are planned in the area. This area is
also home to the “largest college town in Illinois” with over 30,000
students and nearly 10,000 school employees.
A new 655 unit, 32-story condo project and an 80+-story condo tower
are planned for parcels adjacent to this location. It is surrounded by
much of the Columbia College campus and is nearby the South Loop
entertainment district. The Museum Campus and Soldier Field are just 2
blocks to the east. Numerous new major retail stores have opened
recently in the South Loop 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 1 mile from Chicago’s main downtown “Loop” business
district and less than a mile from McCormick Place, one of the nation’s
premier convention centers.
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), 1 mile to the west, the South Shore Metra train line
2 blocks to the east, and both elevated and subway train stations 4
blocks southwest on Roosevelt Road.

Commercial Space:
This commercial space is at the base of the former Karpen-Standard Oil
Building which was recently converted to a 20-story, 262-unit luxury
residential condominium building. The ideal users would be a café or
specialty retailer that can take advantage of this high-profile location.
This space offers the following features:
•        1,800 – 2,700 rentable square feet
•        16’ ceilings
•        Great visibility with over 40’ of frontage facing Grant Park
•        Wide sidewalk area for possible sidewalk cafe

Traffic Counts:

•        133,000 vehicles per day on Lake Shore Drive
•        23,000 vehicles per day on Roosevelt Road
•        20,000 vehicles per day on South Michigan Ave

Demographics:

(2006)                                                1.0 mile        3.0 mile
Population                                           17,344        251,769
Households                                           9,646        124,549
Daytime Population                           100,880        444,086
Median Household Income                $67,318         $54,757

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.

LEASE RATE:

$32 per rentable square foot, gross

CAM & Tax Pass-throughs

Included in gross lease rate

AVAILABILITY:

Fall/winter 2007