:: OFFERING MEMORANDUMBrokerage | Land Services Group                                  ±37 ACRE PROPERTY LOCATED ON THE SH...
TA B L E O F C O N T E N T SH I G H L A N D P A R K A N D H I G H W O O D - ± 3 7 A C R E S | TA B L E O F C O N T E N T S...
H I G H L A N D PA R K A N D H I G H W O O D - ± 3 7 A C R E S | E X E C U T I V E S U M M A R Y                          ...
EXECUTIVE SUMMARY                                                                                                         ...
EXECUTIVE SUMMARYALTA/ACSM Land Title Survey                              5
EXECUTIVE SUMMARYExisting Utility Conditions                              6
EXECUTIVE SUMMARYArea Location Map                                                                                        ...
Fort Sheridan    H I G H L A N D PA R K A N D H I G H W O O D - ± 3 7 A C R E S | C h i c a g o l a n d L o c a t i o n M ...
H I G H L A N D PA R K A N D H I G H W O O D - ± 3 7 A C R E S | A e r i a l P h o t o g r a p h                          ...
10                                                                                           Area Overview                ...
AREA OVERVIEWArea Highlights•	 Highland Park and Highwood have multiple   attractions including downtown shopping   and en...
AREA OVERVIEWCity of Highland ParkHighland Park is geographically situated along five         Lake Michigan. The community...
AREA OVERVIEWCity of HighwoodThe population of Highwood was reported to                 Also adding to the location’s appe...
AREA OVERVIEWFort SheridanFort Sheridan was developed in the late 1880s               When the redevelopment of the Fort w...
Fort Sheridan                                                      Highland Park, Illinois     H I G H L A N D PA R K A N ...
16                                                                                                            Area Locatio...
PROPERTY DESCRIPTION             Aerial                                                                                   ...
South of the bridge at fort sheridan
South of the bridge at fort sheridan
South of the bridge at fort sheridan
South of the bridge at fort sheridan
South of the bridge at fort sheridan
South of the bridge at fort sheridan
South of the bridge at fort sheridan
South of the bridge at fort sheridan
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South of the bridge at fort sheridan

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Brochure advertising Patten Road property for sale for $25 million.

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South of the bridge at fort sheridan

  1. 1. :: OFFERING MEMORANDUMBrokerage | Land Services Group ±37 ACRE PROPERTY LOCATED ON THE SHORES OF LAKE MICHIGAN E a s t a n d W E s t o f P at t E n R oa d HIGHLAND PARK AND HIGHwOOD, ILLINOIS :: INVESTMENT OPPORTUNITY
  2. 2. TA B L E O F C O N T E N T SH I G H L A N D P A R K A N D H I G H W O O D - ± 3 7 A C R E S | TA B L E O F C O N T E N T S Executive Summary 3 The Offering ........................................... 4 ALTA/ACSM Land Title Survey .................. 5 Existing Utility Conditions ........................ 6 Area Location Map.................................. 7 Chicagoland Location Map .....................8 Aerial Photograph ................................... 9 Area Overview 10 Area Highlights ..................................... 11 Highland Park ...................................... 12 Highwood ............................................ 13 Fort Sheridan........................................ 14 Demographic Snapshot......................... 15 The Property 16 Aerial Location Aerials......................17-18 Concept Plans 19 Concept Plan ........................................20 Traditional Single Family........................ 21 Neotraditional Single Family.................. 22 Traditional Single Family........................ 23 Appendix 24 Exclusive Agents.................................... 25 2
  3. 3. H I G H L A N D PA R K A N D H I G H W O O D - ± 3 7 A C R E S | E X E C U T I V E S U M M A R Y Executive Summary The Offering ALTA/ACSM Land Title Survey Existing Utility Conditions Chicagoland Location Map Aerial Photograph 3
  4. 4. EXECUTIVE SUMMARY Fort Sheridan, IllinoisThe OfferingCB Richard Ellis is pleased to offer the exclusive agency for a +37 acreproperty formerly used as military housing located just south of Fort Sheridan, RD RD ER LER STLeast and west of Patten Road in the Highland Park andHHighwood planning IIST WH Wareas.Offering an unprecedented 1,100 feet of frontage on Lake Michigan, thisproperty boasts plenty of natural beauty and is located amidst some of the S TA ST AB ST B ST STmost affluent cities in the Midwest including Lake Forest and Highland Park. T BL B LES B ES B E B B EES C S CT S CT S CTThis rare parcel is beautifully treed with fantastic Lake Michigan views, which CT W TW TWlends itself to a number of uses including residential development, hotel and W Wresort development, a senior focused development or an exclusive privateresidence. M M SITE RD RD LEY LEY LYS L YS L S FIIN FN L S L S L S PAT PA T A TE STE STE A TE A T A T A A T ER R ER R ER E E E R TEN E NR E E R RD RD R R R R RD RDD D D DAcres, Price, Use, Utilities VE VE ACRES 1S TA ±37 Acres 1ST A T D ST DS 2N 2N OFFERING PRICE $25,000,000 PROPERTY USE Residential and Commercial Development ST T DS D 3R 3R UTILITIES Sewer, water & all utilities to site This map contains information from sources we believe to be reliable, but we make no representation, warranty or guaranty of its accuracy. This map is published for the use of CBRE and its clients only. Redistribution in whole or part to any third party without the prior written consent of CBRE is strictly prohibited. www.cbre.com/lakefrontland © 2011 CB Richard Ellis, All Rights Reserved. Sources: CBRE Mapping Services; Claritas, Inc./GDT, Inc. 4
  5. 5. EXECUTIVE SUMMARYALTA/ACSM Land Title Survey 5
  6. 6. EXECUTIVE SUMMARYExisting Utility Conditions 6
  7. 7. EXECUTIVE SUMMARYArea Location Map Fort Sheridan, Illinois 21 94 43 41  Sher idan 60 Townline 60 Saint Marys VERNON METTAWA Westleigh Green Bay HILLS LAKE 45 FOREST Everett SITE Old Elm LAKE LAKE She Port Clinton MICHIGAN MICHIGAN HIGHWOOD rid an Half Day 22 22 Riverwoods LINCOLNSHIRE Sk BANNOCKBURN Ridge Milw Wa ok ie uke auke gan e Aptakisic Berkeley HIGHLAND PARK BUFFALO GROVE 83 Busch RIVERWOODS 94 Gr ee Deerfield n Ba land y DEERFIELD Clavey We i Lake Cook 94 41 0 0.75 1.5 43 WHEELING 45 MILES 94 GLENCOE 83 294 NORTHBROOK 21This map contains information from sources we believe to be reliable, but we make no representation, warranty or guaranty of its accuracy.This map is published for the use of CBRE and its clients only. Redistribution in whole or part to any third party without the prior written consent of CBRE is strictly prohibited.© 2011 CB Richard Ellis, All Rights Reserved. Sources: CBRE Mapping Services; Claritas, Inc./GDT, Inc. 7
  8. 8. Fort Sheridan H I G H L A N D PA R K A N D H I G H W O O D - ± 3 7 A C R E S | C h i c a g o l a n d L o c a t i o n M a pHighland Park, Illinois  Antioch Winthrop Harbor Hebron 94 Spring 45 Zion Grove Old Mill Creek Wadsworth 47 59 Lake Beach Park 31 12 Villa Lindenhurst Fox Lake 83 Johnsburg 132 41 Wonder Lake Round Lake Beach Gurnee Waukegan Round Lake 120 14 McHenry Lakemoor Grayslake SITE SITE Volo 21 North Chicago Woodstock Bull Valley 60 Libertyville Lake Bluff Prairie Grove Island Lake 176 Wauconda Mundelein Oakwood Mettawa Crystal Hills Lake Forest Hawthorn Lake Vernon Hills Lakewood Cary Lake Barrington Fox River Grove Lake Woods 22 94 ! Zurich Kildeer Lincolnshire Lake in the Hills Highland Long 43 Park Deer Park Grove 45 Huntley Algonquin 25 12 Buffalo Deerfield Barrington Grove 90 Barrington Hills 68 Glencoe 14 53 Northbrook Carpentersville Wheeling Inverness Palatine 62 294 Winnetka West East Arlington 72 20 Dundee Dundee South Barrington Heights Glenview Pingree Wilmette Grove 90 Mount 58 Hoffman Estates Prospect Morton 47 Elgin Evanston Grove 72 Skokie Streamwood Des Niles 59 Schaumburg 290 Elk Grove Village Plaines Park Ridge 94 Lake South Elgin 31 Bartlett Hanover Park Roselle Wood Dale ´ Michigan Lily 20 OHare OHare OHare OHare OHare 19 41 64 Lake Wayne Bloomingdale 171 Addison Franklin 50 90 Carol Glendale Park St Charles Stream 94 Heights 64 Melrose Oak 38 West Elmhurst Elburn 355 Park Geneva Chicago Park Winfield 83 290 Glen Lombard Chicago Wheaton Ellyn 88 Batavia 88 Cicero Oak LaGrange 43 55 Warrenville Brook Park 34 Lyons Downers Hinsdale Sugar Lisle Grove ´ Midway Midway Midway Midway Midway Hodgkins Bedford 30 Grove Naperville Aurora Woodridge Park Darien Burr Justice Ridge Burbank Montgomery Hickory 53 55 Willow Hills Oak Evergreen Park 20 12 Springs Lawn 90 Oswego Bolingbrook Palos Hills 57 171 34 Lemont 45 Alsip Palos Blue Yorkville Heights Island 912 294 Riverdale Romeoville 94 East Homer Orland Midlothian Chicago Glen Park Calumet 71 126 Plainfield 6 Oak Forest Harvey 90 128 Lockport South Holland City Hammond Gary 59 Tinley Lake Crest Hill 355 Portage
  9. 9. H I G H L A N D PA R K A N D H I G H W O O D - ± 3 7 A C R E S | A e r i a l P h o t o g r a p h Fort Sheridan, Illinois  RD RD ER ER STL STL W W HII H S TA ST A T BL T B T BL T B T T B T BBLES BLES S CT S CT S T S T S S S T TW TW T T LAKE LAKE MICHIGAN MICHIGAN SITE RD RD LEY LEY LYS L YS L S L S L S FIIN FN L S L S L S PAT PA T ATTE A TT E A T A A A T TER TE R TE R TER ER R TEN R RD E NR E E R RD R R R R R RD RDD D D E E AV AV T T 1S 1S D ST D ST 2N 2N T ST DS D 3R 3RThis map contains information from sources we believe to be reliable, but we make no representation, warranty or guaranty of its accuracy.This map is published for the use of CBRE and its clients only. Redistribution in whole or part to any third party without the prior written consent of CBRE is strictly prohibited.© 2011 CB Richard Ellis, All Rights Reserved. Sources: CBRE Mapping Services; Claritas, Inc./GDT, Inc. 9
  10. 10. 10 Area Overview Area Highlights Demographics Highland Park Fort Sheridan HighwoodH I G H L A N D PA R K A N D H I G H W O O D - ± 3 7 A C R E S | M A R K E T O V E R V I E W
  11. 11. AREA OVERVIEWArea Highlights• Highland Park and Highwood have multiple attractions including downtown shopping and entertainment districts.• Ravinia Festival, summer home of Chicago Symphony Orchestra.• Multiple art and seasonal festivals.• Evening Gourmet Farmers Markets hosted in downtown Highwood weekly in the summer.• Home of Midwest Young Artists a renowned not-for-profit music school.• Numerous homes designed by prominent architects including Frank Lloyd Wright, Howard Van Doren Shaw, David Adler, John S. Van Bergen and Robert E. Seyfarth to name a few, as well as several parks designed by acclaimed Landscape Architect Jens Jenson.• Property is within short and convenient Attribution: Krystyna Cygielska http://en.wikipedia.org/wiki/File walking distance to multiple Metra Stations.• Property is served by award winning North Shore School Districts 112 and Township High School District 113.• Sewer, water and all utilities stubbed to site.• Close proximity to acclaimed restaurants, shopping, and numerous recreational and cultural facilities.• Convenient Access to Interstate Highways and Rail Transportation.• An abundance of recreational amenities, together with neighborhood parks, walking and biking trails, work to create a village-wide sense of community. 11
  12. 12. AREA OVERVIEWCity of Highland ParkHighland Park is geographically situated along five Lake Michigan. The community enjoys an indoor icemiles of beautiful Lake Michigan shoreline, just 26 rink facility, many excellent tennis courts, and racquetmiles north of downtown Chicago. Highland Park is ball courts, as well as the beautiful 96 acre Hellera vigorous community that offers an unusual wealth Nature Preserve.of beautiful parks, recreation facilities, and individual Orientationcenters for youth and seniors. Its lovely homes range There is a strong and positive relationship of housein style from Frank Lloyd Wright to classic Victorian. to street. Builders have been encouraged to build toA richness of history and culture come together in the street setback line and orient front doors towardHighland Park’s internationally acclaimed Ravinia the street to enclose the street space and encourageFestival, where the world’s great artists of music, pedestrian street activity. Garages have been rear-dance, and theater perform each summer. loaded, side-loaded or setback so garage doors are less visible.Nationally and regionally honored schools andan impressive library offering more than 190,000 Park Districtvolumes and 14,000 audiovisual materials provide The Park District of Highland Park, founded in 1909,residents quality educational and cultural resources. operates and manages over 650 acres of land inChurches and synagogues represent major religious 44 park areas, and offers approximately 3,000denominations. Expert medical care is available at recreation and seasonal programs. Facilities includethe 325-bed Highland Park Hospital. The downtown an indoor ice arena, tennis and racquetball complex,business district, a focal point for shoppers, has won two recreation centers, a nature center, an 18-holemany awards for its creative design. Two additional golf course, driving range, adventure golf, aquashopping areas and various convenience outlets park, indoor pool, beaches, boat launch ramp andserve the city’s shopping needs. yacht club on Lake Michigan.This All America City has received two national Area Entertainmentvolunteerism awards, earned a Presidential award Highland Park is home to the Ravinia Festival,for excellence in education, has twenty-seven times which has been attracting music lovers since 1899.been cited as a Tree City, USA, and has received More than 500,000 people attend the festival’sgold medals for its Park District. An atmosphere of summer programs, running from early May until latecommunity pride is created by involved residents. The September each year.Park District of Highland Park maintains about 600 Information obtained from the City of Highland Park Website: http://www.cityhpil.com/ Attribution: Jeremy Athertonacres of parklands, including three parks located on http://commons.wikimedia.org/wiki/ 12
  13. 13. AREA OVERVIEWCity of HighwoodThe population of Highwood was reported to Also adding to the location’s appeal is the Open- Metra commuter trains run from Kenosha, Wis-be 4,143 according to the 2000 Census, with a lands’ Fort Sheridan Lakefront Preserve, which has consin to Chicago, Illinois over twenty times a daymedian household income of $42,993. Of all of been dedicated to restoring the bluffs and ravines with nearby train stations located in Highwood, Fortthe North Shore lake front communities, Highwood along Fort Sheridan’s shoreline. This organization Sheridan and Highland Park. The express train fromhas consistently offered a lower priced housing has protected the open areas within Fort Sheridan, Highwood to Chicago takes only thirty minutes.stock than its neighbors, although that has rapidly and ensured the public can enjoy this environmen- Highwood is easily accessible via IL Route 22, ILchanged with the redevelopment of Fort Sheridan. tally rich area along Lake Michigan. Route 131 and U.S. Route 41.Currently, its housing prices are on the rise, boostedby the 550 unit new residential units developed in Education RecreationFort Sheridan, which is partially located in Highland North Shore Elementary School District #112, Highwood benefits from its close proximity to manyPark and partially located in Highwood. which includes Oak Terrace Elementary School, Elm recreational and cultural facilities. With over five miles Place Middle School, Edgewood Middle School and of Lake Michigan shoreline, Highwood’s neighbor,Highwood has long been known for its excellent Northwood Junior High School, serves Highwood. Highland Park has three parks located along Lakeand abundant supply of restaurants. While its retail Highland Park High School offers secondary educa- Michigan. During the summer months, the Northamenities are more modest, its restaurants are widely tion to Highwood residents. One parochial school is Shore becomes a midwestern recreational hub. Theacclaimed and draw a large clientele from the sur- also located within the city. public beaches are open from Memorial Day to Laborrounding area. Many of these restaurants consistentlymake the lists of the best restaurants in Chicago, in- Day and are carefully maintained. Water-lovers of all Highwood/Highland Park provides excellent aca- ages enjoy volleyball, windsurfing, swimming, sun-cluding Carlos’ and Gabriel’s. Recent improvements demic options for its residents. The percentage of bathing, beachfront bonfires or just relaxing at theto the streetscape in the retail district included bury- residents with a bachelor’s degree or higher are sig- beaches.ing power lines, new brick pavers and street lighting, nificantly higher than the Illinois state average. Therelandscaping, and new building façade renovations. are numerous opportunities for higher education Highwood is home to a variety of festivals including within a twenty-mile radius of Highwood including the Evening Gourmet Farmers Market, the new NorthThe central business district of Highland Park is situ- the following four-year institutions: Lake Forest Col- Shore Flea Market and Garlic Festival in the sum-ated approximately 1.5 miles south of Highwood’s lege, Northwestern University, Northeastern Illinois mer and the annual Record Breaking Pumpkin Fest,business district, and also provides neighborhood University and Trinity International University. College and Highwood for the Holidays in the fall and wintershopping amenities for Highwood’s residents. High- of Lake County is a community college that offers a months.land Park’s central business district was expanded two-year program.within the past 5 to 10 years with the development ofPort Clinton and more recently, Renaissance Place, Within walking distance to the property is the Mid-which features a Saks Fifth Avenue, major national Transportation west Young Artists (MYA), a not-for-profit musicretailers, restaurants, a movie theater, and luxury Residents of Highwood have access to the Chica- school. Founded sixteen years ago, this institutionrental apartments. This is a dynamic and vibrant re- go Loop (27 miles), O’Hare Airport (20 miles) and has become well known a among professional musi-tail location, and has been a major asset to the resi- other suburban sites via Metra’s Chicago & North cians and educators as a place for students to studydents of the North Shore. Western/North Line commuter trains and Pace bus with master teachers, and compete in world class service. competitions. 13
  14. 14. AREA OVERVIEWFort SheridanFort Sheridan was developed in the late 1880s When the redevelopment of the Fort was planned, Historic adaptive reuse product is quite unique inas a military installation by the U.S. Army. Parts of the various government agencies and private the North Shore market, and Fort Sheridan is theFort Sheridan were designated a National Historic developers involved established certain established only development in the area providing this type ofLandmark District by the National Park Service certain standards and guidelines for the exterior product.in 1984. Ninety-four structures are included as preservation and restoration of nearly all of thecontributing buildings within the Historic District, with Fort’s military homes and barracks. This agreement As part of the development, the U.S. Army deeded66 of the buildings designed by Holabird & Roche required adherence to strict design guidelines for the about 260 acres, including the golf course at Fortin the late 1880s and early 1890s. They include construction of new homes, plus preservation of trees Sheridan to the Lake County Forest Preserve. Theofficers’ quarters, barracks, stables, a drill hall, and and vegetation. The redevelopment of Fort Sheridan master plan for the Fort Sheridan Preserve calls forother service and institutional buildings, including has been completed, with the exception of a few rebuilding the golf course, restoring the Preserve’sthe tall water tower that dominates the Fort. small adaptive reuse buildings, which were sold to bluffs and ravines, providing public access through individual developers and are currently undergoing new trails and beach access, and constructing a newFort Sheridan was selected for closure in 1988 and renovation. clubhouse/visitor’s center. The golf course closed inofficially ceased operations as a U.S. Army installation the fall of 2004 in anticipation of this work.on May 28, 1993. Of the 714 acres at the base, the With the dramatic transformation of Fort Sheridan,U.S. Army has retained two parcels of 114 acres, property values have continued to increase.which continue to serve Army Reserve missions. TheNavy purchased 185 acres from the Army for useas military housing and office functions. 415 acresremained as surplus property for disposal by theArmy. 230 of the 415 acres comprise the NationalHistoric Landmark District and the remainder is openspace.RedevelopmentThe redevelopment of Fort Sheridan began in thelate 1990s, with approximately 550 residentialunits developed on the site. This includes a mixof new construction single-family homes, newconstruction townhomes, a luxury new constructionmid-rise condominium building, adaptive reusecondominiums, and restored officer mansions. Thesingle-family homes generally range from the high$500,000s to over $1 million. 14
  15. 15. Fort Sheridan Highland Park, Illinois H I G H L A N D PA R K A N D H I G H W O O D - ± 3 7 A C R E S | D e m o g r a p h i c S n a p s h o t DEMOGRAPHIC REPORT 1 mile radius 3 mile radius 5 mile radius A more detailed report of the 2010 Estimated Population 8,296 36,840 85,858 demographics for the area, which 2015 Projected Population 8,389 37,086 86,728 are summarized in the table to the 2000 Census Population 8,066 36,116 83,470 right, is available upon request. 1990 Census Population 8,366 35,706 80,439 Growth 2000-2010 2.85% 2.01% 2.86% Growth 2010-2015 1.12% 0.67% 1.01% 2010 Estimated Median Age 34.73 37.83 40.68 2010 Estimated Average Age 35.44 38.22 39.09 2010 Estimated Households 2,666 12,548 29,950 2015 Projected Households 2,651 12,604 30,209 2000 Census Households 2,686 12,381 29,310 1990 Census Households 2,878 12,218 27,937 Growth 2000-2010 -0.73% 1.35% 2.18% Growth 2010-2015 -0.56% 0.44% 0.86% 2010 Est. Average Household Size 3.08 2.82 2.79 2010 Est. Median Household Income $66,092 $104,207 $120,562 2015 Prj. Median Household Income $69,097 $107,870 $125,290 2000 Cen. Median Household Income $57,774 $93,175 $107,233 1990 Cen. Median Household Income $38,488 $63,756 $73,178 2010 Est. Average Household Income $100,762 $156,849 $170,221 2010 Estimated Per Capita Income $32,582 $54,116 $59,488 2010 Estimated Housing Units 2,839 13,125 31,163 2010 Estimated Occupied Units 2,666 12,548 29,950 2010 Estimated Vacant Units 173 577 1,213 2010 Est. Owner Occupied Units 1,366 9,621 25,314 2010 Est. Renter Occupied Units 1,300 2,927 4,636 2010 Est. Median Housing Value $413,831 $571,581 $559,713 2010 Est. Average Housing Value $520,610 $625,437 $625,49915
  16. 16. 16 Area Location Aerials The PropertyH I G H L A N D PA R K A N D H I G H W O O D - ± 3 7 A C R E S | P R O P E R T Y D E S C R I P T I O N
  17. 17. PROPERTY DESCRIPTION Aerial Fort Sheridan, Illinois  RD RD ER ER STL IISTL WH WH S TA STA T ABL T AB L T B T B T B T BBLES BLE S ES C ES ES C S CT CT W CT W TW TW TW LAKE LAKE MICHIGAN MICHIGAN SITE Y RD Y RD LE LE LYS LYS L YS LYS LYS L S FIIN FN PAT PA T A TE A TE A T A T A T AT TER TE R E R E E E R TEN TEN RD N RD NR N D RD D D D D D D D D D D D D VE VE TA TA 1S 1S D ST D ST 2N 2N T ST DS D 3R 3RThis map contains information from sources we believe to be reliable, but we make no representation, warranty or guaranty of its accuracy.This map is published for the use of CBRE and its clients only. Redistribution in whole or part to any third party without the prior written consent of CBRE is strictly prohibited.© 2011 CB Richard Ellis, All Rights Reserved. Sources: CBRE Mapping Services; Claritas, Inc./GDT, Inc. 17
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