This document provides details on a proposed historic rehabilitation project to convert the former Marshall Field and Co. department store building in Oak Park, Illinois into a boutique hotel called "Hotel Fields." It discusses the building's history as a Marshall Field's location and its current state. The proposal includes adaptive reuse of the building to include hotel rooms, a restaurant, meeting spaces, and other amenities across five floors plus a basement. Market analysis of the local area supports the financial viability of the project. The document is a final project for a historic preservation master's program.

1. JOHN P. O’BRIEN
SCAD - MA HISTORIC PRESERVATION
SPRING 2016 - FINAL PROJECT
PROFESSOR CONNIE PINKERTON
Historic Rehabilitation Project
Adaptive Re-use
Marshall Field and Co. Department Store
Oak Park IL
“Hotel Fields”
Boutique Hotel and Hospitality Center

2. SCAD HISTORIC PRESERVATION-MA
PROJECT
DATE CLIENT
SPRING 2016
OAK PARK IL

3. TABLE OF CONTENTS
1. Proposal
2. Phase I Discovery
3. Phase II Market Analysis
4. Phase III Financial Analysis
5. Phase IV Certificate of Appropriateness
6. Conclusion
7. Questions?
8. Bibliography

4. THE PROPOSAL
My proposal with this building is to provide an architecturally appropriate adaptive
rehabilitation of this former “carriage trade” department store to a historic “Boutique Hotel”.
The ground floor has access from three locations, Harlem Ave, Lake St. and a motor
entrance just off Harlem. Because of the remaining first floor grand architecture and 14’-0”
ceiling height, I plan on locating the lobby, check in and concierge as well as a business
center on this floor. I am dedicating the Southwest corner to a restaurant, well suited because
of its entrance on Lake St., where most of the other local retailers and restaurants are
located. The basement can house banquette rooms and a fitness center, a possible Spa if a
tenant could be found who will take the space. Floors 2-5 will be all hotel rooms. My plan is to
try and get between 20-25 rooms per floor. Each floor has approximately 12,000 sq. ft. This
could allow for approximately 400-600 sq. ft rooms each (less circulation).

5. PHASE I DISCOVERY

6. MARSHALL FIELD I - THE MAN
Marshall Field 1 retail history began in 1856 as a salesman for Cooley,
Wadsworth and Co., and within eight years managed to achieve a
partnership in the firm Farwell, Field and Co. By the end of the civil war,
Potter Palmer, who in 1852 had established “the city’s finest dry goods
store” sold his successful dry goods company in order to focus on his real
estate ventures. He sold the majority stake in his firm to Marshall Field 1
and his book keeper and partner Levi Z. Leiter. The new firm, Field, Palmer
and Leiter had a short shelf life when Palmer pulled out. The resulting firm,
the Field, Leiter and Co., was the forerunner to Marshall Field and Co.
Eventually they parted ways and in 1881 the firm became known as
Marshall Field and Co. This name remained until the acquisition by Macy’s
in 2005.
Two of his most notable contributions were the “money back guarantee” for
merchandise purchased in the store and the commitment to “find and
deliver” any product a customer wanted but wasn’t housed in the store. He
was obsessed with customer satisfaction at all costs. This became the
motto for the store coined as “Give the Lady what she wants.”

7. MARSHALL FIELD STATE STREET - HISTORY
After Fields’ death in 1906, John G. Shedd
took over the firm and was responsible for the
development of the grand department store
that sits on one full block of State Street still
today, designed by the former D.H. Burnham,
predecessor to Graham, Anderson, Probst,
and White.
State Street Flagship

8. MARSHALL FIELD - OAK PARK - HISTORY
After Shedd’s retirement in 1923, James Simpson
took control of the retail and wholesale company. He
was the individual responsible for the expansion to
the suburbs with the Oak Park store first, followed by
the Evanston and Lake Forest stores. Oak Park saw
a large expansion in population between the years
1910 and 1920, with city residents seeking relief from
the overcrowded city conditions and housing
shortages in Chicago experienced before and after
WW1. Oak Park benefitted from excellent
transportation with trains and eventually the
automobile. The corner of Lake St. and Harlem
(current location of the Oak Park MF and Co. store)
was the hub of commuter lines serving Oak Park and
neighboring River Forest, also a very affluent western
suburb of Chicago.
Several characteristics from the main flagship store
are repeated such as the Lake St, marquee and
trademark Marshall Fields clock.
Oak Park Store

9. MARSHALL FIELD - OAK PARK - HISTORY
Both Oak Park and Evanston were to be sister
stores in design and layout. The only
adjustments were site related. Simpson used the
Field’s preferred architectural firm Graham,
Anderson, Probst and White to design both Oak
Park and Evanston. Marshall Fields location in
Oak Park was hugely successful and popular
with the local residents and within a short period
other DT retailers joined as neighbors. This
western suburb became the first major shopping
center in the area.
Evanston Store

10. MARSHALL FIELD - OAK PARK - TODAY
Marshall Field and Co. (Now under the Macy’s
banner) located at 1144 W. Lake St., Oak
Park, IL, designed by Graham, Probst, White
and Anderson and built by Van Sickle-Wertz at
a cost of $750,000 was added to the National
Register of Historic Places on June 21, 1988.
A facade easement was donated to the
Landmarks Preservation Council in 1987. The
building served as a Marshall Fields
Department Store until 1986, when the parent
company, BATUS Inc. closed it because it was
deemed out of date and too costly to operate.
The building subsequently housed a Borders
Book Store, until all Borders locations were
closed in 2011. The first level and basement
where Borders resided is still empty today.
The floors 2-5 currently house office spaces.

11. MARSHALL FIELD - OAK PARK - TODAY
The building is a steel frame with
fireproof clay tile cladding and reinforced
concrete floor construction. The exterior
walls are brick construction with a stone
veneer. Its eastern wall is built adjacent
to the other structures on the block and
therefor has no exterior exposure.The
low base of the building is polished back
granite that also frames the display
windows flanking both entrances. The
first floor is clad in Tennessee marble
with the second through fourth floors in
smooth faced limestone. The fifth floor is
a straight sided slate tile mansard roof.
The color contrast typical of Art Deco
style is provided by green-oxidized roof
cresting and red marble transom panels
above the first floor entrances. There is
an extensive use of low-relief, bronze
ornamentation around the display
windows.

12. MARSHALL FIELD - ADDITION (EXISTING)
A latter addition to the building that encased a
former northern neighbor (a local retailer) and its
open air front portion was taken over by the
store prior to 1987 (exact date unknown). The
original stone columns that surrounded the open
air portion were kept and the area remaining,
enclosed with glass walls and a glass atrium
ceiling. The history behind this addition is
unknown but will prove to be a welcoming motor
entrance and secondary lobby. The architect
who performed this work did an excellent job of
matching exterior finishes and colorations to the
main building. The bronze hanging sconces at
each limestone column resemble the bronze
wall sconces from the original structure. This
addition is adjacent to the 750 parking space
structure to the north of this proposed Motor
Entrance and drop off driveway. The interior will
require quite a bit of work but affords a perfect
solution to vehicular drop offs.

13. MARSHALL FIELD INTERIORS - EXISTING
The interior entry vestibules have the original
terrazzo floors. The walls are paneled with red
marble and have trim and grilles of bronze.
The woodwork is walnut, typical of the time.
There is an ornamental bronze stair on the
east end of the building adjacent to the
elevators that transfers through all the floors
starting with the basement. The original five
over five and two over two flanking wood sash
windows have been replaced with muntin-less
metal sash operable versions.The four original
elevators remain in place except the original
ornamental bronze doors. At some point they
were replaced with plain ones that are still in
tact today. The walnut paneled facades and
the interior cabs remain as well as the interior
overhead light panels that once announced
(by floor) all the selling departments.

14. VILLAGE OF OAK PARK - CONTRIBUTION
Oak Park is also the home of Frank Lloyd Wright who
relocated his DT Chicago practice to his home there in 1898.
His goal with this move was to bring his work and family
closer together. A plus to this move was the majority of his
work at the time were commissions in Oak Park and
neighboring River Forest. As Wrights family grew he was
forced to abandon the original home studio space for
additional bedrooms. Fortunately, his practice grew as well
and he was forced to expand the main house with a studio
addition. This studio became the design aesthetic and
laboratory for his design development for the next ten years.
The outcome of this “design lab” became known as “prairie
style”, a name given because of the reference to the land
around Chicago. A fine example of that is the Thomas
House located ion Oak Park. Wright was also commissioned
public building in the village. The Unity Temple was such a
project. Wright donated his services as an obligation to his
faith of Unitarian. This building was unique because it
consisted of only one building material, reinforced concrete.
Wright Studio
Unity Temple
Thomas House

15. PHASE II MARKET ANALYSIS

16. HOTEL FIELDS
As mentioned in the Project Statement my
intention is to propose an adaptive re-use
rehabilitation from what was once a grand
Chicago Department Store into a Historic
Boutique Hotel. The building currently affords
retail space (now vacant) on the lower and main
level with office space on floors 2-5. It is owned
by American National Bank and Trust of Chicago
and managed by Water Tower Realty
Management. The overall encompassing
proposal involves hotel, restaurant and banquette
facilities on the designated floors.
View of Proposed Hotel at Lake St and Harlem Ave.
Existing Marshall Fields
Proposed Logo for the Hotel

17. HOTEL FIELDS
The building contains 5 levels plus a basement with approx.12,000 sq. ft. per floor, the main floor is
slightly larger as it contains receiving, the loading dock and the motor entrance as extensions to the
building.
The building contains four large elevators and a freight elevator accessible to the loading dock area.
The mechanical systems are all up to date including the electrical service and HVAC. Data and
Security have been updated as well including the addition of Wi-Fi.
The building amenities include a 750+ car public covered parking lot linked via double sky bridge to
the building.
Ceiling heights are noted as 14’-0” maximum height and each floor includes new fully accessible
thermo-insulted windows.
To serve the now vacant Borders Book store on the main and lower levels, an additional elevator and
stairwell servicing just those two floors was installed.
My plan is to extend these two elements up to the fifth floor and add a full column bay skylight.
This will serve as additional daylighting for the interior guest rooms.
The addition to the north of the building will serve as the motor entrance taking advantage of the side
drive and access to the parking garage.

18. HOTEL FIELDS - MAIN FLOOR
The main floor which serves all
three entrances, Lake St., Harlem
Ave. and the Motor entrance will be
reserved for the lobby, check-in
and concierge as well as a
business center for guests. The
Southwest corner will be leased to
an “up scale” restaurant with
kitchen. This will be ideal for
guests to dine in as well as room
service. It will also be the
preparatory service for the
banquette rooms. A dumbwaiter
will need to be installed between
the two functions which fortunately
lands over one another in plan.
This floor has the tallest of ceilings
and the most in tact architectural
elements and is therefor ideal for
the intended purpose.

19. HOTEL FIELDS - LOWER LEVEL
The Lower Level will contain three
Banquette facilities, space for a fitness
center and possibly a Spa. The floor is
currently served by existing elevators
and stair towers. There was an
additional elevator and stair tower added
for the lower level Borders Book store
(currently vacant), which I plan to
expand to the fifth floor. Existing
restrooms are located on this floor as
well, which will serve the public spaces
on this and the main floor above.
Additional rooms for storage and
maintenance exist today and will be
maintained.

20. HOTEL FIELDS - FLOORS 2-4
The nineteen guest suites ea. on floors
2-4 will mostly be identical as the floor
plates match. I am proposing extending
the central stairwell and elevator up
through the fifth floor. This will require
demolishing the floor plates between the
center four columns on these floors as
well as adding a skylight on the roof.
The intention behind this is to add a light
well which will serve the upper guest
suite interior rooms. The center stairwell
and extended elevator are just a bonus
to the transportation options but not
required. If this proves cost prohibitive I
will not extend the stairwell or elevator
but I must keep the light well to serve
the interior guest suites which are
needed to be able to get close to the
original room count of 80-100 rooms.

21. HOTEL FIELDS - FLOOR 5
The top seventeen guest
suites on floor (5) I am calling
the penthouse level as I am
envisioning these to be a bit
larger and a bit more
architectural as they need to
follow the mansard roof lines.
This is also a slightly smaller
floor with two less rooms. The
four guest suite floors will
also house operations and
maintenance needs for each
floor. The penthouse also has
restrooms which will be
reserved for employees.

22. HOTEL FIELDS - OAK PARK FACTS AND FIGURES
OAK PARK
POPULATION : 52K
INCREASING AT A .08% PER ANNUM
MATURE AGE BRACKET
AVG HOUSEHOLD SIZE - 3
OWNER OCCUPIED HOMES - 53%
MEDIAN HOME VALUE - 335K
AVERAGE HOME VALUE - 378K
MEDIAN HOUSEHOLD INCOME - 74K
AVERAGE HOUSEHOLD INCOME - 104K,
INCREASING ANNUALLY AT 3.3%
PER CAPITA INCOME - 46K
OAK PARK INCOME INCREASING .54%
OVER PER CAPITA

23. OAK PARK
ACCOMMODATIONS AND
FOOD SERVICE SALES
86M
AVG. *REVPAR 76%,
INCREASING 1% PER
ANNUM
AVG. *ADR 68%,
INCREASING .5% PER
ANNUM
* REVPAR = REVENUE PER
AVAILABLE ROOM
*ADR = AVERAGE DAILY RATE
HOTEL FIELDS - HOTEL FACTS AND FIGURES

24. HOTEL FIELDS - HOTEL FACTS AND FIGURES
With only three hotels currently in Oak Park I have
extended my research on average hotel room rates
and vacancy/occupancy ratios to the general
Chicago area. I feel comfortable with this as Oak
Park is located just outside of the western
boundaries of Chicago and accessible by commuter
and Metra trains to the city center. As noted in the
previous slide, the ADR (Average Daily Rate),
RevPar (Revenue per Available Room) and the
occupancy index ratios show a steady incline from
2016 until 2018.For my analysis I will be using the
means average of $202.40 ADR (Average Daily
Rate) and 75.75% occupancy average for my
project. These numbers represent the average from
2015 noted in table to the right. With these two
figures I can generate $56,145.76 RevPar (Revenue
per available room) x number of rooms (74) =
$4,154,786.00 capital receipts from the lodging
services only.

25. HOTEL FIELDS - FOOD AND BEVERAGE FACTS AND FIGURES
Banquette facilities represent another
source of revenue for the hotel. I’m using a
comparable nearby hotel rate as a
comparison number. I took the average sq.
ft. of 1800 which should hold 75 people,
added AV and continental breakfast,
refreshments and lunch. There with a room
rental rate of $600.00 for a full day which
comes to a total of $2870.00 (incl. F&B)
Using the same occupancy rate as the
guest suites (76%) the RevPar per room =
$796,138.00 x 3 rooms = $2,388,414.00.
Because the F&B revenue will go to the
restaurant lessee I will back this out of the
hotel owners revenue but will include a
percentage of sales returned to the hotel
for additional revenue.

26. HOTEL FIELDS - FOOD AND BEVERAGE FACTS AND FIGURES
For the restaurant, included on the main level, my intention is to lease the space as an upscale
restaurant that will serve the local community as well as provide room service to the hotel guests and
food and beverage provisions to the banquette rooms on the lower level.
The restaurant will be approx. 4600 sq. ft. at $26.64 base rent, per sq. ft., annually should
generate $122,544.00.
Because this will also serve as the food prep and service for the hotel guests and the banquette
rooms I would ask for a percent of their sales as well for the banquette and room service sales.
When researching the banquette room fees the food and beverage service ran $1800.00 per
reservation, multiplying that times (3) and averaging 76% occupancy will generate approximately
$1,497,960.00 in sales.
Room service, on the other hand, has not been as lucrative as of late and dropped 25% in sales
since 2007. The reported average is now $866.00 per room on an annual basis. This number times
(74) rooms comes out to $64,084.00 annually.
Lastly, the restaurant sales, using Darden Restaurants latest financial report the average sales per
sq. ft. achieved is $534 sq. ft. At 4600 sq. ft. the restaurant should generate $2,456,400 annually.
When adding this to the banquette and room service revenue of $1,562,044.00 the total revenue I
would request as a percentage of sales is $4,018,444.00.
In reviewing the previous chart, with the 30% of landlords that charge a percent of sales in addition to
the base rent, the average paid is 7.0%. Using this number times the $4,018,444.00 would result in
additional $281,291.08 revenue to the rent receipts.

27. HOTEL FIELDS - OPERATING EXPENSES
Labor costs represent 32.3% of total revenue in operating a hotel. Labor is broken down into two
components,
1) Salaries, wages and bonuses account for 70% while
2) Payroll related expenses or employee benefits account for the remains 30%.
According to “Lodging Magazine” this breaks down to $13,150 PAR and $5,581 PAR respectively
or $1,386,094 annually for the hotel portion only.
Additionally there would be labor costs for marketing and sales, and food and beverage.
Total labor costs would run $2,171,703 all inclusive for the hotel (excluding the restaurant which
is leased).
Other expenses on a per occupied room category would be;
General room maintenance expenses at 25%
F&B expenses at 21%
A&G (Administrative and General) expense at 9%
Marketing expense at 8%
General property maintenance at 5%
This equates to 68% of RevPar. or $38,902 annually x 74 rooms = $2,878,795.

28. PHASE III FINANCIAL ANALYSIS

29. HOTEL FIELDS - CONSTRUCTION COSTS PART 1
The constructions costs for this
project is broken into two sections.
The first is the FF&E cost. (Fixtures,
Furnishings and Equipment) For the
FF&E, I used the 2013 Hotel
Estimating guide as prepared by
JN&A and HVS Design. This guide
serves the hotel industry by assisting
in budgeting effectively for capital
expenditures. This estimating guide
provided detailed soft and full
renovation cost for each area of the
hotel. For my needs I used the full
renovation costs vs. soft costs as the
building currently does not serve this
function and will be starting from the
ground up as a hotel. It was
extremely valuable because it
included all the elements necessary
by each area. The Grand Total for
this portion came to $6,155,049.00.

30. Since this guide assumed the
hard construction existed, I had
to estimate the hard and soft
costs by each area separately.
For that exercise I used the 2015
National Renovation and
Insurance Estimator guide. This
provided all the unit costs by L.F.
(lineal foot) or Sq.Ft. (square
foot) for all the hard and soft
constructions costs necessary to
create the guest suites, private
rooms and public spaces. The
Grand Total for this portion came
to $3,427,816.00.
HOTEL FIELDS - CONSTRUCTION COSTS PART 2

31. HOTEL FIELDS - CONSTRUCTION COSTS
Construction Costs Part 2 (con’t.)

32. HOTEL FIELDS - CONSTRUCTION COSTS PART 3
The last portion of the estimating
process involved the overall
building costs related to vertical
transportation, the new central
atrium, exterior building
restoration and improved
accessibility. And lastly the direct
and indirect costs associated
with all construction projects.
Direct costs include the
architectural and engineering
fees, construction companies
fees, permitting and general
overhead. The indirect fees are
those mostly associated with the
unknown so it is important to
carry a contingency budget,
especially for historic properties.
The Grand Total for this portion
came to $2,558,639.00.
GRAND TOTAL FOR ALL CONSTRUCTION COSTS IS
$12,141,504.00

33. With construction costs completed, the most important part of the financial process is the Pro Forma.
Pro Forma is a Latin term meaning “for the sake of form” or ”as a matter of form”. The purpose of this
method of calculation is to place an emphasis on present and/or projected figures. For my need it will
forecast my anticipated financial results taking into account the real estate transaction, construction
costs to rehabilitation this once historic department store into a “boutique hotel”, projected revenue of
the hotel and its associated accommodations, operating expenses, income taxes, tax credits including
the historic tax credit available because of its standing as a NRHP (National Registered Historic Place).
HOTEL FIELDS - PRO FORMA

34. The first portion determines the total
project cost which includes the purchase
of the real estate and all the the costs
related to the rehabilitation of the building.
The next two sections focus on the hotel
after it is in operation for one year and
what the anticipated revenue and
expenses will be. For the revenue I
analyzed nearby properties as well as the
Chicago Metro area for comparable
properties and their reported revenues by
function. I also relied on hospitality
statistical information available through
appropriate websites.
HOTEL FIELDS - PRO FORMA

35. HOTEL FIELDS - PRO FORMA
A large portion of the annual expense is the cost
associated with servicing the loan (P&I, property
taxes and casualty insurance). This loan amount
the purchase price plus the construction costs.
In reality these will most likely be two different
types of financing opportunities (better decided
by experts in the financial field). I chose to go
with the straight forward all inclusive direction of
combining the two costs together into one
mortgage. The commercial rates I found seemed
to be in alignment with residential mortgages I
found at the time. For simplicity I went with a
60/40, 30 year loan mortgage at 4.3%. I opted
for a 40% investment, 20% on the real-estate
and 20% on the construction financing.

36. FIRST YEAR OPERATING LOSS OF $544K
FIRST YEAR FED. INCOME TAX CREDIT OF $55K ON TOTAL
CREDIT OF $1.1M
HOTEL FIELDS - PRO FORMA
While the hotel, less operating costs and income
taxes, produced a net revenue of $68,000, the
expense of the loan financing expenses ($661,768)
reduced that to a loss of $593,658. With the
rehabilitation tax credit of $54,620 I was able to
reduce the income tax to $0 thus reducing the net
loss to $543,775. Unfortunately, because of the first
year loss, I was only able to take advantage of a
small portion the Federal Historic Income Tax credit
in year 1. The total credit comes to almost
$1,092,404. This was calculated from the cost of
“rehabilitation only” at $5,462,019. These are the
costs associated with the items generally eligible for
the federal income tax credit. This income tax credit
can be carried forward for twenty (20) years so
hopefully in a relatively short time the property will be
able to take full advantage of that benefit. The State
of Illinois also provides a similar historic tax credit for
historic rehabilitation projects that can reduce local
income taxes as well and freeze the property tax rate
for 12 years.

37. HOTEL FIELDS - PRO FORMA (ALTERNATE)
With this example of a 100% financing combination
of investor and developer funding, the first year
earnings before interest and taxes (EBIT) comes in
at $649,621. The net revenue less federal and local
income tax reduces that to $258,548. With the
rehabilitation tax credit of $54,620 (the total credit
comes to $1,092,404). This was calculated from the
cost of “rehabilitation only” at $5,462,019. These are
the costs associated with the items generally eligible
for the federal income tax credit. This income tax
credit can be carried forward for twenty (20) years.
With the inclusion of the federal historic income tax
credit, the total first year net revenue comes is at
$313,168. This gives the investors and developer a
ROI (return of investment) of 6.0%. The State of
Illinois also provides a similar historic tax credit for
historic rehabilitation projects that can reduce local
income taxes as well and freeze the property tax rate
for 12 years.

38. HOTEL FIELDS - PRO FORMA (ALTERNATE)
FIRST YEAR OPERATING INCOME OF $259K
FIRST YEAR FED. INCOME TAX CREDIT OF $55K ON TOTAL
CREDIT OF $1.1M

39. PHASE IV CERTIFICATE OF APPROPRIATENESS

40. COMPLETED 2PP FORM FOR VILLAGE OF OAK PARK
CERT. OF APPROPRIATENESS.
FILED AND WAITING FOR DATE TO BE PRESENTED FOR
ACCEPTANCE - TBD.
HOTEL FIELDS - CERT. OF APPROPRIATENESS

41. FEASIBILITY OF PROJECT
• NRHP 1988
• FACADE EASEMENT 1987
• HISTORIC DISTRICT LOCATION - 65% OF THE VILLAGE IS INCLUDED IN A HISTORIC DISTRICT
• FRANK LLOYD WRIGHT SIGNIFICANCE
• HISTORIC ARCHITECTURAL CONTEXT IN TACT
• LOCALLY, NATIONALLY AND INTERNATIONALLY RECOGNIZED NAME
• EXCELLENT LOCATION WITH PROXIMITY TO DT CHICAGO AND BOTH METRO AIRPORTS
• LOCATED IN PRIME ‘VILLAGE OF OAK PARK’ COMMERCIAL DISTRICT
• EASILY ACCESSIBLE FROM INTERSTATE AND METRO TRANSPORTATION
• ONLY 4 STAR HOTEL WITHIN 7 MI RADIUS, ONLY 5 STAR WITHIN 8 MI RADIUS
ADAPTIVE RE-USE
• (74) LUXURY GUEST SUITES (APPROX. 500-600 SQ. FT. EA.) ON 4 DEDICATED FLOORS
• (3) ADJACENT BANQUETTE FACILITIES (EACH AT 1800 SQ. FT. AND 75 PER)
• (1) UPSCALE RESTAURANT/BAR (APPROX. 5OOO SQ. FT.) LOCATED ON PROMINENT CORNER
• EXISTING SUPPORT SYSTEMS FOR LOADING DOCK, RECEIVING, VERTICAL
TRANSPORTATION, EMERGENCY EGRESS SATISFACTORY FOR RE-USE
• UPDATED MECHANICAL AND INFRASTRUCTURE TO SUPPORT CONVERSION FOR RE-USE
REVENUE VS. EXPENSES (ESTIMATE)
• REVENUE - YR. 1 @ $5.4M NET NOT INCL. F&B SALES (LEASED)
• EXPENSES - YR 1 @ $4.5M NOT INCL. F&B EXPENSES (LEASED)
• FEDERAL INCOME TAX CREDIT - $1.1M
HOTEL FIELDS - CONCLUSION

42. QUESTIONS?
THANKS YOU VERY MUCH.

43. HOTEL FIELDS - BIBLIOGRAPHY
Phase I and II
1. NPS, National Register of Historic Places Inventory-Nomination Form, NRIS 87002510,
Received on Dec. 22, 1987, Entered on January 21, 1988.
2. Pridmore, Jay, Marshall Field’s, a building book from the Chicago Architectural
Foundation, Pomegranate Communications, Inc, 2002
3. O’Brien, John P., Marshall Field and Company, Oak Park IL., Candidacy Review,
Winter Qtr. 2015
4. National Trust for Historic Preservation - Preservation Leadership Forum, Preservation
Easements, preservation.org
5. WTRM, Water Tower Realty Management, 1144 W. Lake St. Oak Park IL,
www.wtrm.comHotel News Now (STR HOST data), Upper-Scale Branded Hotels’
Operating Expense Trends, Nov. 23, 2009, www.str.com
6. Mandelbaum, Robert, Examining Hotel Labor Costs, Lodging Magazine, October 23,
2014, www.pkfc.com
7. Huebsch, Russell, Gross Margins of Hotels, Demand Media, October, 2010
8. Hotel Revenue Tools, Glossary of Terms, Copyright 2012, HotelRevenueTools.com
9. Investing Answers, Revenue per Available Room (RevPar) What is it?, April 2016
10. Investing Answers, Occupancy Rate, What is the “Occupancy Rate”, Fidelity
Investment
11. Ori, Ryan, City Hotel Occupancy, Rates Keep Rising, Crains Chicago, Copyright 2016,
Sept. 19, 2011
12. STR, Inc., Monthly Occupancy and ADR Rates - Chicago, 2013-Feb. 2016,
www.str.com
13. U.S. Bureau of the Census, Economic Census 2012, Accommodations and Food
Service Sales (Sector 72), Crains Chicago
14. PKF Hospitality Research, Top ADR Markets, Forecast 2015 and RevPar, Top and
Bottom Markets Q1 2015, CBRE Research - CBRE, Inc.
15. Chicago Central Business District Hotel Performance, Historic and Projected Growth
for ADR, RevPar and Occupancy, Source:STR
16. Hotel Supply Change, Forecast 2015, source PKF Hospitality Research, CBRE/STL
Inc. Dodge Pipeline, Q1 2015
17. Banquette Room Rates, Find Meeting Space, Hampton Inn Chicago O’hare, Hampton
Inn and Suites Chicago Downtown, The James Chicago, Fairfield Inn and Suites
Chicago Downtown, Chicago Marriott O’Hare, April 2016
18. Meeting Space Search, Meeting/Banquette Space Calculator, April 2016
19. Crockett, Zachary, Why is Hotel Room Service so Expensive?, Priceconomics, March
6, 2014
20. U.S. Dept. of the Interior, NPS, The Secretary of the Interior’s Standards for
Rehabilitation and Guidelines of Rehabilitating Historic Buildings, www.nps.gov/tps/
standards
Phase iii and IV
1. Russell, Jonathan; 2015 National Renovation & Insurance Repair Estimator, Craftsman Book
Co., 2014
2. Swanke Hayden Connell Architects; Historic Preservation Project Planning & Estimating, R.S.
Means Co., 2000
3. Rypkema, Donovan D.; Feasibility Assessment Manual for Reusing Historic Buildings, National
Trust Publication, 2007
4. 2013 Hotel Cost Estimating Guide, JN&A and HVS Design, 7361 Calhoun Pl., Suite 310,
Rockville, Maryland 20855, www.hvsdesignservices.com
5. Federal Income Tax Brackets for Year 2015, www.file.com
6. Commercial Mortgage Calculator, www.mcnally-properites.com
7. Commercial Real Estate Financing, www.commercialoanandirect.com
8. Qualified Expenses-Technical Preservation Services, NPS, www.nps.gov
9. Village of Oak Park, Cook County 2016 Tax year Property Information, Property Characteristics
10.GIS Consortium, Mapoffice, 1144 Lake St., Oak Park, IL PIN 16-07-119-012-0000
11.Chen, Xun Yao; Darden analysis: Why Revenue per Square Foot is Essential, Nov. 1, 2013,
www.marketrealist.com
12.Snodgras, Jason - CPA; Kroger Co. - Capital Planning, Tax Advisor and Consultant Application
for Certificate of Appropriateness, The Village of Oak Park, 123 Madison St., Oak Park, IL
60302, Historic Preservation Commission, village@oak-park.us
13.Building Permits for Historic Properties, Application and Review Process, The Village of Oak
Park, 123 Madison St., Oak Park, IL 60302, Historic Preservation Commission, village@oak-
park.us
14.Easement Program, Landmarks Illinois, 53 West Jackson Blvd., Suite 1315. Chicago, IL 60604,
www.landmarks.org
15.Property Tax Assessment Freeze Program for Historic Residences - Illinois Fact Sheet, Local
Government Service Coordinator, Illinois Historic Preservation Agency, Old State Capitol,
Springfield, IL 62701, www.state.il.us/hpa
16.Historic Preservation Tax Credits - Illinois Fact Sheet, Local Government Service Coordinator,
Illinois Historic Preservation Agency, Old State Capitol, Springfield, IL 62701, www.state.il.us/
hpa
17.Class L Eligibility Bulletin, James M. Houlihan, Assessor, 118 North Clark St., Chicago, IL
60602, www.cookcountyassessor.com
18.Preservation Tax Incentives, Technical Preservation Services, NPS, 1849 C St., NW,
Washington, DC 20240, www.nps.gov/history/hps/tps/tax
19.Schwartz, Harry K., State and Local Real Property Tax Incentives for Historic Preservation,
Preservation Law Reporter (Reprint), 18 PLR 1105-19 (1999)