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property overview
*Zoning and FAR restrictions are subject to City of Chicago approval and are not guaranteed.
2
PROPOSED DEVELOPMENT
EXISTING SITE
1234 W. Randolph Street, is an existing 28,106 Sq. Ft. building on an 18,000 Sq. Ft.
land site with 125’ of frontage along Randolph Street. The property is currently
improved with three (3) Class C warehouse buildings. Much like its surroundings, this
property has been used for food production. It is zoned C1-3 Commercial and is within
the City of Chicago’s new downtown expansion area allowing for an increased FAR to
promote higher density.
1234 W. Randolph StreetFOR SALE
BUILDING SIZE + 207,000 SF
LAND SIZE + 18,000 SF
STORIES 26
ZONING* DX-7
RESIDENTIAL 124 - 200 UNITS
PARKING 0.7 - 1.1 RATIO (PER DWELLING)
MAX FAR / BONUS FAR* 7.0 / 4.5
BUILDING SIZE: 1220 W. RANDOLPH ST + 13,248 SF
BUILDING SIZE: 1234 W. RANDOLPH ST + 14,858 SF
LAND SIZE + 18,000 SF
ZONING C1-3
2015 TAXES $2.53 PSF (LAND)
PIN(S) 17-08-326-022 — 17-08-326-025
CALL FOR OFFERS OCTOBER 7, 2016 DEADLINE
RANDOLPH STREETRESTAURANT ROW
LOU MALNATI’S
CITY WINERY
SITE
CTA GREEN ANDPINK LINE TRAINS
ALHAMBRA
W. RANDOLPH ST
property overview 4
Birdseye Property Aerial
Birdseye Streetview from W. Randolph St.
SITE
SITE
W. RANDOLPH ST
N. RACINE AVE
ZONING EXPANSION
1234 W. RANDOLPH STREET LOCATION
CITY OF CHICAGO ZONING PROPOSAL
The subject property benefits from its location in the thriving West
Loop neighborhood and visibility on Randolph Street, adjacent to City
Winery Chicago. This neighborhood has seen a dramatic shift in the
past five (5) years from food production warehouses to creative loft
office, retail and high-end restaurant conversions. Redevelopment is
the highest-and-best use for many properties in this submarket.
Furthermore, the City of Chicago recently released a proposal
promoting higher density redevelopment in this neighborhood. In
addition to the number of new developments in the neighborhood
including 1K Fulton, Morgan MFG, Fulton West, and various boutique
hotels like SoHo House, Nobu and Hoxton Hotels, high density
redevelopment is being considered by new development currently in
planning such as the McDonald’s Corporate Office development on the
former Harpo Studios site.
This Spring, 2016, the City of Chicago announced a new zoning
expansion proposal to increase high density development in four
designated areas surrounding the Central Business District (CBD).
While each individual project will still need to seek a zoning variance,
highrise redevelopment, increased FAR and height restrictions for these
designated areas are being promoted by the City.
CURRENT ZONING C1-3
PROPOSED ZONING DX-7
CURRENT FAR 1.3
PROPOSED FAR 7.0
NEIGHBORHOOD OPPORTUNITY BONUS 4.5
FULTON MARKET
MCDONALD’SCORPORATE
FULTONWEST
REVEL
CITYWINERY
SOHOHOUSE
RESTAURANTROW
1K FULTON
LOU MALNATI’S
UNIONPARK
SITE
LAKE
FULTON
CARROLL
RANDOLPH
WASHINGTON
MADISON
RACINE
MAY
ABER
DEEN
CARPEN
TER
MO
RG
AN
SANG
AMO
N
ELIZABETH
ADA
LOO
MIS
LAFLIN
JUSTIN
E
WELCOME TO THEWEST LOOP
neighborhood analysis 7
OVERVIEW
FULTON MARKET GROWTH
NEIGHBORHOOD SHIFT TO CREATIVE LOFT OFFICE
The Fulton Market District in Chicago’s West Loop neighborhood was historically a meat-packing district and Chicago’s
first marketplace. The rich history and character of this neighborhood is embodied in the loft warehouse construction
seen in many West Loop and Kinzie Corridor buildings. As the tech scene rises in Chicago and suburban corporations
continue their downtown migration, the West Loop has become a prime location for redevelopment.
The emerging West Loop, located immediately west of Chicago’s Central
Business District (CBD), boasts a number of world renowned restaurants
along Randolph Street, mass transit with a new CTA Station at Morgan
and Lake (completed in 2012) and a collection of new office and
residential developments. The neighborhood has seen explosive growth
in real estate value and is quickly transforming from a meat-packing
district into a desirable and walkable entertainment and tech-focused
corridor. Projects like 1K Fulton, Fulton West, Morgan Manufacturing and
the former Harpo Studios land site have piqued the interest of suburban
corporations and are creating a snowball effect for future growth.
1K FULTON DURING CONSTRUCTION
14,200POPULATION GROWTH
SINCE 2000
70%PROFESSIONAL
WORKFORCE
$106,902AVERAGE ANNUAL
HH INCOME
67%RESIDENTS HOLDING A BACHELOR’S DEGREE
NEW DEVELOPMENTGiven the increasing demand for loft office and residential conversions,
developers have specialized in adaptive reuse redevelopment; a prime example
being 1K Fulton, completed in 2014 by Sterling Bay Companies. 1K Fulton,
formerly Fulton Cold Storage, now houses corporate giants Google and SRAM.
A number of new projects are currently underway, including Fulton West, Revel
Events, Blue Plate, Harpo Studios and more.
To accommodate the influx of tech executives, a number of boutique hotels
including the Nobu Hotel, Hoxton Hotel and Ace Hotel are sprouting up to meet
the needs of corporate business travelers.
In addition, local high-end amenities like the SoHo House have been added to
the neighborhood to provide executives with exclusive club access to
a private roofdeck, coworking spaces, pool and fitness facilities.
SOHO HOUSE
NOBU HOTEL
1K FULTON
FULTON
LIFE BOOK
MAP LEGEND�������������������������
�������������
�����������
�������
INNOVATION DISTRICT
N OGDEN
AVE
W GRAND AVE
N M
OR
GAN
ST
N R
ACIN
E ST
W FULTON MKTW FULTON MKT
W LAKE STW LAKE ST
W RANDOLPH ST
W MADISON ST
W HUBBARD ST
W KINZIE ST W KINZIE ST
W OHIO ST
W OHIO ST
N U
NIO
N S
T
N G
REE
N S
TN P
EOR
IA S
T
W WAYMAN ST
N U
NIO
N AVE
W CARROLL AVEW CARROLL AVE
W CARROLL AVE
W ARBOUR PL
W KINZIE ST
MACELLORISTORANTE
SAWTOOTH
MONTESSORISCHOOL
LUXEGREATAMERICANBAGEL
CROSSROADSBAR & GRILL
MADISON STREET KITCHEN
G2 MEN’SSALON
BREW &GROW
MERIT SCHOOL OF MUSIC
ULTABEAUTY
GREEN ST.SMOKED MEATS
HAROLD’SCHICKEN
WCIU-TV
TAKHOLDESIGN
LECOLOMBE
STUBHUB
MUSICBOXFILMS
COLUMBUS MEAT
QUALITYFOODS
AMITYPACKINGLAKE ST
LOFTS
JOHN R.MORREALE
ECONOMYPACKING
PICKENSKANEPAGODA
RED
TERRY’STOFFEE
ABERDEENTAP
CASA DELSOL
COOPERTECHNICA
MARTANTHONY
SALERNO’S
BERT’SCAR WASH
D’AMATO’SBAKERY
GREAT LAKES TATTOOS
TWISTEDSPOKE
THEOGDEN
TWO
EMMIT’SIRISH PUB
PICCOLOSOGNO
LA SCAROLA
IGUANACAFE
BARTAKITO
LA SIRENACLANDESTINA
FULTON MKTKITCHEN
LATINOMEAT
BENNETT DAY SCHOOL
PARAGONSTUDIOS
THE MID
MOMOTARO
PADDYO’FEGAN’S
TURNINGLEAF COMM.
DE CERO
MAUDE’S LIQUOR BAR
NOBU
HAYMARKETPUB
AUCHEVAL TANOSHIIBAR
SIENA
THIRDRAILTAVERN
MADISONCLEANERSFIRST
EAGLEBANK
PLUMBER’SLOCAL UNION
WESTEND
THE GARDNERSCHOOL OFCHICAGO
JOHNNY’SICEHOUSE
GRACIE’SCAFE
220
N31
8 N
350
N
351
N
W WASHINGTON BLVD W WASHINGTON BLVD
HISTORIC DISTRICT OVERLAY
UNIONPARK
N A
BER
DEE
N S
T
N M
AY S
T
N N
OB
LE S
T
N A
DA
ST
N A
RM
OU
R S
T
N S
ANG
AMO
N S
T
N P
EOR
IA S
T
N A
BER
DEE
N S
T
N C
ARP
ENTE
R S
T
W RUNDELL PL
W ARCADE PL
N M
AY S
T
N E
LIZA
BET
H S
T
N A
DA
ST
N L
OO
MIS
ST
N B
ISH
OP
ST
N T
HR
OO
P S
T
N S
ANG
AMO
N S
T
N P
EOR
IA S
T
N G
REE
N S
T
N L
AFLI
N S
T
N L
OO
MIS
STN
JU
STIN
E ST
1500 W
1200 W
1015 W
945 W
905 W
1001 W
401
N
315
N
172
N
1516 W
N OGDEN AVE
N MILWAUKEE AVE
N H
ALST
ED S
TN
HAL
STED
ST
N R
ACIN
E ST
materials marketing
PEORIAPACKING
FOUR STAR FOODS
RIZESPRODUCE
JUPITEROUTPOST
CRISTINAFOODS
ABERDEENAUTO
ASPENFOODS
FABRI SAUSAGE
ATKFOODS
INTERNATIONALSEAFOOD
METHODBICYCLE
MCDFOODS
TUCKERPUP’S PET RESORT
FM HAIRPRODUCTS
SAM’SMEAT
CONSUMERSSUPPLY CO.
SOUTH CENTRAL BANK
A & AAUTOMOTIVE
TETECHARCUTERIE
MIDTOWNTRANSFER
ADMMILLING
PIZZERIADEL MERCATOCDT
MAHZELMETALSH.O.M.E
MEDACTA
VICTORYRECORDS
GENIECO
LYON &HEALY
GREENBEGINNINGS
BAGGIAAUTO
RELIABLEPLATING
COBRALOUNGE
RICKARDBINDERY
KUNZGLOVE
LESLIE HINDMANAUCTIONEERS
1229 W
1217 W
1134 W
PEREZFLOYD’SBARBERSHOP
GRANGE HALL BURGER BAR
SUBJECT PROPERTY
FULTON MARKET | WEST LOOP AMENITIES MAP
RESTAURANT ROW
The Fulton Market District in Chicago’s West Loop has a rich history in meat-packing as Chicago’s original marketplace. The area is experiencing substantial growth in loft-office conversions, attracting corporate brands and multi-tenant developments such as: 1K Fulton, Morgan Manufacturing and Fulton West (under construction).
The subject property is a combined 18,000 SF land site located on Randolph Street, or Restaurant Row and is surrounded by high end restaurants and famous chefs.
1234 W. RANDOLPH ST
Restaurant Row, along Randolph Street, has become a hub for world renowned restaurateurs. This transitioning neighborhood is home to the trendiest bars and restaurants in Chicago and a popular destination for “foodies.”
neighborhood analysis 9
RANDOLPHRESTAURANT
ROW
DEVELOPMENTOPPORTUNITY
property management services 11
CONTACT
MICHAEL D. NELSON, SIOR312-217-5534
MARK A. NELSON, SIOR312-217-2233
Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only.
There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has
signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2019. Jones Lang LaSalle IP, Inc. All rights reserved.
