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Multi-Family Development
Presented By:
SEAN CONNELLY, [email protected]
JOHN MEYER, Managing [email protected]
CHET KONDAS, Managing [email protected]
OFFERING MEMORANDUM
Confidentiality & DisclaimerAll materials and information received or derived from 33 Realty, LLC its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, develop-ability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither 33 Realty, LLC its directors,x officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. 33 Realty, LLC will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. 33 Realty, LLC makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. 33 Realty, LLC does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties
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Confidentiality
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TABLE OF CONTENTS
I. Executive Summary
II. Location
III. Master Development Plan
IV. Site
V. Entitlements
VI. Development Obligations
VII. Existing Multi-Family Properties
VIII. Nearby Retailers
IX. Hoffman Estates
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EXECUTIVE SUMMARY
Plum Farms, a master planned community, totals 186 acres and is locat-ed at the intersection of Illinois State Routes 59 and 72 in Hoffman Es-tates. The project represents the most significant undeveloped property in suburban Cook County, the largest county in the Chicago area. The development vision is to create contemporary urban living on the prairie with natural surroundings connected by a network of trail systems, lush meadows, wetlands, and picturesque Spring Creek. Plum Farms will offer intergenerational living within a sustainable, technological environment, and allows for aging independently in place within a new, urban environ-ment
The available site provides a buyer with a 10 acre parcel suitable for building multi-family housing. Demand for new multi-family is high in this market because nearby competitors consist of older apartments built in the 1970’s and 1980’s with limited amenities. In addition to multi-family housing, Plum Farms will include a variety of residential housing types - single family detached and attached and two-family attached - as well as retail, office, medical, and hospitality. Plum Farms is fully entitled for up to 1,250 for sale or rental dwelling units.
Market Summary• The overall strength in the Chicago metropolitan area, the absence of scalable vacant land, and aged housing stock consisting of limited avail-able product types, promote higher rents and prices for apartments and homes within Plum Farms • National and experienced local builders have significant interest in the neighborhoods of Plum Farms
Highlights• Includes multiple active and passive parks, pedestrian paths, creek walk, dog park, outdoor art, ice-skating rink, public plazas, tranquility center, and significant greenspace• Phasing of build-out: 2021 to 2025, subject to market conditions • Located in an area with natural preserves, high disposable income, up-scale shopping, and major corporate office parks • 1⁄4 mile from Interstate 90 with easy access to O’Hare Airport (20 min-utes) and the City of Chicago (40 minutes)
Zoning and Entitlement Overview• C-MU Zoning District (Mixed-Use Option): residential retail, service, office, entertainment, public and civic • TND Zoning District: residential, recreation, public and civic • TIF Approved • Commitments from Village of Hoffman Estates, Illinois Department of Transportation, Cook County, Army Corps of Engineers and MWRD • Zoning and other development approvals promote mixed-use and pedes-trian-oriented development • 1,250 rental or for-sale units • 175,000 - 200,000 square feet of retail and entertainment, including a grocery store and neighborhood services, with medical and office
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LOCATION
O’HAREO’HAREAIRPORTAIRPORT
MIDWAYMIDWAYAIRPORTAIRPORT
CHICAGOCHICAGO
72
59
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MASTER DEVELOPMENT PLAN
MULTI-FAMILY( )
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NEIGHBORHOODSMULTI-FAMILY
ROW HOMES SINGLE FAMILY AT TRAILMIXED-USE RETAIL CENTER
SINGLE FAMILY AT TRAILCOACH HOMES AT COURTYARD
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ENTITLEMENTS
PERMITTED USES
MAXIMUM DENSITY
MINIMUM UNIT SIZE (habitable floor area)
MAXIMUM HEIGHT(feet)
LOT SIZES
• C-MU Zoning District (Mixed-Use Option): residential retail, service, office, entertainment, public and civic• TND Zoning District: residential, recreation, public and civic
• 1,250 dwelling units (for rent or for sale)
• One-Family Detached & Attached and Two-Family: 1,400 sq ft• Multi-Family: 600 sq ft
C-MU Zoning District (Mixed-Use Option)• One-Family Attached: 42 - 45• Two-Family: 38• Multi-Family: 125
C-MU Zoning District (Mixed-Use Option)Minimum Lot Area (square feet)• Single-Family Detached: NA• Single-Family Attached: No min.• Two-Family: 4,400• Multi-Family: 5,500 - 10,000• Nonresidential: 5,500
Minimum Lot Width (feet)• Single-Family Detached: NA• Single-Family Attached: 20• Two-Family: 40• Multi-Family: 50 - 100• Nonresidential: 50
TND Zoning District• One-Family Detached: 38-45• One-Family Attached: 42-45• Two-Family: 38• Multi-Family: 110
TND Zoning DistrictMinimum Lot Area (square feet)• Single-Family Detached: 3,000 and up• Single-Family Attached: No min.• Two-Family: 4,400• Multi-Family: 5,500 - 10,000• Nonresidential: NA
Minimum Lot Width (feet)• Single-Family Detached: 30 and up• Single-Family Attached: 20• Two-Family: 40• Multi-Family: 50 - 100
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VILLAGE OF HOFFMAN ESTATES
• Site plan approval (requires traffic study)
• Construct road improvements including streets, roads, electric, gas, cable and other utilities,
adjacent landscaping, sidewalks, traffic signals, streetlights and provide easements
• Sewer and water improvements
• Storm water improvements
ILLINOIS DEPARTMENT OF TRANSPORTATION
• Traffic improvements for existing and of-right ingress and egress along Routes 59 and 72
COOK COUNTY
• Traffic improvements for ingress and egress along Old Sutton Road
• Storm water culverts under Old Sutton Road
ARMY CORPS OF ENGINEERS AND MWRD
• Storm water detention facilities
DEVELOPMENT OBLIGATIONS
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■ Development Agreement (24 acres) by and between Rubina Realty Corporation and Village of Hoffman Estates Dated as of May 1, 2017
■ Development Agreement (16 acres) by and between Plum Farms OSR72 LLC, Rubina Realty Corporation and Village of Hoffman Estates Dated as of May 1, 2017
■ Annexation Agreement (145 acres) by and between Golden Goose Enterprises LLC, Rubina Realty Corporation and Village of Hoffman Estates Dat-ed as of May 1, 2017
• No obligation to begin development on a certain date
• Development can be phased with public improvements
• Expiration of plans and plats is flexible with 24 months between preliminary and final plans or plats and 24 months between final plans or plats and
building permits
• Village of Hoffman Estates will cooperate and support applications for any federal, state or l local grants or funds
• Zoning is “frozen” for the term of the agreement and subdivision codes are “frozen” for 9 years from the effective date of the agreement
• Public road improvements (i.e., streets, not parking lots) dedicated to Village, which assumes all maintenance, repair and replacement obligations
• Public sewer and water improvements dedicated to Village, which assumes all maintenance, repair and replacement obligations
• Ten years following the effective date of the agreement, no architectural or appearance review is required
• Village will support the installation of utilities in and along State rights-of-way
DEVELOPMENT CONDITIONS
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EXISTING MULTI-FAMILY PROPERTIES
PROPERTY NAME ADDRESS LEVELS YEAR BUILT UNIT QTY AVG. SF/UNIT
1 Autumn Chase 725 W. Bode Cir., Hoffman Estates 3 1973 550 746
2 Barrington Lakes 2200 Hassell Rd., Hoffman Estates 3 1973 790 920
3 Legacy at Poplar Creek 1900 Windsong Dr.,Schaumburg 2 1983 196 911
4 Remington Place Apartments 201 W Remington Cir., Schaumburg 2 1986 528 888
5 The Reserve at Hoffman Estates 875 Pacific Ave., Hoffman Estates 3 1985 642 965
6 Village In The Park 1417 Valley Lake Dr., Schaumburg 7 1977 861 801
7 Village Park of Hoffman Estates 985 Grand Canyon Pkwy., Hoffman Estates 3 1980 224 700
8 Woodbury Place 1010 N. Knollwood Dr., Schaumburg 3 1984 300 974
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334466
778855
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NEARBY RETAILERS
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HOFFMAN ESTATES
Employees: 4,250
Employees: 600
Employees: 300
Employees: 270
Employees: 220
Employees: 200
Employees: 400
Employees: 370
Employees: 400
Employees: 1,900
Employees: 800Employees: 350
Employees: 220Employees: 170
Employees: 150
Employees: 140Employees: 130
Incorporated in 1959, the Village of Hoffman Estates is
located in Cook County, Illinois and is 31 miles north-
west of the City of Chicago. The Village covers 21
square miles with over 4,000 acres of Forest Preserve
and is bisected by Interstate I-90 a major artery to
downtown Chicago. Hoffman Estates is a diverse com-
munity of 52,000 residents with a median age of 37 and
a median household income of $77,081.
The community boasts excellent public schools: Dis-
trict 220 (Barrington High School) and District 300
(Dundee High School). Northern Illinois University has
a satellite campus in Hoffman Estates and Harper Com-
munity College also serves the community.
Source: https://www.hoffmanestates.org/business/top-employers
Employees: 140
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ENTERTAINMENT & RETAIL
Residents of Hoffman Estates and nearby communities have numerous retail and entertainment options. Poplar-Prairie Stone Crossing Shopping Center is a Tar-get anchored power center in Hoffman Estates. Retailers include World Market, Michael’s, Ross, PetSmart, TJ Maxx, Carters, Maurices, Kirkland’s Home. The center also boasts several national and local restaurant options such as Buffalo Wild Wings, Chipotle, Jimmy Johns, Moe’s Southwest Grill, Claim Jumpers, Pan-da Express, Stone Eagle Tavern and Red Robin. Two Jewel Osco grocery/phar-macy stores and a Mariano’s Fresh Market are a short drive from Plum Farms. Whole Foods is near the Woodfield Mall.
Immediately east of Plum Farms, the Arboretum is a 600,000-square foot up-scale lifestyle center owned and managed Starwood, which has shops, restau-rants and entertainment venues such as Arhaus Furniture, HomeGoods, Toms-Price Home Furnishings, Victoria’s Secret, L.L. Bean, Ann Taylor Loft, Ruth’s Chris Steakhouse, Cooper’s Hawk Winery and Restaurant.
For entertainment the Main Event and Sears Center Arena, a venue that seats 11,800 and hosts soccer, lacrosse, football, theatre and concerts are immediately south of Plum Farms. The iPic Theater is located in the Arboretum. Active and sports facilities can be found at The Club in Hoffman Estates. The Club provides a diverse selection of state-of-the-art fitness equipment and group exercise classes as well as an indoor walking track, multiple gymnasiums, climbing wall, aquatics center and indoor tenniscourts.
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access to transportation
26 miles of on-street and off-street bike paths that connect to its business parks, commercial corridors, and residential neighborhoods
Interstate 90 (Jane Addams Memorial Tollway)6 state & county highways with regional significance
Springinsguth Road (Schaumburg) Northwest Highway (Palatine)Barrington StationBig Timber (Elgin)
O’Hare International AirportSchaumburg Regional AirportDuPage Regional Airport
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Demographics
10 MIN DRIVE TIME 3 MILES 5 MILES 10 MILES
POPULATION
2018 Population - Current Year Estimate 117,702 15,533 167,067 680,518
2018 Daytime Population 40,506 38,,902 150,911 657,962
POPULATION BY RACE
White 65.2% 63.1% 62% 71.5%
Black 4.5% 2.4% 4.5% 3.8%
Asian 16.1% 26.3% 15.1% 13.1%
Hispanic Ethnicity 27.1% 14.5% 35.8% 22.4%
MEDIAN AGE
% Age 15 to 19 6.6% 6% 6.5% 6.3%
% Age 25 to 29 7.4% 4.7% 7.1% 6.7%
% Age 45 to 49 7.4% 7.1% 6.6% 6.9%
HOUSEHOLD INCOME
2018 Average Household Income $101,503 $165,780 $97,093 $107,010
EDUCATION
% College Educated 44.3% 60.2% 41.2% 48.7%
SEAN CONNELLY, [email protected]
JOHN MEYER, Managing [email protected]
CHET KONDAS, Managing [email protected]
CONTACT
www.plumfarms.com
