O'hare Lake Development
22002400 East Devon Avenue : Des Plains, IL 60018
Cook County, Illinois
Land Description
O'Hare Lake Office Complex
Marketplace Custom Auction
Investment Highlights
The O'Hare Lake Mixed-Use Project is a 40-acre site that as-of-right allows for the development of 6.2M SF of commercial real estate.
The property currently generates of NOI from the existing office buildings (354K Sf), allowing for new ownership to cash-flow the asset while improving the remainder of the site.
The original development program: Retail (609,840 Sf), Hotel (432,840 Sf), Office (1,250,600 Sf), Residential (1,392,500 Sf), Parking (2,570,950 Sf). Total Area (6,250,730 Sf)
In 2015, the Village of Des Plaines added a C-7 District, High Density Campus Commercial District, specifically for this property. The purpose of this district is to allow for the development of large, dense, and vertically oriented complexes that incorporate both commercial and residential uses.
Directly across the street from the site is one of the newest casinos in Chicago, Rivers Casino.
The property is situated adjacent to the O'Hare International Airport. O'Hare is the world's sixth-busiest airport, servicing 83 million passengers with direct flights to several major cities overseas.
The property is located near three (3) major highways. I-294, which is directly to the east, runs generally in the north and south direction and travels from Indiana to Wisconsin. I-90 is about a quarter mile to the southwest and runs from the Rockford area to downtown Chicago. I-190 is just under a mile south of the property, which provides access from both I-90 and I-294 to O'Hare Airport.
Offering Summary:
Friedman Real Estate Group and are pleased to offer for sale, The O'Hare Lake Mixed-Use Development offering, a conceptual plan that creates a destination place featuring Live-Work-Play amenities while creating its own diverse economy within. The current plan calls for five (5) residential towers, four (4) office towers, two (2) hotel towers, a regional mall, restaurants, and retail shops throughout the development. In total, the proposed plan calls for over 6.2 million square feet to be constructed, all within one (1) mile of the O'Hare International Airport.
The site is centrally located near multiple major demand generators including the O'Hare Airport, Rivers Casino and The Rosemont Central Business District. The property is accessible by three Major Highways: I-294 connecting Wisconsin to Indiana, I-90 which connects downtown Chicago to O'Hare Airport and the northwest suburbs, and I-190 which connects O'Hare Airport to I-90. The site also sits in walking distance to the Chicago Transit Authority Rosemont Stop, and the Metra Rail O'Hare Transfer stop, both connecting passengers to downtown Chicago.
The C-7 District zoning, unique to this site, permits high-density residential, office, hotel, and retail, giving a developer flexibility to adjust the final project. The O'Hare Lake Mixed-Use Development is particularly rare because of the existing cash flowing assets located on the site. An investor can capitalize on existing the office properties to provide income while finalizing plans, and funding before breaking ground.
Three existing office buildings are located on the site (2200, 2250, and 2400), totaling ±353,500 SF of office space. At 47% occupancy, the buildings are generating over in Noi. Notable tenants include the US Marine Corps, US Department of Agriculture, AmeriCashLoans, and various other national, regional, and local tenants. The existing office offers investors the capability to generate additional value through lease-up of ±187,000 SF of existing space.
Auctioneer:
Scott Bowers
Fisher Auction Company Inc.
License:
