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Home My WebLink About3161_001MINUTES COMMITTEE OF THE WHOLE DECEMBER 9, 1997 I. CALL TO ORDER Mayor Farley called the meeting to order at 7:36 p.m. Present at the meeting were: Trustees George Clowes, Timothy Corcoran, Paul Hoefert, Richard Lohrstorfer, Daniel Nocchi and Irvana Wilks. Staff present included: Village Manager Michael Janonis, Assistant Village Manager David Strahl, Public Works Director Glen Andler and Solid Waste Coordinator Lisa Angell. Ill. MINUTES, Minutes of November 25, 1997. Motion made by Trustee Nocchi and Seconded by Trustee Corcoran to accept the Minutes. Trustee Hoefert requested two revisions to his comments concerning the Minutes. Trustee Wilks requested a revision to her comments in the Minutes. Members voted to accept the Minutes with revisions from Trustees Hoefert and Wilks. III. CITIZENS TO BE HEARD None. Public Works Director Glen Andler provided an overview of the request to change the route schedule of single-family routes to take advantage of the proximity of some homes to the Wheeling Township Transfer Station. ARC has informed the Village that such a reworking of the routes would increase efficiency of waste collection operations and recycling operations. ARC would cover the cost of revising the notices and mailing to residents. The proposed route change would affect about 2100 homes and would be effective February 1, 1998. Solid Waste Coordinator Lisa Angell stated that the Village would assist ARC in notifying residents of the change and will assist in drafting the transition materials. She also stated that ARC has been cooperative in the transition of route changes in the past. General comments of the Village Board members included the following items: There was discussion concerning who was responsible for all the notification materials to the residents concerning the route change. There was also discussion concerning the means of this communication to the residents. 1 Solid Waste Coordinator Lisa Angell stated that it is her intention to work closely with ARC to ensure numerous means of communication is undertaken with the residents to notify them of the change. Village Manager Janonis stated that solid waste, yard waste pick-up and recycling would be on the same day of the week just as before and he will utilize the on -hold message and channel 17 for additional notifications. Consensus of the Village Board was to accept the proposed route changes from ARC Disposal effective February 1, 1998. Village Manager Janonis provided a general overview of the selection process for Committee of the Whole topics for the upcoming year. He stated that he has solicited input from Village Board members and staff members suggesting subject matters to be considered for Committee of the Whole discussions for the upcoming year. He also stated that there are a number of items which have already been committed to during the upcoming year or are already in the pipeline that have been designated on the tally sheet provided to each Trustee. General comments from the Village Board members included the following items: There was some discussion concerning if an itemwere listed, how it would be determined to be included on the list for discussion for the upcoming year. Village Manager Janonis responded by stating that he would request a majority consensus on each item and the staff would bring the item to the Board for discussion purposes as research was completed. Consensus of the Village Board members included the following items. There was consensus to remove discussion of the Busse Road widening from the list for consideration for 1998. However, the subject should be back for consideration if there is any movement concerning possible road improvements by the County. General comments from the Village Board members included the following items: There was discussion concerning the details regarding the Underage Tobacco Purchasing Ordinance and whether the current regulations within the Village Code could address this issue. There was also general discussion concerning possible mitigation of noise if a second track is built on the North Central commuter line. There was also a discussion concerning the use of "P" tickets for possible local theft ordinance enforcement. 2 The consensus of the discussion is surhmarized in the attached chart highlighting the subject matter and projected date of discussion. Village Manager Janonis reminded those in attendance that Coffee with Council is scheduled from 9:00 a.m. until 11:00 a.m. on December 13 at Village Hall. VI. ANY OTHER BUSINESS None. VII. ADJOURNMENT On a Motion by Trustee Wilks and Seconded by Trustee Nocchi, it was moved to go into Closed Session to discuss Property Acquisition and Litigation. The meeting was adjourned at 9:12 p.m. to convene into Closed Session. The Committee of the Whole meeting reconvened into open session at 9:51 p.m. On a Motion made by Trustee Corcoran and Seconded by Trustee Hoefert, it was moved and approved to accept the Closed Session Minutes of November 25, 1997. There was no further business and the meeting was adjourned at 9:52 p.m. Respectfully submitted, DAVID STRAHL DS/rcc Assistant Village Manager 3 Summary of Topics for 1998 Committee of the Whole Meetings Topics List Consensus Proiected Date Signs in the Rights -of -Way Yes Density/Residential Redevelopment Yes Downtown Redevelopment Options/Disposition of Village Hall Yes Busse Road Widening Remove from List Annexation Opportunities Yes Parliamentary Procedures/Village Board Training/Offside Team Building Workshop/Move to Consent Agenda Yes Tobacco Dealer License Yes Review Village Plan Review, Permitting, Inspection Process/Building Division Issues Yes Discuss Airport Related Issues: O'Hare, Palwaukee/O'Hare Compatibility Commission Annual Overview Yes Alarm Ordinance (Consider Fee Structure) Yes North Central Commuter Line (Double Track Issue) Yes Cable TV Franchise Discussion Yes 3/98 Weller Creek CSO Study Yes 2/24/98 Revised FEMA Flood Insurance Rate Maps, Yes 2/24/98 Update of Computer System Implementation/Year 2000 Computer Issues Yes 3/98 Retail Theft Ordinance Yes 3/98 White Oak/Meier Area Improvements Yes 4/14/98 Annual Leaf Pick-up Program (Funding Options)/1999 Budget Deficit/CIP Deficit Yes Route 83 Improvements Update Yes 5/12/98 Proposed 1999-2003 Capital Improvement Program (CIP) Review Yes 6/9/98 & 6/23/98 1998 Mid -Year Budget Review/1999 Budget Workshop Yes 8/11/98 Exclusive Commercial Solid Waste Contract & Survey Review Yes 8/25/98 Proposed 1999 Annual Budget Review Yes 10/98 &11/98 GIS Status Report Yes 10/13/98 Development Code Modifications - Storm Water Detention Regulations Yes 10/13/98 Pavement Management Program Update - 1998 Yes 10/13/98 Algonquin/Busse/Dempster Street Lights Yes Wolf Road Improvements Yes Des Plaines River Flood Study Yes 911 System Improvements and Funding Options Yes Village Committee Structure Yes Outside Inspection of Single Family Homes Yes Exotic Animal Regulations Yes Grandfathering Issues: 2nd Housekeeping Unit, Commercial Vehicles Yes COWTLY2.XLS 12/16/97 ORDINANCE NO. AN ORDINANCE AUTHORIZING THE EXECUTION OF A REAL ESTATE PURCHASE CONTRACT TO ACQUIRE A PORTION OF DISTRICT NO. 1 REDEVELOPMENT PROJECT AREA IN THE VILLAGE OF MOUNT PROSPECT IL.LIN I WHEREAS, the Village of Mount Prospect is a municipality which exercises authority pursuant to Chapter 65, Act 5, Section 11-74-4-1 et seq. of the Illinois Municipal Code as set forth in the Illinois Compiled Statutes, known as the "Tax Increment Allocation Redevelopment Act"; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect did adopt Ordinance No. 4898 entitled "An Ordinance Authorizing the Acquisition of Certain Real Property for the District No. 1 Redevelopment Project Area in the Village of Mount Prospect, Illinois"; and WHEREAS, a Real Estate Purchase Contract (the "Contract") has heretofore been submitted to the Village of Mount Prospect with regard to a portion of the District No. 1 Redevelopment Project Area"; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have reviewed the Contract in substantially the same form and materially similar to Exhibit "A" which is attached hereto and made a part hereof and find that the Contract is in the best interests of the Village of Mount Prospect and finds that the Contract is in furtherance of the goals, objectives and purposes of the District No. 1 Redevelopment Project Area; and WHEREAS, pursuant to the provisions of Chapter 65, Act 5, Section 11-74.4-4(c) of the Illinois Municipal Code as set forth in the Illinois Compiled Statutes, the Village of Mount Prospect is authorized to acquire property, real or personal, within the District No. 1 Redevelopment Project Area by purchase, donation, lease or eminent domain for the purposes of implementing said redevelopment project. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That it is hereby determined that it is necessary, proper and desirable that the Village of Mount Prospect acquire title to and possession of the real property being the subject of the Real Estate Purchase Contract, which is to be in Authorize Execution i Page 2 of 2 substantially the same form and materially similar to Exhibit "A" which is attached hereto and made a part hereof. E TIO � O: That having determined that said Contract is in the best interests of the Village of Mount Prospect and find that the Contract is in furtherance of the goals, objectives and purposes of the District No.1 Redevelopment Project Area, the Village President and Village Clerk are hereby authorized to execute the Real Estate Purchase Contract. SECTION THREE: That the Village President, Board of Trustees, Village Clerk, Village Manager, Village Attorney, Special Attorneys, officers and employees are hereby empowered to perform any act necessary to implement, carry out and give effect to the terms and provisions of said Contract. SECTION F R: That this Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form in the manner provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this day of , 1997. Gerald L. Farley Village President ATTEST: Carol A. Fields Village Clerk 11 Village of Mount Prospect Mount Prospect, Illinois COMMUNITY DEVELOPMENT DEPARTMENT INTEROFFICE MEMORANDUM TO: Michael E. Janonis, Village Manager FROM: William J. Cooney Jr., Director of Community Developmen ,.,, DATE: December 18, 1997 SUBJECT: Downtown Redevelopment Ad Hoc Committee Strategic Plan The Downtown Redevelopment Ad Hoc Committee forwards their Strategic Plan for the redevelopment of the downtown to the Village Board for their review and consideration. In addition, the committee has developed a draft Request for Proposals that would be utilized to generate developer's interest for phase I of their plan. The plan and the RFP are the result of significant dialogue from the committee and numerous property owners, business owners and residents of Mount Prospect. The committee held two Open Houses and several public meetings over the past three months to encourage the input of the community. These forums not only provided the committee with additional insights, but also confirmed that there is a consensus that continued redevelopment of the downtown was desired. The committee would like to make a brief presentation of their plan to the Village Board at the December 23rd Committee of the Whole meeting. In addition, Finance Director Brian Caputo will be present to highlight the financial feasibility of the proposal. It is the committee's desire to obtain the Village Board's support for the plan and to move forward with the RFP process in January. I have also attached two draft time lines that highlight the steps necessary to move this project forward. Please forward this memorandum and attachments to the Village Board for their review and consideration at their December 23rd meeting. The Committee and staff will be present at the meeting to answer any questions related to the plan. a Downtown Redevelopment Schedule - Draft #1 Date Hmonsiblg & 12/23/97 - C.O.W - review Ad Hoc Committee's recommended draft Strategic Plan and RFP 1/2/98 - Staff - initiate negotiations with property owners 1/7/98 - PC & BDDRC - Public Hearing to include Strategic Plan in Village Comprehensive Plan 1/20/98 - Village Board - review and consider PC & BDDRC's recommendation to amend Village Comprehensive Plan 1/21/98 - Staff - RFP published and distributed 3/5/98 - Staff - developer proposals due to Village by 4:00 p.m., 3/6/98 - Staff - distribute developer proposals to Ad Hoc Committee and Village Board 3/11/98 - Ad Hoc/Committee - submit review and ranking of proposals to staff 3/17/98 - Ad Hoc Committee - discuss analysis of proposals and formalize recommendation 3/24/98 - C.O.W. - review Ad Hoc Committee recommendation for proposal and choose developer 4/1/98 - Staff - formalize status of property acquisition negotiations and report back to Village Board 4/7/98 - Village Board - adopt resolution to enter into negotiations with preferred developer 5/12/98 - Staff - developer agreement negotiations completed 5/19/98 - Village Board - adopt ordinance accepting developer agreement X:\USERS\COMDEWLNG\BDDRC\TUNREDEv\scBFD# 1.wPD Downtown Redevelopment Schedule - Draft #2 Date ROPQRsible l!II '.: Agfim Sts 12/23/97 - C.O.W. - review Ad Hoc Committee's recommended draft recommendation 3/10/98 Strategic Plan and RFP 1/2/98 - Staff - initiate negotiations with property owners and distribute and choose preferred developer 3/17/98 RFP to developers 1/7/98 - PC & BDDRC - Public Hearing to include Strategic Plan in Village developer 4/1/98 Comprehensive Plan 1/20/98 - Village Board - review and consider PC & BDDRC's recommendation to report back to Village Board 4/17/98 amend Village Comprehensive Plan 2/12/98 - Staff - developer proposals due to Village by 4:00 p.m. 2/13/98 - Staff - distribute developer proposals to Ad Hoc Committee and Village Board 2/18/98 - Ad Hoc/Committee - submit review and ranking of proposals to staff 2/24/98 - Ad Hoc Committee - discuss analysis of proposals and formalize recommendation 3/10/98 - C.O.W. - review Ad Hoc Committee recommendation for proposal and choose preferred developer 3/17/98 - Village Board - adopt resolution to enter into negotiations with preferred developer 4/1/98 - Staff - formalize status of property acquisition negotiations and report back to Village Board 4/17/98 - Staff - developer agreement negotiations completed 4/21/98 - Village Board - adopt ordinance accepting developer agreement X:\USERS\COMDE V \PLNG\B DDRC\TUWDE V\SCB ED#2. WPD 01, THE REAL ESTATE MARKET IN DOWNTOWN MOUNT PROSPECT: RESIDENTIAL AND COMMERCIAL DEVELOPMENT OPPORTUNITIES 9—rj The Village of Mount Prospect 100 South Emerson Sleet Mount Prospect, Illinois 60056 erepared 1,�vj Clarion Associates, Inc, 75 East Wacker Drive Suite 1600 Chicago, Illinois 60601 I,j ovember ? 6, 1997 Copyright: 1997 Clarion Associates, Inc, An Illinois Corporation C; la rlo e A e r nr: rarer. I roc. 75 Cast Madr Drive s1life 1600 ('/.' mie qor (l'1'r�re�i.+ 60601 31.-_,,630 9400 November 26, 1997 Real m,(: AYan'/ I F wdlybia 111mming awcl zo)/hrq I, �C'R'+"A41�IV(A4'1XP q„, ('(XBtrIPYt M!".i Mr. William J. Cooney, AICP Director of Community Development Village of Mount Prospect 100 South Emerson Street Mount Prospect, Illinois 60056 Dear Mr. Cooney: We are pleased to submit this report on our market study for downtown Mount Prospect. This report presents the results of our research on the competitive market for potential residential and commercial development in the downtown area, particularly within the central portion of the established TIF district. This market research was conducted in support of the Village's ongoing planning efforts for the downtown. It is also intended to be used by the Village in soliciting developer interest and proposals for new projects in the area. Our work has involved on-site inspection of current conditions in downtown Mount Prospect and the surrounding area, as well as collection and analysis of a variety of data related to the demand for and competitive supply of residential, retail, office and other commercial properties. As you know, this analysis was conducted in coordination with the ongoing efforts of the Village and the ad hoc Downtown Redevelopment Committee to prepare a plan for key areas in the downtown. The following report contains the results of our assessment of current conditions in the downtown area, trends in the larger competitive market, and opportunities for development in the downtown that will be supported in that market. We have found that,, given the, accessibility and amenities of the area, together with demographic, econo. 'e, anrc.ompetitive conditions in the surrounding market area, downtown Mount Prospect can support substantial new residential and commercial development over the next several years. Mr. William J. Cooney 2 November 26, 1997 Please call if we can provide any additional information or answer any questions concerning our analysis or recommendations. Sincerely, nary R. lie, CRE, AICP Senior Vice President TABLE OF CONTENTS 1=1(-N-11 CURRENL ( DT N WNT)MgS M-0UNI PROSPE SECTION IV: IARKET 1, N 0 Q W N T 0 ��- M- : MS EU SE O "F: _ N10WN MINI—P.RQ-S Fes' OR I w d a w .K CURREISICONI)ITIONS IN DOWNTOWN mouN'r PROSPECT Em Downtown Mount Prospect Market Analysis REGIONAL LOCATION MAP PH'i'5Jk , FLNCT0&S `. T �EJ2Q)Y"1'' WT PROSPECT MARKET In order to fully understand the interrelationships between downtown Mount Prospect and its surrounding market areas and competitive trade areas, it is useful to begin with a review of the physical setting and current physical conditions in the area. n r sDect's- radia! armee i !C Mount Prospect's central business district was first established as an agricultural stop on the Chicago and North Western's northwest rail line in the 1850s. The naive Mount Prospect was adopted by a development -minded property owner, Erza Eggleston, to reflect the fact that the highest point in Cook County was on Northwest Highway just to the west of the dom.itown. The surrounding area was settled by mostly German settlers -- including such families as the Busse's and Wille's among others -- who farmed the surrounding countryside and shipped their harvest from the Mount Prospect station. At one time, much of the existing downtown area, surrounding the train station, was occupied by onion warehouses. Other products shipped from the station included dairy products and produce. The area served as a free-standing, agriculturally -oriented market center. By the time the Village of Mount Prospect was established in 1917, the area had begun a transition to becoming a full-service commercial center, and a significant commuter stop for workers traveling to Chicago. The first Village hall was located at the current site of Village Commons, later relocating to various sites in the downtown area. In 1975 the Village hall moved into the former Mount Prospect State Bank building at the corner of Emerson and Busse, where it remains today. Over the years, the Bank has been a significant continuing anchor in the downtown, with successive moves from the northwest corner of Busse and Main; to the current Village Hall building; to its present location as the First Chicago bank on the south side of Busse, east of Emerson. By the 1950s and 1960s, 7with, the rapid development of.the rest of Mount Prospect, the downtown had evolved to become a full-service suburban commercial center, with. a significant commuter component. Important elements of that full --service commercial core have left downtown in the past few decades. The area has lost such representative businesses as the movie theater (entertainment), its traditional hardware and lumber retailers (representative of the comparison goods categories), and most of the pedestrian -oriented, branded retailers once typical of downtown enters. It has retained, however, its banking operations, all of the key government institutions in the community, a number of successful restaurants and food retailers, and a significant component of professional and personal service businesses. Downtown Mount Prospect Market Analysis 1 None of these changes are unique to downtown Mount Prospect; nor do they indicate any inherent flaws in the commercial appeal of they area, which remains at the center of a stable and affluent population base, with good accessibility and visibility. Rather, these changes are reflections of more general changes in business and consumer behavior and preferences that have affected communities throughout the county. From a market perspective, downtown Mount Prospect has adapted to recent market changes in several different ways. That portion of downtown north of the railroad and west of Wille has evolved a highway -oriented character, with retail establishments taking advantage of the visibility and accessibility offered by Northwest Highway and Central Road. The Clocktower Place development has added a significant residential component to that mix. On the south side of the tracks, specialty retailers' -and service businesses have kept a compact and manageable commercial strip well -occupied. Destination -oriented, locally -owned businesses appear to do well in this setting. North of Northwest Highway, and east of Wille -- in the area that is the subject of this analysis -- adjustments have been slower in coming. In part this may be due to the more complex mix of existing uses, larger sites with a diverse mix of ownerships and structures, and some uncertainties regarding the future use of key sites, including Village Hall, the south end of the library block, and the Northwest Electric property. This area may also have somewhat greater expectations to serve as a central place and civic center for the larger community, functions which must be carefully planned to combine with more common commercial uses. In analyzing private market demand for various uses in this area, we have kept in mind the community's interest in retaining and enhancing this central place, civic center function. E lie , ysical Ihire i 1 v tt_ r Prospect t Downtown Mount Prospect is generally bounded by Central Road on the north (with a small commercial extension on the west side of Main Street), Prospect Avenue on the South, Emerson and Maple on the east, and the intersection of Northwest Highway and Central Road on the west. The downtown area adjoins well-established residential areas on the east, north, and south. Overall, downtown Mount Prospect is not a large area, comprising some or all of about 12 blocks, or about 15 acres. The downtown is considerably smaller in overall dimensions -- and in development scale, than the downtowns of neighboring communities such as Arlington Heights, Des Plaines, and Park Ridge. From a market perspective, this influences the scale_of potential development, both for individual projects and in terms of the area's potential to develop critical mass as a destination point. At the same time, it presents the opportunity to significantly transform the downtown's image as a community center with a few key projects. The plan developed by the ad hoc Downtown Redevelopment Committee includes projects capable of Downtown Mount Prospect Market Analysis 2 making such a transformation. Subareas in Dowrnt ry Prospect For market analysis purposes, the downtown area is divisible into several distinct submarkets. The right-of-way of the Union Pacific (formerly Chicago and North Western) railroad runs southeast to northwest through the area, paralleling Northwest Highway. The combination of the. railroad right-of-way, adjacent commuter parking lots, and the parallel four -lane Northwest Highway effectively divide the commercial uses along Prospect Avenue .from commercial areas north of Northwest Highway. The present redevelopment planning (and this market analysis) are focused on areas north of the rail/highway corridor, and in particular on that portion of the downtown bounded by Northwest Highway on the south, Wille Street on the west, Central Road on the north, and Emerson/Maple on the east. 'Ehe' ax Inc ent nt+i a ci Di Ntrict In 1985 the Village established a tax increment financing district in the downtown area, intended to foster redevelopment of the area through public improvements that would be funded through the increment in property taxes resulting from private reinvestments in,the benefited area. The district was expanded in 1988 and again in 1993. The current boundaries are shown on the MAF on the following page. In 1993, the Village initiated the first major improvements .within the TIF district, providing land. assemblage and infrastructure improvements to support redevelopment of the block west of Wille, between Central and Northwest Highway�j That development, known as the Clocktower Place project, involved the construction of a. 7,500 square foot shopping center at the northwest corner of Wille and Northwest Highway; and a 139 unit condominium project in three structures on most of the remainder of the block. Two of those three condominium structures have been completed, with the third due to begin construction soon. With'the limited time horizon of the TIF district approaching, the Village is cun-ently moving to facilitate redevelopment in the remainder of the TIF district, east of Wille Street an&west of Maple. This planning area is depicted in the MAP on the following page. Downtown Mount Prospect Market Analysis 3 C L IA► R 1 0 N Earl Auslon 4 � f t Eapnusion 1 -u sa _5 n - i (•.cr �+ •• h ,• BLOCKS 1,2,3, 1, ,�' f ARE AREAS HAVING ftll. „V F# ' GREATEST PO'I EN'I IAI, FOR « _a - € t ' I03 ,{ 103 }i- t - t I)OWNI OWN REDEVEIAWNIEN I' 1 _ ., 5 ' x�� i � a. � - _? � � .. � ` u ^' ` it ..•. u I Ar , ,/ , r ..,t g , fr y VE AllZ8 SE AVE. �tt 1 • - -gym. = sr €�%f t - '!� ?^'_ -- ii � � - � - ��{ x i <!Ir �€� log , - i: # t na_ . s ,✓, .., n...r ...... r - - �, . AIiE h ac 4 � ..r .� JA ta€'a A. �� `I . t - .. x.. •,u .r �«, , ---® .., a r`" �, `� � jj F € s 1443 u A rtft7` AREA OF AMENDMENT p2 � � �' • ` 1488 �r £} � '� � �•. � m AREA OF AMENDMENT ql .e . ni.t z s 1485 n UR GINnL fnX INCREMENT FINANCE DIS-1RICr jj TIF DISTRICT Physical and Fqn!gtional A559sment Qf Exisfing 13pilding Tyne. Existing structures in the planning area comprise a variety of building types, including: ad" i na tae and TwonSt (ffic et i e i e ti;a ": Included in this category are a variety of frame and masonry buildings along the north frontage of Northwest Highway; on both the north and south sides of Busse Avenue, west of Main Street; on the east side of Main Street, between Northwest Highway and Busse; and on the east side of Emerson, also between Northwest Highway and Busse. These structures appear to have been constricted at various times over the past 40 to 75 years. Many, but not all of them share the English "Tudor style that typifies downtown Mount Prospect north of the railroad corridor. They primarily , depend on street side parking, supplemented by scattered parking lots on intervening lots or to the rear of the buildings. These structures are best suited to serving local business tenants, including small retailers, professional offices, and limited amounts of second -floor residential apartments. The limited amount of dedicated parking associated with these structures limits marketability to the broader base of national commercial tenants, and, to some extent, to local. professional tenants (attorneys, doctors, etc.) needing high visibility, easy parking locations. ;yet_ , in le- etail St ucture * This category includes the Carriage House restaurant at Northwest Highway and Busse/Wille; and the Fannie Mae candy store at Northwest Highway and Emerson. Both have their own dedicated parking lots, although the Carriage House meets some of its parking demand through adjacent parking on Busse. These structures. while not of .recent construction, are well -adapted to current commercial market requirements, due to their high -visibility locations, proximity to the commuter rail station and parking, and their dedicated parking lots. Modern Auto -oriented a t"- n" Re -tail Winer : Three properties on the fringes of the planning/redevelopment area fit this category. On the southwest corner of Central and Wille is the Virginia Court shopping center, which currently, is configured with four vacant units and ample parking spaces. At the northwest corner of Central Road and Main Street. is Central Plaza shopping center, the former site of Doretti's pharmacy, a long-time Mount Prospect fixtures. The third property in this category is the retail component of the Clocktower Place development, at the northwest corner. of Wille Street and Northwest Highway, comprising 7,500 square feet of leasable area, and currently configured with 4 retail units. Central Plaza suffers from limited parking and difficult ingress and egress from its relatively small site. The other two centers have better access, although the Clocktower property has limited in and out traffic patterns. The Virginia Court center is entirely vacant at the present time. Downtown Mount Prospect Market Analysis C L A. R 1 0 N Modern Multi-�"'t , Office Structures: The First Chicago bank building east of Emerson and south of Busse is the only structure fitting this category. This property is well -used by its owner, with the remaining space leasing well to outside tenants. The primary limitation of the property is parking, with some of the need being met by a lot one- half block to the north, on the east side of Emerson. r ur _ , ctrrarr er " t • The block bounded by Busse, Main, Central, and Wille includes several specialized commercial structures. The largest of these is the Northwest Electric pronerty, incorporating a showroom and adjacent warehouse. Also in this block are an autobody repair shop and a gas station at the southwest corner of Main and Central Of these, the gas station is suited to its location at the intersection of two high-volume arterial streets, but has little relationship to other commercial components of the downtown. The autobody shop is less well -situated. And the Northwest Electric property is constrained by its current site area and structure. All are older structures. J!uhlie _Buil ings: Major government buildings in the area include the Library, occupying the northern portion of the block bounded by Central, Emerson, Busse, and Main; the Senior Citizen's Center in the same block (formerly the Village Hall); and the current Village Hall at the southwest corner of Busse and Emerson. Since it was once a private commercial structure, the Village Hall might have some potential utility as a private office property. However, it is relatively small by modern office standards, and appears to have unusual floor plans, due either to its original design as a bank, or its current use as a municipal office building �Si�le- '� a . By Rgstdenccee..; The planning area includes four single-family homes, two on the east side of Wille, and two on the east side of Emerson, north of Busse. Assessment of Land Use Mix The pattern of land uses on the south side of the railroad tracks is cohesive, both in terms of physical structures and land uses. However, the pattern of uses on the north side is more complex and disjointed, with a wider mix of uses, more vacant or underutilized sites and no clear and consistent orientation to the major arterials. From a market perspective, this is confusing for both potential customers and potential developers. The combination of land uses in the planning/redevelopment area currently offer few opportunities for mutual support. The commercial uses are scattered along the three major Downtown Mount Prospect Market Analysis 5 arterial corridors and compete individually, rather than as units, for the attention of drivers and a relatively small number of pedestrians. Other than in the First Chicago building, there is no apparent concentration of professional services or other office uses. Government functions are, on the other hand, well -focused in the area north and south of Busse between Main and Emerson. s e, e tof PotentialDevelonmen ites/Parc The MAP on the following page shows the configurations and estimated sizes for key sites in the study area. These sites have been delineated without regard for existing ownership patterns, and with only limited consideration of existing uses. They represent our understanding of general areas that could become available for development or redevelopment. Parcel A is the entire block bounded by Central, Main, Busse, and Wille Street. It is the largest potentially assembleable development site in the planning area. From a market perspective, it is notable for its long frontage on two important arterial streets, its reasonably large size (slightly under four acres), and its simple rectangular configuration. Its most limited frontage is on Wille Street, due in part to the access restrictions at its intersection with Northwest Highway and lack of signalization at Central. Parcel B is a much smaller parcel, at slightly less than three-quarters of an acre. Its triangular configuration is a limiting factor, but access and visibility from Northwest Highway and Main Street is very good and is actually maximized by the triangular shape. If vacant and available for development (and not considering the relationships between this block and the Busse Avenue. frontage to the north, this property is adaptable to a wide variety of moderate-sized, highway - oriented commercial uses. Parcel C is mostly in public ownership. It is regular in shape and large enough, at about 1.5 acres, to support a variety of uses, public or private. It has reasonable .Main Street frontage, but less commercial potential than parcels A, B, or D. Parcel D is about 2.85 acres in size with a shape that is only slightly irregular and readily adaptable to a variety of uses. It has the best visibility from the train station of any property in the planning area, and extensive frontage on Northwest Highway and Main Street. It is, therefore, not surprising that this block includes some of the more successful continuing retail businesses in the downtown (Fannie Mae, Continental Bakery, and the Sakura Restaurant). Parcel E has limited commercial appeal. Although it is relatively large, at two acres, it is also shallow, comprising only the western half of the block. The best commercial opportunity is Downtown Mount Prospect Market Analysis 6 C L A R 1 0 IN i LU LU Fes - w 4 A STRATEGIC PLANNING AREA Existing Property Boundaries and Building Footprints mmmommmmmmmmmm North CENTRAL ROAD BUSSE AVENUE 2.85 ACRES I 2 ACRES Ez POTENTIAL REDEVELOPMENT SITES /n a a . r offered by the frontage on Central; but that frontage is short, and, in this location, has a predominantly residential character. Ageelsibility and Trgfflc Circulgion Downtown Mount Prospect is highly accessible and supports heavy volumes of vehicular traffic on its three major arterial streets. In spite of an active commuter rail station, virtually all downtown businesses are primarily dependent on automobile -oriented traffic, rather than pedestrian traffic. This automobile - dependency is likely to continue even if more sites in the downtown area are developed for residential use. Traffic counts in the downtown area are depicted in the MAP reproduced on the following page. Traffic counts are high downtown, with the heaviest concentration along Main Street and Northwest Highway. Though situated in the heart of downtown, Busse and Emerson have considerably lower daily traffic counts. It is useful to compare traffic counts in downtown Mount Prospect to other key commercial centers in the area. The MAP on the following page shows traffic counts for 1994 as compiled by the Illinois Department of Transportation for northwest suburbs surrounding Mount Prospect. The following TABLE compares counts at several key intersections. The combination of Main Street with either Central Road or Northwest Highway compares well with comparable intersections, such as Arlington Heights Road and Northwest Highway; and it is not far behind such obviously attractive intersections as Rand Road and Main/Route 83. eta -1jin With 1,900 boardings and over 1,900 allightings daily, the Mount Prospect station is one of the busiest among the 22 stations along Metra's Harvard -Chicago Northwest line. It is second only to Arlington Heights during peak morning and evening travel times. MEM Downtown Mount Prospect Market Analysis 7 Central Road E#a5 Village of Mount Prospect Downtown Traffic Counts Prepared by: Village of Mount Prospect - Planning Division 1 nu:\tr,rr- I gra r (N No Scale I ` 13900�15500..� .1 194090 Igloo ° 6900 - $ -t- a "'? i AS4 IIINT1 o 20500 __ Mac. t=. PAI- WAIIN ' 1 `��,: i ,_ 10300 s a -t t -5700 .,.in AIRPOHI - O t7,i39200 1 A I lt.t a s. ,iJ :JO., - 45, N 8 42300 �. '12 lou 1 d07 0 ��4 2i{ 344134- _161uu 4 33000 3000 i :! • 6700 ,75u0 S60u 3300 0 - > .,� $GOB - WN10W 3000 €418 �� A � ` 4l I 5900 06600 6400 Ma -a _ i �0�-.s._ 5700 ��..� ASU � t o PRUSF t(,7 s l% �. e Y �, If EI( I17'S �, - vl tllvU. _ Poll t� [39 A` , -3 aI 16110 ,t710U , _ AVI A - IIAVAI AIH 28800 70960 :. IGII 2040-3 i)()WS U 11746 "Eusint>1()13 13100 H0 113UOro a E o !2591 ARLINGTON - - - ;#0t00- - - ! - [ N 79100 I1EIG11 fS a ( A c PUI /6 4 i[ o. o f :1 y- \ 16000 15300 #55th tecJiAi #6060aJ7 16700 #�91J1 I760U -- 17600 _ X173600 #e -0'.I 9112 mW§00 i AROSE7 01 IUP 53.760 �'t. € � ��„r � ..,.,, 1.. i1 ) m I 302tl6 : ' IZ600 3S90s7 3du0il #; 41900 1 AI, -;F 31900 < ,37806 - s , 21060 _ . s Sa106 �_ , - } _ 13100 33400 307013 At 1� a - "Joue• 30714 t 700 Cl G7�J '� s 4 w a I `+ m 4J Pl AltiE a 1)0 iiCn 1 R� N r.71 - 904 J:[sal #a lc o, - a2233Olu ° 30503 900 M `� it t (: C 0 26500 27400 ' 0 6600— i .� -.;� •.,, . �: t„Y _.r=,p en L 27900 - t 2 s{ $' 273u�, Soo ) J 7 0900 205 PI,z` Au ar r i _ 4AV 22100 A§t 2 a x 1'A�� 42 #7 76910 s a 100 r 425,00 11 M AREA TRAFFIC COUNTS 1994 ANNUAL AVERAGE 24 HOUR TRAFFIC VOLUME SELECTED AREAA.RTERIALS Route 83 and Northwest, Hi hwa 1994 1985 INCREASE Northwest Hwy. West of 83 and South of Central 19,300 14,400 34% Northwest Hwy. East of 83 and North of 58 19,300 14,800 34% 83 South of Northwest Hwy and North of Elmhurst Rd 26,300 26,300 0% Central and Route 83 1994 1985 83 North of Central 21,300 NA Central East of 83 and West of 12 16,700 NA Central West of 83 and East of Northwest Hwy. 16,000 NA Route 12 and Route 83 1994 1985 North/South on 83 21,300 19,600 9% East/West on Rt. 12 34,800 22,200 57% Northwest Hwy and Arlin on Hts. Rd. 1994 1985 North of Northwest Hwy. on Arlington Hts. Rd. 23,700 N/A South of Northwest Hwy. on Arlington Hts. Rd. 23,000 N/A Northwest Hwy. West of Arlington Hts. Rd. 23,200 N/A Source: Illinois Department of Transportation GENERAL -DEM!Q!GRAP-HfC EACI!QR.-S Downtown Mount Prospect Market Analysis Q,i°,rl " N AL DEMOGRAfflIC S The starting point for assessing the development demand for any category of real estate -- residential, retail, office, or industrial -- is a thorough understanding of the basic trends in population, employment, and income within the market area. level ret Stage Mount Prospect and its neighboring communities are at or rapidly approaching the stage traditionally perceived as "full -buildout," with relatively little vacant land left for original development. Communities in the Chicago metropolitan area that reached this stage in the 1960s, 1970s, and 1980s -- communities such -as Skokie, Niles, and Park Ridge -- usually experienced gradual population decline, due to a fixed number of households and a continuing nationwide trend toward smaller household sizes. However, a significant change in expectations for regional and subregional growth has occurred in the past five years., led by continuing region wide growth in new jobs and increasing acceptance in the marketplace of infill development and of denser redevelopment of sites in many older communities. ] c n n "c Growth and EmnlormeDt3ren 1. The common perception of the northeastern Illinois metropolitan area between 1970 and 1990 was that, after a period of rapid post-war expansion, the region's rate of growth was slowing. This was attributed to a variety of factors, including competition from Sunbelt areas and from overseas for new jobs and the associated population. In fact, even though population growth in the region was relatively low during these decades, employment growth was significant. This was an era during which labor force participation rates increased substantially, particularly due to the entry of increasing numbers of women into the job market. As a result, a modest increase in population and in the number of households supported a strong increase in business activity and the creation of new jobs. By the early 1990s, there was little additional opportunity to fill new jobs from among segments of the population that had not previously been a part of the market. As the official employment and population forecasting agency for the region, the Northeastern Illinois Planning Commission (NIPQ came to the conclusion that this area was likely to add many new jobs in the coining decades: and that the increase in population and households that would be needed to fill these jobs would be proportionately much greater than past experience might have suggested. NIPC forecasts of employment growth between 1990 and 2020 indicate a region -wide increase of more than 37% over the period -- from 3,845,018 jobs in 1990, to 5,280,929 in 2020. In the Downtown Mount Prospect Market Analysis 8 E R 4 NTIA A Downtown Mount Prospect Market Analysis C L A R 1 0 N Northwest Suburban communities of Mount Prospect, Arlington Heights, Palatine, Prospect Heights, Rolling Meadows, and Wheeling, employment growth of more than 36% is expected over this same period. Mount Prospect, with a large established employment base, is forecasted by NIPC to see an additional 14,238 jobs by 2020, a 52% increase from 1990 levels. ReSidential PoDulation Trends and Forecasts Population forecasts for Near North and Northwest suburban communities in a band from Evanston on the east to Palatine on the west -- with Mount Prospect at the center show a substantial increase in population (12.78%) between 1990 and 2020. Although Mount Prospect is forecasted to grow by only 0.42% over that time, that is a function of the forecasters assumptions regarding available residential development opportunities. There is- no reason to assume Mount Prospect could not grow at a similar pace as the larger subregion, if development sites were available. The TABLE and MAP on the following page depict anticipated population growth patterns in the north and northwest suburbs. u.sehold TrepJ1 app 4 ol:ecasts Even more relevant for the residential market potential of downtown Mount Prospect, household growth in the area should be significant. Nearly 39,000 additional households are forecasted by NIPC between 1990 and 2020 in the 13 Near North/Northwest area communities... a 19.38% increase. 2,356 of those additional households would have to be in Mount Prospect, in order to meet even the modest 0.42% population growth currently forecasted for the community. Household trends and forecasts are shown in the following 'CABLE and MAP. In the remainder of this report, we will consider how these, and other factors are likely to play out in downtown Mount Prospect over the next several years and more. We begin with an assessment of the retail market factors in the area. Downtown Mount Prospect Market Analysis 9 /1 0 M wa ap M. WO A r O ov am E DEMOGRAPHIC TRENDS IN THE NORTH SUBURBAN MARKET 171 i POPULATION TRENDS AND FORECASTS i- I _ 1970 1980 1990 2000 2010 2020 %Chane Interpol. Interpol. =1994-2010 Northeastern Illinois (Six Counties) 6,974,755 l 7,261,176 7,855,784 8,450,392 9,045,000 Northwest Northwest Suburban Submarket l i rlingIeihts 65,058 I 66,116 75,460 77,105 78,749 80,394 3.82%; Mount Prospect 34,995 52,634 53,170 53,390 53,609 53,829 0.42% Palatine l 26,050 1 32,166 39,253 ' 45,780 52,306 58,833 47.14%; I Prospect Freights 13,333 11,808 15,239 15,346 15,453 15 560 -0.48%€ Rolling Meadows Wheeling 19,478 13,243 20,167 23,266 22,591 29,911 22,699 31,740 22,808 33,570 22,916 l 35,3991 - -0.16%. 14.70%, Northwest Total for Submarket 172,157 206,157 235,624 246,060 256,495 266,931 l 11.00%. Near North Suburban Submarket I DesPlaines ;Evanston Lincolnwood - _ Grove 57,239 80,113 ' 12,929 ` 26,369 53,568 73,706 11,921 23,747 53,223 73,233 11,365 22 58,884 75,066 12,098 22,682 64,546 76,899 12,832 22,955 70,207 ' 78,732 13,565 23,229Niles 32.73%, 7.22%, 31,432 30363 28 E28n 32,976 37,668 42,360 43.83%, 1ParkRidge,. 42,614 38,704 36,175 35,612 35,048 34,485 -5.40% Skokie 168,322 s _ , 60,278 59,432 60,883 ' 62,334 - 63,785 - 8.15%; Near North' Total for Submarket 319,018 292,287 284,120 298,201 312,282 326,363 i 14.24% e . Total North Suburban Market 491,175 498,444 l 519,744 568,777 593,294 i 12.76% - i Sources: U.S. Census Bureau; Northeastern Illinois Planning Commission; Clarion Associates, Inc. Source: U.S. Bureau of the Census, NIPC, Clarion Associates, Inc. POPULATION TRENDS AND FORECASTS North Suburban Market 700,000 600,000 500,000 -- i 200,000 100,000 -- 0 - Northwest Near North nource: U.S. Bureau of the Census, HIPC, Clarion Associates, Inc. DEMOGRAPHIC TRENDS IN THE NORTH SUBURBAN MARKET HOUSEHOLD TRENDS AND FORECASTS ' z ` 1980 1990 2010 -2020 Change �- - Interpolated) I �I.% Interpolated) 11996 Forecast) Northeastern Illinois (Six Counties _ 2,482,808 2,616,017 2,884,388 ' 3,152,759 1 3,421,130 1 30.78%1 Northwest Suburban Submarket ! _ _ _ Arlinton Hehts 22,180 28,810 30,084 31,359 32,633 13.27% Mount Prospect 18,769 20,281 21,066 21,852 ' 22,637 11.62% Palatine 10,628 15,158 18,225 21,293 24,360 60.71% 1 Prospect sleights 4,679 6,038 6,344 6,649 6,955 15.19% i 1 Rolling Meadows6,905 , 8,237 8,512 8,787 9,062 10.02%, se - elfin ! 9,038 a 12,468 13,371 14,275 15,178 1 21.74% No Total for Submarket 1 72,199 m 90,992 97,603 104,214 110,825 21.80% -- 1 Near North Suburban Submarket � F- I DesPlain-es 18,779 19,990 22,848 25,705 28,563--L-::42::.:8::9:0%:/:.: 'Evanston 27,907 27,954 28,844 29,734 30,624 9.55% Lincolnwood 4,094 4,100 4,463 4,826 5,189 26.56%= Morton Grove - -� 7,949 1 8,124 8,347 8,570 1 . 8,793 8.23% Niles 10,232 10,776 12,763 14,749 16,736 55.31%. ;Park Ridge 13,275 16,466 15,625 14,784 13,943 -15.32%1 _ Skokie 22,3141 22,718 23,621 24,523 25,426 11.929/0 ----[EEE1 i- Ne Total for Submarket 104,550 110,128 116,510 - - --- 122,892 1 129,274 17.39% ;Total North Suburban Market 176,749 201,120214,113 1 227,106 240,099 19.38% i 1 Sources: U.S. Census Bureau; Northeastern Illinois Planning Commission; Clarion Associates, Inc. i I 1 HOUSEHOLD TRENDS AND FORECASTS North Suburban Market 300,000 200,000 2 AN N Northwest ■Near North source: U.S. Bureau of the Census, NIPC, Clarion Associates, Inc. A 0 z DEMOGRAPHIC TRENDS IN THE NORTH SUBURBAN MARKET EMPLOYMENT TRENDS AND FORECASTS ' l -- 1990 2020 -% Chan e Northeastern Illinois Six Counties) 3,845,0185,280,929 37.34%= Northwest Suburban Submarket =Arlingtonteihts a _ �. -_i 52,719 j 67,397 27.840/6I 1Mount Pro spect 27,396 41,634 51.97%° Palatine ; 29,036 41,987 44.60% Prospect Heights _ _v _ e � a � ' 3,791 6,541 72.54% : Rolling Meadows 26,565 31,927 20.18%. Wheeling 24,783 , 34,095 37.57% - Northwest I Total for Submarket 164,290 223,581 36.09% i Near North Suburban Submarket —in j DesPlaes r 60,889 84,992 �6919132 Evanston 45,728 48,897 . 'Lincolnwood 9,734 10,092 3.68% Morton Grove 12,664 13,180 4.07 Niles 32,550 37,609 15.54% I Park Ridge 18,749 , 23,291 24.23% Skokie 51,210 56,972 11.25% Near North Total for Submarket 231,524. 275,033 18.79% Total h Suburban Market 395,814 498,614 ` 25.97%, Sources: i.S. Census bureau; Northeastern Illinois Plannn Commission; Clarion F�ssociates, Inc. FORECASTED EMPLOYMENT North Suburban Market amm 300,000 100,000 Mu 2020 N Northwest E Near North 6urce: U.S. Bureau of the Census, NIPC, Clarion Associates, Inc. THE RE IAJI, MARKET IN DQWNIQjV-jS N01INT PROSPECT Downtown Mount Prospect Market Analysis The retail industry is not yet entirely controlled by national and regional chain store operations. But, the national chains dominate most modern retail centers and most major goods categories; and they have become prerequisite components for the development of most new retail projects, from the largest regional center, to big -box power centers, even down to smaller community and neighborhood centers. Without leasing commitments from at least some of these so-called "credit" tenants, new retail projects become difficult to finance and build. There are still many locally -owned, independent retailers, the so-called "Mom and Pop" operations. But their numbers continue to dwindle, particularly in the retailing of branded comparison goods such as clothing, furniture, books, and hardware. Part of the disadvantage for the local retailer in their competition with national chains has to do with economies of scale in purchasing and marketing. These merchants have lost many of their natural advantages. Many manufacturers used to offer upscale merchandise lines that the customer would only find in specialty stores. Now, those same quality goods show up in every large chain or department store. Local retailers need a relatively higher mark-up to support their operations; but changes in manufacturer's suggested retail prices have not escalated rapidly enough to continue to provide that margin. Meanwhile, the larger chains often have the leverage to negotiate arrangements with suppliers allowing for a variety of benefits, including advertising allowances and advantageous return privileges, in addition to lower wholesale prices. All of this is not to say that there is no longer any place for local retailers, especially those that can provide specialized goods or high levels of service to their customers. But, for the most part, those local retailers who remain will be less than the majority of tenant space in a new center. It is, therefore, the market prospects for national tenants that need to be considered first in assessing the potential for neve retail development in downtown Mount Prospect. Nat' nal and Regyional Retail Trends Retail development has been one of the most active segments of the national development marketplace throughout the 1990s. Although the office market, and to some degree the industrial and residential markets have seen varying degrees of downturn, retail developers have continued to build neve space at relatively consistent rates since early in the decade. The Chicago area has been among the most active retail markets in the country. This reflects, in large part, the strength and size of the local consumer market, which has attracted wave after wave of new chain competitors anxious to have a presence in this market. In the midst -of this fierce competition, some relatively recent entrants to the market have failed, closing stores and creating numerous vacancies in recently built space, not all of which has been re -absorbed. Competition is particularly intense in such categories as home improvement, sporting goods, Downtown Mount Prospect Market Analysis 11 0 E FA groceries, appliances, and books. Nevertheless, vacancy rates, overall, in the Chicago market have been relatively low, although there is clear evidence of overbuilding in certain segments and local markets. The Local Retail Market -- Consumer Characteristics In order to understand the retail potential of downtown Mount Prospect, we have analyzed demographic trends within one-half mile, one mile, three miles, and five miles of the intersection of Northwest Highway and Main Street. Demographic data on the population within each of these concentric areas, generated by National Decision Systems, is reproduced in its entirety in the addenda to this report. The one-half mile radius encompasses those areas that might conceivably generate pedestrian traffic for downtown businesses or for the train station. The one -mile radius can be viewed as the area from which shoppers might be attracted to downtown convenience -oriented retailers. The three-mile radius incorporates much of the rest of Mount Prospect, and portions of adjacent communities. This is an important market radius for many potential national chain stores in selecting candidate locations. The five -mile radius represents a larger northwest suburban market from which specialty retailers or service providers might hope to attract customers. This larger area also allows us to examine some of the ways in which the local market for downtown Mount Prospect differs from the larger suburban area. r�uiatigrt Within the one-half mile and the one -mile radii, population has been declining moderately and is projected to continue to decline. In 1990 there were 4,077 people within one-half mile of downtown; by 1997 this population was estimated to be 3,873, a decline of approximately 5%. Similarly, population within a one -mile radius was 14,944 in 1990, declining by about 6% to 14,033 by 1997. These population estimates, generated through extrapolation of census and other data using nationwide models, need to be used with some caution when applied to such small areas. For example, it is not clear that these estimates account for the construction of specific projects, such as the Clocktower Place development, which added about 90 housing units to the area. Such estimates become more reliable when considering larger areas. Moving farther outward from downtown, modest increases in population become apparent. The three-mile radius population was 121,372 in 1990, grew to 126,753 by 1997 (a 4.4% increase) and is projected to continue to climb to 130,722 by 2002. In the five -mile ring, the population was 283,754 in 1990, increased nearly 6.9% to 303,466 in 1997, and is expected to increase an additional 4.4% in the next five years, reaching 316,752 by 2002. Downtown Mount Prospect Market Analysis 12 TIGER SITE MAP 5 MILE RADIUS BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 MT PROSPECT, IL 1.57 Miles __—m ------- —,_. .._........w.... SITE : 466227 COORD : 42:03.82 87:56.22 r IM w n 1 w ik■ TIGER SITE MAP 0.5, 1 AND 3 MILE RADII BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 MT PROSPECT, IL city 0.94 Miles SITE : 466227 COORD : 42:03.82 87:56.22 The average age of the population surrounding downtown increases with proximity, reaching more than 40 years in both the one-half mile and one -mile market areas. The drop to 37.52 years in the five -mile ring is a significant differences. Households The National Decision System data reports both historical and projected declines in households in both the one-half and one -mile radii around downtown Mount Prospect. Here again, small area counts must be considered with caution, since they may not directly account for specific past projects, and certainly can't anticipate the sort of changes currently being considered in the downtown redevelopment planning process. At the larger scales, increases in households have been occurring and are projected to continue, with an 11.2% increase in households between 1990 and 2002 in the three-mile ring; and a 12.6% increase in the five -mile ring. As previously discussed, household growth typically out paces overall population growth as the average size of households continues to decline. 1990 household sizes in the area were in the range of 2.5 to 2.6 people per household. mrrlovmeent The population surrounding downtown Mount Prospect is heavily concentrated in the Executive and Managerial, Professional Specialty, Sales, and Administrative Support categories. This pattern changes, but only slightly, as the market is expanded farther from the downtown area, becoming slightly more blue-collar in nature. The typical family in the area has multiple workers, with 64.9% of all families within one-half mile having two, three, or more workers. This percentage increases slightly as the market area is expanded, reaching 69.2% in the five -mile area. Clearly, the majority of families in the area will have limited opportunities for shopping, placing a premium on convenience in this, as in most other retail markets. Income Average 1997 household income estimates for the area are relatively high. Looking at each successive ring moving out from the downtown, average income begins at $74,163 in the one- half mile radius, increases to $78,235 in the ore -mile area, and $76,526 within three miles, before declining to $74,564 in the five -mile radius. Apparently, income levels in the residential areas nearest the center of Mount Prospect are slightly lower than those in the next tier of predominantly single-family neighborhoods, within one mile, then begin to drop with additional Downtown Mount Prospect Market Analysis 13 LMWIMINFEEFINE T;: distance. Measured on a per capita basis, the same pattern is evident. Hou n The vast majority of housing units in the area is owner -occupied, with nearly 90% of all housing units within the one -mile radius in this category as of 1990. However, the percentage of renter - occupied units increases significantly with distance from the downtown, reaching over 30% for the five -mile area. As of 1990, by far the majority of workers in the area commuted to their jobs by private automobile, usually driving alone. Only 7.74% of workers within three miles of downtown took public transportation. This percentage did increase with closer proximity to downtown and access to the commuter station and bus routes. Nevertheless, only 12.42% of workers within one-half mile of downtown reported using public transit in 1990. The Local Retail Mark, -`o —Competitive upt). y For purposes of assessing the competitive retail environment, we have inventoried shopping centers within a three mile radius of downtown Mount Prospect. There are 26 centers in this area, ranging in size from three -store neighborhood convenience centers to the Randhurst regional mall. These centers contain a total of 377 occupied store units. A listing of these centers and their current tenants is reproduced in the addenda. Each tenant in these centers was assigned to a category according to the federal government's Standard Industrial. Classification (SIC) system. The TABLE on.the following page shows the breakdown of businesses by both one -digit and more detailed two -digit categories. By far the majority of tenants in competitive centers -- more than 66% -- were involved in traditional retail trade. In large part, this reflects the influence of Randhurst, with its full range of comparison goods retailers. However, the area is also well -served by food stores (31 units or 8.29% of the total) and eating and drinking places (71 units or 18.98% of the total. By comparison, downtown Mount Prospect has few hard goods retailers or food stores;--lthough it is well represented in the eating and drinking establishment category. Particularly if one sets aside Randhurst, the remaining centers reveal that, although routinely Downtown Mount Prospect Market Analysis 14 An pk A w 0 ar, 0 characterized as , pin ', centers, much of the space in a typical strip center is occupied by non - retail establishments providing various kinds of �eri, as well as a modest representation of financial institutions. Fully 28.07% of all "retail" units in the market area were devoted to various forms of personal services (e.g. barber shops and beauty shops), business services (e.g. printing shops), amusement and recreation services (e.g. arcades, health clubs), and health services (e.g. doctors and dentists). In this respect, these more modern, highway -oriented centers are much closer in character to the business mix currently found in downtown Mount Prospect than some people might realize. The primary distinctions are in the design of the structures and configuration of buildings and parking areas, rather than in function. Overall, the market area has a significant concentration of convenience goods and convenience service providers, mostly arrayed along the system of high-volume arterial streets. There is limited opportunity for additional convenience goods -related development in the downtown area; that which does occur will primarily be ancillary services supporting continuing residential development in the immediate vicinity, as well as existing residential areas surrounding downtown Retail ,iDoortunitiesfor Downig-w—pr o s eat National tenants or dominant regional tenants (e.g. Dominick's and Jewel in the foods category) can be found in Randhurst, and in the more modern centers on Rand Road and along Route 83 to the south. These tenants clearly have tended to focus on the automobile -oriented traffic along the area's major arterial streets. There are, however, indications that some of these tenants are increasingly willing to consider a less traditional setting, including new downtown developments recently completed, under construction, or planned in downtowns from Highland Park, to Oak Park, to Park Ridge and Arlington Heights. However, adequate parking, usually in open lots at least partially visible to the passing motorist, remains a primary concern in these suburban downtowns settings. In the absence of adequate parking area to support these destination - oriented comparison goods retailers, opportunities for new retail development in downtown are likely to be limited to convenience -oriented retailers and service -providers in relatively small spaces ancillary to other uses, such as residential, condominiums or apartments. In terms of the scale of additional retail space that could be supported in downtown Mount Prospect, site and design issues are more limiting than are either the location or the purchasing power and competitive supply in the surrounding market. Traffic counts are strong, as are the income characteristics of the surrounding population. Randhurst and the variety of retail arrayed along Rand Road represent significant competition. But there is likely still opportunity to accommodate many of the smaller to mid-sized specialty retailers that continue to enter and expand in the Chicago market. If a large enough site were made available to accommodate larger store units such as Old Navy or Whole Foods, a center in the range of 40,000 to 70,000 square feet might be supportable. If, however, unit sizes are smaller, and/or parking is limited, retailing Downtown Mount Prospect Market Analysis 15 C L A R 1 0 opportunities are more likely to be on the scale of the 7,500 square foot center built as part of the Clocktower Place development. Some of the concepts discussed for downtown Mount Prospect would require a form of parking structure to avoid an auto -oriented character. While we continue to think that structured parking has limited appeal for retailers and their customers, some downtown developments in the region are proceeding with structured parking concepts. The Village may find a developer willing to consider such a concept if the costs can be justified by the scale of the development. However, the Village should consider the risks associated with a slow lease up and/or development pace. In any event, structured parking on one side of Main supporting retail on the other, is unlikely to be successful. Based on our review of existing retailers in the three-mile radius, as well as various national and regional quality -credit chains looking in the area, there appear to be some gaps or additional opportunities in the following categories: • Specialty Apparel • Arts & Crafts/Hobbies Supplies • Housewares, Furniture and Furnishings • Eating & Drinking Establishments (bagel shops, ice cream and yogurt shops, urban - oriented restaurants) Future non -retail developments, particularly residential developments, in the downtown area are likely to have limited impact on the overall retail potential in the downtown. For example, an additional residential development on the scale of the Clocktower project (139 units) would add only that many households and probably less than 260 individuals to the market. This would represent a small fraction of the existing population in even the one-half mile market radius around downtown. And it would be insignificant as a retail demand generator, compared to the volumes of automobile traffic passing through the area. Downtown Mount Prospect Market Analysis 16 Ugal lepants. Local tenants -- non -franchised, non -national credit businesses -- can and should continue to be an important element in the downtown Mount Prospect business environment. However, these tenants will not, by themselves, support a substantial new construction program. Rather, they represent the primary pool of potential tenants for retained existing retail space (such as along Busse Avenue), and may also be expected to fill a minority of the space in any newly developed retail or residential/retail project. The most important category for local tenant recruitment may be in the eating & drinking establishment category. In our opinion, the existing base of successful restaurants downtown represents a focal point for future commercial expansion. Although it might be possible to attract national restaurant operations to some sites downtown based on traffic counts and area demographics, many of these businesses will require site sizes and/or parking configurations that are either unavailable or undesirable in downtown Mount Prospect. Local operations, however, similar to Mrs. P's, the Carriage, Sakura, or the Village Inn, usually are more amenable to non - standardized building and parking configurations. Downtown Mount Prospect Market Analysis 17 BUSINESS ESTABLISHMENTS IN SHOPPING CENTERS — 3 MILE RADIUS OF DOWNTOWN MOUNT PROSPECT By Standard Industrial Classification Category (SIC) CATEGORY Transportation, Communication, Public Utilities Transportation Services Wholesale Trade Wholesale Trade -Durable Goods Retail Trade Building Materials/Garden Supplies General Merchandise Stores Food Stores Automotive Dealers/Service Stations Apparel & Accessory Stores Furniture and Homefurnishings Stores Eating & Drinking Places Miscellaneous Retail Finance, Insurance and Real Estate Depository Institutions Nondepository Institutions Insurance Carriers Insurance Agents Real Estate Holding/Investment Offices Services Personal Services Business Services Auto Repair Miscellaneous Repair Services Amusement & Recreation Services Health Services Social Services Not C/assit<ed TOTAL ESTABLISHMENTS TOTAL CLASSIFIED ESTABLISHMENTS Source: Clarion Associates, Inc. ESTABLISHMENTS PERCENT OF TOTAL Major Categories Two -Digit SIC Major Two -Digit 6 1.60% 6 1.60% 3 0.80% 3 0.80% 248 66.31% 7 1.87% 15 4.01% 31 8.29% 1 0.27% 46 12.30% 18 4.81% 71 18.98% 59 15.78% 12 3.21% 4 1.07% 2 0.53% 1 0.27% 3 0.80% 1 0.27% 1 0.27% 105 28.07% 68 18.18% 7 1.87% 1 0.27% 2 0.53% 7 1.87% 18 4.81% 2 0.53% 3 3 377 377 o o THE . D � IAL MAR,KEI IN DOWNTOWN MOUT PROSEECI In assessing the market potential for residential development in downtown Mount Prospect, we have begun with certain assumptions, derived either from the community's preferences, as established through the downtown planning process, or from observation of the area. First, free-standing single-family homes are not an appropriate use in an area as compact and intensively used as downtown Mount Prospect. Second, the community wishes to limit residential density to a degree, consistent with the carrying capacity and planning objectives for the area. Beyond these limitations, however, the community is willing to consider a variety of residential concepts, ranging in scale from single-family townhome structures to multi -family developments with maximum heights of approximately six to eight stories. The residential portion of the Clocktower Place project has often been cited as representing a desirable scale of residential use in the downtown area. The community is also amenable to a variety of unit types and forms of ownership, including flats, two-story units, and possibly loft -like designs. Either owner -occupied condominiums or rental units may be acceptable, so long as they are supportable in the market. Accordingly, our residential market analysis is divided into three segments: (1) owner -occupied mid -rise multi -family structures; (2) owner -occupied townhomes, and (3) renter -occupied multi- family structures. THE MID -RISE CONDOMINIUM MARKET Irends in ffie Near Ngrib and Norlhwest Suburban w arket. The most comparable market area for mid -rise condominium development in downtown Mount Prospect is the 13 communities comprising the Near North and Northwest suburban market area. In order to assess activities in this market, we obtained data from Tracy Cross & Associates, a firm that regularly monitors residential development and sales activities in the Chicago area. Data from 1992 to 1997 was examined. The TABLE on the following page presents information on each of the projects monitored in this area, including opening date, the pace of sales, and unit pricing. Within the Near North and Northwest submarkets, a total of 26 projects have been marketing since 1992. There were a total of 2,383 units in these projects. Average project size was 92 units. These units ranged in price from $91,290 at the Mallard Cove Condos which opened in Arlington Heights in early 1997; to $231,150 at the Lincoln Ridge Carriage Houses in Skokie, Downtown Mount Prospect Market Analysis 18 Near North Northwest opened in September, 1996. Both of these represent somewhat atypical projects in the market. A more representative price range might be between $119,350 at Perry Street Commons in Des Plaines and $215,900 at the New Biscuit Condos in Evanston. Average unit price for the market area was $176,400. The highest priced units were found in the communities of Evanston, Prospect Heights, Skokie, and Wheeling, indicating no particular geographic hierarchy in price. 339 units were marketed in Mount Prospect, comprising the Pontarelli projects downtown and at Creekside at Old Orchard, at an average price of $171,731 per unit. The number of mid -rise condominium units opening per year varied substantially from year to year, peaking in 1996 (1,089 units), but showing neither an overall increase or decline over the analysis period. The average number of units opening per year was 611 for the five years between 1993 and 1997. The strong pace of condominium sales in this area throughout the 1990s is consistent with several of the demographic trends that were discussed earlier. In particular, the combination of an aging population, smaller household sizes and relatively high incomes makes for strong underpinnings in a mid -rise condominium market. Furthermore, the accelerating pace of both population and household growth seen since 1990 is expected to continue for several decades. This general population growth, combined with the movement of the baby boom population bulge into an age bracket in which children leave home and people decide to dowmsi.ze their housing, should continue to support condominium development throughout this market area for the foreseeable future, at least at the same pace experienced so far in the 1990s. In our opinion, this market can continue to support sales of approximately 600 units per year, recognizing that this would represent a significant portion of the total projected household growth in the market area over the next several decades. id -Rise Co d.- 1Hit e1 t Mou Owed Mount Prospect had 339 new mid -rise condominium units between 1992 and the present, all cif which opened for sale in 1994. Overall average price per unit in those projects has been 5171,731. Unit prices have varied with variations in size, amenities, and design. The range of prices in Mount Prospect has been between $165,000 and $190,000. This range clearly falls near the middle of the larger market. Downtown Mount Prospect Market Analysis 19 C L A R 1 0 MID -RISE AND HIGH-RISE DEVELOPMENTS IN THE NEAR NORTH AND NORTHWEST MARKETS Arlington Hts 94 Mallard Cove Condos New Wilke Rd &White Oak Golub C67 Feb 97 _128 73% 20.4 $ 91,290 Cies Plaines 32 Ferry Street Commons Golf and Rand Franczak Aug -93 32 100% 3.2 $ 119,350 Des Plaines 39 Perry Laurel Perry St. and Laurel Franczak/Norwood Oct -95 39 100% 2.3 $ 139,400 �7 Evanston 58 New Biscuit Condos 601 Linden PL�MCL Mar 94 58 100% $ 215,900 Evanston 24 1300 Central 1300 Central Focus Sep -95 24 100% 2.2 $ 203,343 Evanston 10 Northlight Condos Chicago and Sheridan Focus Sep -96 62 16% 1.1 $ 162J05� ML Prospect 89 Shires at Clock Tower Place NW Hwy and Pine Pontarelli Sep -94 139 �#% 2.6 $ 159,610' Niles 60 Bunker Hill 6635 N Milwaukee Pontarelli Apr -93 60 100% 24 na Miles 36 Abbey Manor 7450 Waukegan Rd OEM Pontarelli Mar -94 36 100°1° 2.3 $ 160,700 Niles 169 Renaissance Milwaukee & Touhy Pontarelli Jun -96 420 40% 14 $ 185,617 Palatine 27 Park Towne Condos Smith St and Colfax Inland Jul -95 96 28% 1.2 $ 77,2508 Palatine 30 Miramonte Pointe Palatine Rd and Plum Wellington Sep 96 76 38%° 3.2 $ 148,349 Park Ridge 18 Park Ridge Pointe-Pavillion NW Hwy and Dempster Burnside Dec -95 160 11% 1 $ 190,157 Skokie 37 The Enclave Prairie and Church Pontarelli Mar -95 60 62% 1.4 $ 167,460 Skokie 9 Lincoln Ridge- Carriage Homes Skokie Btvd Robin Sep -96 68 13%° 1 $ 231,150 Wheeling 18 Equestrian Grove Milwuakee and Lake Community Sep -95 1 95% 1 $ 209,200 Source: Tracy Cross and Associates Inc.; Clarion Associates Inc, 40% 35% 30% 25% 20% 15% 10% 5% 0% MID -RISE AND HIGH-RISE UNITS DEVELOPED SINCE 1992 NEAR NORTH AND NORTHWEST MARKETS Under $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250.000 $100,000 - - _ - - - and over $124,999 $149,999 $174,999 $199,999 $224,999 $249,000 Source: Tracy Cross and Associates In.c.; Clarion Associates Inc. Pace of Sales in the Camarable Marke The average project in the market area has sold out at a pace of 3.7 units per month, with an average marketing period of approximately 36 months. Experience at the Shires at Clocktower Place has been somewhat slower, selling at a rate of only 2.6 units per month. However, that project has reportedly experienced some problems in development related more to the particular circumstances of the developer, than to conditions in the market. We see no reason to expect a quality, well -marketed project such as this in downtown Mount Prospect to sell at less than the overall average for the market, without, for the moment, considering pricing variations. It is unlikely that a condominium project in downtown Mount Prospect will compete with all of the projects in the comparable market area. Rather, we would anticipate the majority of sales to be generated from a more localized market, comprising Mount Prospect, Des Plaines, Arlington Heights, and, to some extent, Prospect Heights and Elk Grove Village. The most directly competitive projects will likely be in Des Plaines, Arlington Heights, or in other portions of Mount Prospect. The downtown market will need to absorb the 50 units planned for the remaining building in the Clocktower development. Assuming that this project reaches marketing stage in 1998, we estimate that it might achieve 3 sales per month, selling out in 17 months. Considering other activity in the area, we currently estimate that an additional mid -rise condominium project could enter the market simultaneously, selling at a similar pace of 3 units per month. This would be an overall sales pace downtown of 6 units per month for the first 2 years; representing 7.2% of the overall market, and most, if not all, of the raid -rise condo market in Mount Prospect. .knit Pricin2 Of Mid- in Co d rnha um Pricing reflects. location, .but primarily is influenced by units size and amenities. In deciding on the level of amenities to incorporate into a project, a balance needs to be developed between quality/price and affordability, which will affect the pace of sales. Assuming that a pace of 3 units per month is the minimum desired, and considering the experience at other projects in the market over the past several years, we estimate that the appropriate unit pricing for new mid -rise condominiums in downtown Mount Prospect is likely to be between $165,000 and $190,000 per unit. Downtown Mount Prospect Market Analysis 20 Trgnds ip the Near Nodh and Norlhweg ,�► he.: In analyzing comparable townhome projects we have looked at the same 13 -community north and northwest suburban market area, and have again looked at monitoring data provided by Tracy Cross & Associates. However, in the case of townhomes, we believe there is likely to be more local market variation. We have, therefore, focused most of our attention on projects relatively close to Mount Prospect, in immediately adjacent communities. Within the larger market, a total of 30 projects have been marketing since 1992. There were a total of 2,029 units in these projects, for an average project size of 68 units. These units ranged in price from $108,900 at Willow Glen in Palatine, to $278,950 at Park Ridge Pointe Villas in Park Ridge. Average unit price for the market area was $185,270. A total of 87 units were marketed in Mount Prospect, including Orchardfield, Millers Station and the Courts of Hill Street. Average price in these projects ranged between $141,308 and $203,050. Units initiated per year varied substantially from year to year, but averaged 338 units each year. In our opinion, this market can continue to support sales of approximately 325 additional townhome units annually. 'mtur, Demand i tlr r. leMgrkgta. Townhome projects tend to vary more widely in quality and amenities than do the mid -rise projects. At one end of the market, developers sometimes offer no-frills townhomes as entry housing for younger people making their first home purchase. At the other extreme are those townhomes that appeal to a luxury market, with much higher qualities of materials, finish, and amenities. In our opinion, a townhome project in downtown Mount Prospect is more likely to be targeted at the higher end of the range, although perhaps not at the top. In this portion of the market, the same general, demographic factors supporting the mid -rise market will also support the townhome market. including the continued -household growth' and aging; downsizing residential population. , I mnhorne D v lcrpment in Mount Prospect Mount Prospect has averaged 12.8 new townhome units per year between 1992 and 1996. None of these projects are directly comparable to a townhome project in downtown Mount Prospect. The most directly comparable project is the Village Commons, at the eastern end of downtown. That project sold out at a moderate to slow pace in 1988 to 1990, at original prices of about Downtown Mount Prospect Market Analysis 21 C L A R 1 0 N TOWNHOME DEVELOPMENTS IN THE NEAR NORTH AND NORTHWEST MARKETS Arlington Hts 56 Lake Arlington Towne 2650 Towne Blvd Kimball Hill Jul 92 56 100% 4.7 na Arlington Hts 15 Aspen Place Twn Hms Run Dr &Hintz Rd Aspen Homes Nov 96 28 54° 2.1 $ 180,540 1 - ,e tt 3t1t�� Des Plaines 40 Fairmont Place otf & Manheim Fairmont Aug 93 40 100% 5.7 $ 174,333 Evanston 12 Hinman Ln Town Homes Hinman and Kedzie Jameson Jan 96 12 100% 0 9 $ 239,300 Mt. Prraspect 22 Orchardfield Twn Hms Rand Rd &Blue Jay Ct Blue Jay Aug -92 22 100% 1 1 ria Mt Prospect 11 Courts of Hill St Rand and Hill AI! Pro Nov -94 11 100°l° 0.4 $ 203,050 Nies gp Capri dee &Harrison Concord Jan -96 84 95% 4.6 $ 156,700 Palatine 67'hispering Oaks Twn Firers Rand Rd and Old Hicks Bogi Develop Apr -92 87 7 1.1 $ 143,400 Palatine 78 Wellington Park Dundee and SMith Ben Cor Sep 93 78 100% 3.1 $ 167,500 Palatine 225 Coventry Park Wilke Rd and Palatine Rd t eington Feb -94 225 100% 7.8 ria Palatine 38 Sutton Park PI NW Ft my and Crscalydge Inverness Develop Nov 95 62 61% 1.9 $ 231,783 Palatine 12 Illini Grove Illinois and Plum Grove c J.M.W Builders AprII96 14 86% 0.8 $ 186,900 Palatine ispenng Oaks Country Ho F Old Hicks and Rand _ Bongi Develop Jun -96 16 44% 0.6 $ 114,900 Prospect Hts e�-- 84 Country Club Villas at Rob Roy Euclid and Wheeling Concord - ft- Oct 95 103 82% 4.5 $ 208,990 Wheelina Own 25 Brookvale McHenry Rd & Brookvale No III Const Jan -93 25 100% 0.9 $ 195,569 1 D s Source: Tracy Cross and Associates Inc.; Clarion Associates Inc- 70% 60% 50% 40% 30% 20% 10% 0% TOWNHOME UNITS DEVELOPED SINCE 1992 NEAR NORTH AND NORTHWEST MARKETS Under $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $100,000 - - and over $124,999 $149,999 $174,999 $199,999 $224,999 $249,000 Source: Tracy Cross and Associates Inc.; Clarion Associates Inc. $195,000 per unit. We have examined eight resales of those units between 1995 and 1997, at prices which ranged between $180,000 and $220,000. We consider that the most likely price range on a smaller, lower amenity townhome project today would be between $175,000 and $190,000. Pace of Sales in the , able M • yet The average townhome project in the market area has sold out at a pace of 2.5 units per month, with an average marketing period of 36 months. The only other downtown Mount Prospect townhome project is the Village Commons development by Hemphill, which sold out 48 units between 1988 and 1990. The unit prices were approximately $195,000. The pace of sales was reported to be only 1.7 units per month. We estimate that a modestly -sized, 20 -unit townhome project in central Mount Prospect might achieve 1.5 sales per month, selling out in a little more than one year. It would represent a modest portion of the total likely townhome market in Mount Prospect. THE RENTAL APARTMENT DEVELOPMENT MARKET Trends in the Market We have examined the market: for rental properties in various submarkets in northwest Cook County. The three most relevant submarkets are: Mount Prospect, Elk Grove Village -- Des Plaines -- Arlington Heights, Buffalo Grove, Prospect Heights, Wheeling Within these three areas Grubb & Ellis reports that there is a total of 17,912 rental units in properties with more than 100 units. Overall occupancy rates, as of July, 1997, for these markets were as follows: -- Mount Prospect... 97.6% -- Des Plaines... 98.3% -- Arlington Heights... 98.7% This compares to an occupancy rate for all of Northwest Cook County of 97.3%. Generally, throughout the metropolitan area, and in most other markets around the country, rental Downtown Mount Prospect Market Analysis 22 f I A d a A 1k* occupancy rates have been or... the rise since at least 1994. It is noteworthy, however, that, in the local submarkets, occupancy is actually a little better in the older, less expensive units, than in the newer, more expensive ones. Average monthly rents have also been generally increasing in the Chicago market. As of July, 1997, average reported rents for Class A apartments (units less than eight years old and with full amenities) in the three submarkets were as follows: -- Mount Prospect... $912, or $0.91/square foot -- Des Plaines... NA -- Arlington Heights... $953, or $1.13/square foot Rents in both the Mount Prospect and Arlington Heights markets were generally increasing throughout the first half of 1997. Indeed, over the longer term, the Northwest Cook County apartment market has seen average rents rise from $0.83 per square foot in January, 1994, to $0.94 per square foot in July, 1997, a 13.25% increase over a three and one half year period. co, nt etitive Market for Rental t With both rents and occupancy increasing, interest in new rental apartment construction is strengthening, including in neighboring downtowns, such as Arlington Heights and Des Plaines, both of which currently have rental projects at the proposal stage. %,� al art er�t 1?er�el a ent in 1) w ra e Similar developmentt of rental units in downtown Mount Prospect is supportable, if they were part of a large project (probably in excess of 100 units) which could include the common amenities expected in the Class A rental apartment category. There has been some discussion by the ad hoc Downtown Redevelopment Committee about the development of a smaller number of rental units in conjunction with, and perhaps above, ground floor retail space. In our opinion, such small scale development would make it difficult to. offer the standard amenities expected in the new apartment market. This could lower achievable rents, by as much as $0.10 to $0.15 per square foot, jeopardizing the feasibility of new construction. However, it is possible that this lack of standard amenities can be compensated for by a design Uowntown Mount Prospect Market Analysis 2; C L A R 1 0 SII that is uniquely attractive in this market. One possibility might be a design concept that incorporates physical configurations and building services that specifically accommodate individuals interested in a combination workiliving environment. Downtown Mount Prospect Market Analysis 24 P Iw A ft a A V LI QFFICE MARKF,41 IN , Downtown Mount Prospect Market Analysis C L A +CM Tile CgHiparable Offlee Markgt The speculative or for -lease office market in Mount Prospect comprises approximately 26 properties with a total of more than 1.3 million square feet of space. Much of this is modern space in locations such as Kensington Center; but there are also numerous mid-sized and smaller buildings in scattered locations on Northwest Highway, Central, and Main Street. Recent performance in this office market is mixed, with some buildings virtually full, while others suffer substantial vacancies. Although new speculative office construction has returned in some suburban locations, there is probably not adequate support at present for such development in downtown Mount Prospect. Over the long term, however, office development projects might be supportable, if, in fact, Mount Prospect experiences the sizable increase in jobs forecasted by the Northeastern Illinois Planning Commission. With full development in existing business parks, demand for smaller office buildings along the major arterials may firm up. Office l ernan l in Downtown Mqgnt Prospect Small professional service firms should continue to find downtown to be an attractive location. In this setting, however, most will need first floor visibility, easy access, and close, surface parking. In these respects, their market needs are similar to those of various small local retailers and personal service providers. The most appropriate locations for office uses are in the retained commercial spaces along Busse Avenue west of Main Street; and in flexible retail/office spaces on the first floor of residential/retail buildings fronting Main Street or Northwest Highway. Downtown Mount Prospect Market Analysis 25 P M w s a w OLr CERTIFICATE I HEREBY CERTIFY that to the best of my knowledge and belief the following is true and accurate: that I have no present or contemplated prospective interest in the real estate that is the subject of this report; that I have no personal interest or bias with respect to the subject matter of this report or the parties involved; that my compensation is not contingent on any action or event resulting from the analyses, opinions, or conclusions in or use of, this report; the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct; that this report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report; that my analysis, opinions and conclusions have been developed and that this report has been prepared in conformity with and is subject to the requirements of the Code of Ethics of the Appraisal Institute and the Uniform Standards of Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation; that the use of this report is subject to the requirements of the Appraisal Institute including possible review by its duly authorized representatives; that Daniel Gardner of Clarion Associates, Inc. contributed to the analyses, conclusions and opinions concerning the real estate that are set forth in this report. Gary Papke inspected the properties for this report. L)Owntown Mount Prospect Market Analysis 26 IN MY OPINION, based on my inspection of the properties and the market, the assessment of market conditions in downtown Mount Prospect is as stated in the preceding report. My conclusions are fully discussed in this report and are subject to the Assumptions and Limiting Conditions which follow. Respectfully submitted, /GTyOR'. ke, CRE, AICP Certified General Real Estate Appraiser No. 153-000812 Date of Report: November 26, 1997 Downtown Mount Prospect Market Analysis 27 STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS This opinion is expressly subject to the following assumptions and limiting conditions: No responsibility is assumed for matters of a legal nature. It is assumed that title to the property is marketable and the legal description furnished us is correct. The legal description provided herein should be verified by competent legal counsel. 2. The property is treated as though under responsible ownership and competent and efficient management, and free and clear of all liens and encumbrances except as specifically provided herein. 3. The described physical condition of any improvements -is based on visual inspection only. It is assumed that there are no hidden or unapparent physical conditions affecting value. No liability is assumed for the soundness of structural members, equipment or soil conditions, since no engineering tests were made. 4. Improvements, if any, are considered to be within lot lines and in accordance with local zoning and building ordinances as well as all applicable federal; state and local environmental laws and regulations, except as noted herein. Any plats, diagrams or drawings provided are intended solely to facilitate understanding and aid the reader in picturing the property, and are not meant to be used as references in matters of survey, as no survey was made, and no liability is assumed regarding questions of survey. It is assumed that all required private, federal, state, or local licenses, certificates of occupancy, consents, or other- legislative or administrative permissions required have been or can be readily obtained or renewed for any use on which the report is based. b, Any information received from others is believed to be reliable; however, no warranty is given for its accuracy. 7, -The authors ,shalImot, berequired to. give further consultation Qr; .testui pony, or appear in court, by reason -of this report with reference to the property described unless previous arrangements have been made to that effect. 8. Disciosure of the contents of this report is governed by the By -Laws and Regulations of the Appraisal Institute. Possession of this report, or a copy thereof, or any part thereof, does not carry with it the right of publication, nor may it be used by anyone butthe Darty for whom it has been prepared without the previous written cobsent of the appraisers, and in any event only with proper written qualification and only in its entirety. Downtown Mount Prospect Market Analysis 23 9, Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the analyst, or the firm with which the analyst is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the analyst. 10. Any value estimates stated herein are based on the purchasing power of the dollar as of the date of this report, except as otherwise specified. 11. This report is intended to be read and used as a whole and not in parts. Separation of any section or page from the main body of the report is expressly forbidden and will be considered as invalidating the report. 12. Where the property being considered is part of a larger parcel or,tract, any values reported relate only to the portion being considered and should -not be construed as applying with equal validity to other portions of the larger parcel or tract. Any allocation of value in this report between land and improvements4pplies only to this report, and must not be used as part of any other appraisal and is invalid if so used. 'The value reported for any portion appraised plus the value of all other portions may or may not equal the value of the entire parcel or tract considered as an entity. 13. Any projections of future rents, expenses, net operating income, mortgage debt service, capital outlays, cash flow, inflation, capitalization rates, interest rates or discount rates are intended solely for analytical purposes and are not to be construed as predictions or as representing the thinking of the authors of this report or this office. To the extent that they are used in estimating the value of an interest or interests in real property, they represent only our judgment of the assumptions Likely to be used by purchasers and sellers active in the marketplace. 14. L?nJ.ess otherwise noted in this report, no responsibility is assumed for detecting the existence of any stnictural, mechanical or utility defects or deficiencies, or the presence of hazardous substances such as but not limited to radon, gas, -asbestos, natural or artificial,radiatiun, :or toxic, substances.: of any description; -.whether. on or.off the premises, other than those readily apparent from a visual inspection of the property. Other than as noted in this report, the appraiser is -not qualified to test: for the presence of such factors, and does not assume responsibility for the engineering or scientific knowledge or expertise required to discover them. Also excluded from consideration, except as noted in this report, are air or water pollution; noise; flooding, storms or wind; or other environmental hazards or conditions. If the presence of any of the above conditions may affect the value of the property, the value estimate in the report, other thap. as indicated to the contrary in the report, is predicated on the assumption that there is no such condition on, in, or under the property or in such proximity thereto that it would cause a loss in value. Downtown Mount Prospect Market Analysis 79 P N1p w w 0 w w■ Mall Location Store SIC Wooden Bird 5712 57 Furniture and Hornefumishings Stores Radio Shack 5731 57 Furniture and Homefumishings Stores Lemstone Books 5942 59 Miscellaneous Retail Walden Books 5942 59 Miscellaneous Retail Gateway News 5942 59 Miscellaneous Retai: Home Depot 5211 52 Building MateriaWGardel Supplies Carson Pirie Scott 5311 53 General Merchandise Stores JC Penney 5311 53 General Merchandise Stores Kohls 5311 53 Geiierel Merchandise Stores Montgomery Ward 5311 53 General Merchandise Stares General Nutrition 5399 53 General Merchandise Stores JeweUOsco 5411 54 Fcod Stores Coffee Depot 5441 54 Food Stores Fannie May 5441 54 Food Stores Original.Cookie 5441 54 Food Stores Pretziemaker: 5441 54 Food Stores Gingiss Forrralwear 5611 56 Appa,el & Accessory Stores Afterthoaghs:. 5621 56 Apparel & Accessory Storee August Max 5621 56 Apparel & Accessory Stores Casual Comer 5621 56 Apparel & Accessory Stares Coopers Watchworld 5621 56 Apparel & Accessory Stores Express 5621 56 Apparel & Accessory Stores Fredericks of Ho!lywoo 5621 56 Apparel & A :ceascry Sto! as Hot Rags 5621 56 Apparel & Accessary Stores Lerner New York 5621 56 Apparel & Arze;scry ,,to, ss Limited 5621 56 Apparel & Acces ,cry Stores Modem Woman 5621 56 Apparel & Accessory Stores Motherhood Maternity 5621 56 Apparel & Accessory Stores Northern Reflections 5621 56 Apparul & Accessary Stores Paul Harris 5621 56 Apparel & Accessory Stores Petite Sophist'imte 5621 56 Apparel & Accessory Stores Rave 5621 56 Apparei & Accessory Stoles V-ctorias Secret 5621 56 Apparel & Ao essory Stores The i:hildran's Place 5641 56 Apparel & Accessory Stores Backstreet 5651 56 Apparel & Accessory Store - Leather Image 5651 56 Appare; & A.xessory Stores Wilson leather 5651 56 Appare! & Accessory Stores Old Navy 5651 56 Apparei & Accessory Stores New York City 5651 56 Apparel & Accessory Store.- tores,thletes ,AthletesFoot 5661 56 Apparel & Accessory Stores Champs Sports 5561 56 Apparel & Accessory Stares Easy Spirit : 5661 56 -Apparel &'Acxessory Stores Florsheim Shoes 5661 56 Apparel & Accessory Stores Foot Locker 5661 56 Appare: & .Accessory Stores Hush Puppies 566' 56 Apparel & Accessory Stores Kinney Shoes 5651 56 Apparel & Accessory Stores Lady Fnot LoMer 5661 56 Apparei & Accessary Stores Naturalizer 5661 56 Apparel & Accessory St: -.res Nine West 5661 56 .Apparei & Accessory Stores Payless Shoe -source 5661 56 Apparel & Accessory Stores Stride Rite 5661 56 Apparei & Accessory Stares Sunglasses Hut 5699 56 Apparel & A, :ssory Stores Uniimded Gear 5699 56 Apparel & Accessory Stores Barrington Bath Shopp 5699 56 Apparel & Accessory Stores Bath & Body Works 5699 56 Apparel & Accessory Stores Circuit ,;ity 5722 57 Fumiture and Homefurnishings Stores Music Recyclery 5735 57 Furniture and Hon, efurnishings Stores Recoro Town 5735 57 Furniture and Homefumishings Stores A & W Hotdogs 5812 58 Eating & Drinking Places C L A R 1 0 1" ber Mall Location Store SIC Baskin Robins 5812 58 Eating & Drinking Places Boardwalk Fries 5812 58 Eating & Drinking Places Cajun Grill 5812 58 Eating & Drinking Places Cahrteys Steakery 5812 58 Eating & Drinking Places McDonalds 5812 56 Eating & Drinking Places Panda Express 5812 58 Eating & Drinking Places PAtissede Too 5812 58 Eating & Drinking Places Quencher Smoothies 5812 58 Eating & Drinking Places Sakkio Japan 5812 58 Ealing & Drinking Piaces Sbarros 5812 58 Eating & Dsinkirg Pla±es SubNay 5812 58 Eating & Drinking Pla•_es Applebees 5812 58 Eating & Drinking Places East Side Marios 5812 58 Eating & Drinking Places Hacienda 5812 58 Eating & Drinking Places Cinabon 5812 58 Eatng & Drinking Places Door County 5812 58 Eating A Drinking Places Chicago Sports 5941 59 Miscellaneous Retail Barbaras Jewelry 5944 59 Miscellaneous Retail Doemers Jewelers 5944 59 Miscellaneous Retail Fast -Fix Jewelry 5944 59 Miscellaneous Retail Lundstrom Jewelers 5944 59 Miscellaneous Retail Noors Jewelers 5944 59 Miscellaneous Reteil Piercing Pagoda. 5944 59 Miscel;aneous Retail Ultra Jewelers 5944 59 Miscellaneous Retail Zales 5944 59 Miscel!aneous Retail Cornix Revolution 5945 59 Miscellaneous Retail Kay Bee Toys 5945 59 Miscellaneous Retail Ryans Coins 5945 59 Miscellaneous Retail Monograms USA 5945 59 Miscelioneous Retail Potpuri 5945 59 Misrellaneous Retail Ritz Camera 5946 59 Mis:sP.annous Retail Carlton Cards 5947 55 Miscellaneous Retaii Oneils Hallmark 5947 59 Mi..-xelianeous Retail Beer Stuff 5947 59 Misce!;anevus Remil Blarney Irish Gifts 5947 59 Miscellaneous Retail Spencers Gifts 5947 59 Miscellaneous Retail Suncoast Motion Pictur 5947 59 Miscellar:erus Retail Things Remembered 5947 59 Miscella!:Ecus Retail Emporium Luggage 5948 59 Miscelhineous Retail Ticketmaster, 5999 59 Miscellaneous Retail Dollar Tree : 5999 59 Miscell3neoLs Retail "State Farm insurance 6411 64 Insurance Agents Jcnes Investments 6726 67 Holding/Investment Gffia.s Randhurst Tailor 7219 72 Persanel Services Sears Porbait Studio 7221 72 Personai Services Great Clips 72331 72 Personal Ser..`ces Lovely Flails 7231 72 Personal Services Merle Norman 7231 72 Personal Services Renis Hairstyles 7231 72 Personal Services Trade Secret 7231 72 Personal Services Randhurst Shoe Repair 7251 72 Personal Services Concept Printing 7389 73 Business Services Dr. Office 8011 80 Health Services Dentist 8021 80 Health Services Ultra Zone 8042 80 Health Services Docs Eyeglasses 8042 80 Health Services Lens Crafters 8042 80 Health Services 22 N/A Elmhurst Rd & Camp McDonald 7 Eleven Epco 5411 54 Food Stores 5231 52 Building Materials/Garden Supplies P e w rw a w r. 15, Effective January 26, 1992, the Americans with Disabilities Act (ADA) established requirements intended to make most privately operated, non-residential buildings accessible to and usable by disabled persons. We have not undertaken a specific compliance survey and analysis of this property to determine whether or not or to what extent it conforms to the provisions of the ADA. Such a survey and detailed analysis of ADA requirements could reveal that the property does not comply with the act in one or more respects. We have assumed that the property either is in compliance or that measures can be taken to remove architectural barriers or otherwise achieve compliance at minimal cost. 16. The professional fees paid for preparing the appraisal report were not based in whole or in part on the amount of the appraised value of the property, but rather upon a fixed price plus expenses or hourly reimbursement basis. 17. The authors have made inquiries to determine if there are any restrictions upon the use, sale or disposition of the property, and all such restrictions found are described in the appraisal. Downtown Mount .Prospect Market Analysis 30 C L A R 1 0 1" Downtown Mount Prospect Market Analysis 31 Wed Nov 5, 1997 Page 1 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 Site:4662.27 MT PROSPECT, IL COORD: 42:03.82 87:56.22 ------------------------------------------------------------------------- 0.50 MILE 1.00 MILE 3.00 MILE DESCRIPTION RADIUS RADIUS RADIUS I -.--- POPULATION 2002 PROJECTION 3,728 13,504 130,722 1997 ESTIMATE 3,873 14,033 .126,753 1990 CENSUS 4,077 14,944 121,372 1980 CENSUS 4,554 16,803 117,702 GROWTH 1980 - 1990 -10.47% -11.06% 3.120 HOUSEHOLDS 2002 PROJECTION 1,496 5,458 52,6;65 1997 ESTIMATE 1,519 5,544 51,227 1990 CENSUS 1,556 5,662 47,344 1980 CENSUS 1,581 5,853 41,833 GROWTH 1980 - 1990 -1.580 -3.27% 33.18; 1997 ES'T'IMATED POPULATION BY RACE 3,873 14,033 126,753 WHITE 95.860 95.410 88.56% BLACK 0.43% 0.52% 1.81% ASIAN & PACIFIC ISLANDER 2.34% 3.26% 7.01% OTHER RACES 1.37% 0.81% 2,62% 1997 ESTIMATED POPULATION 3,873 14,033 126,753 HISPANIC ORIGIN 6.00% 5.68% 8.94% OCCUPIED UNITS 1.,556 5,662 47,344 OWNER OCCUPIED 88.67% 89.98% 70.78-'0- 0.78%RENTER RENTEROCCUPIED 1.1.33% 10.020 2.9.22% 1990 AVERAGE PERSONS PER .HH 2.62 2. 4 2.55 1997 EST. HOUSEHOLDS BY INCOME 1,519 5,544 51,227 $150,000 OR MORE 4.83% 7.01% 7.29% $100,000 TO $149,999 13.04% 9.28% 9.70% $ 75,000 TO $ 99,999 15.70% 17.14% 14.490 $ 50,000 TO G 14,999 28.79% 29.69% 25.59% $ 35,000 TO $ 49,999 13.54% 13.04% 15.27-0. $ 25,000 TO $ 34,99 8.01% 8.67% 10.02% $ 15,000 TO $ 24,999 7.51% 7.00% 8.67° $ 5,000 TO $ 15;000 7.45% 7.60% "7.72% TINDER $ 5,003 1. 12 % 0. 52= 1. 25 % 1997 EST. AVERAGE HOUSEHOLD lNCOME $74,153 $70,235 $76,520 1997 EST. MEDIAN HOUSEHOLD INCOME $60;731. $61,028 $56,908 1997 .EST. PER CAPI`T'A INCOME $29,089 $30,909 $_',1,114 C L A R 1 0 N Wed Nov 5, 1997 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC Page 2 US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82 87:56.22 ------------------------------------------------------------------------ 0.50 MILE 1.00 MILE 3.00 MILE DESCRIPTION RADIUS RADIUS RADIUS 1997 ESTIMATED POPULATION BY SEX MALE FEMALE 3,873 14,033 126,753 48.76% 48.44% 48.860 51.24% 51.56% 51.14% MARITAL STATUS 3,285 12,183 100,016 SINGLE MALE 10.85% 11.23% 14.44% SINGLE FEMALE 8.720 9.11. 11.46% MARRIED 66.990 66.59% 59.71% PREVIOUSLY MARRIED MALE 3.01% 2.94% 4.07% PREVIOUSLY MARRIED FEMALE 10.430 10.14% 10.31% HOUSEHOLDS WITH CHILDREN 494 1, 7P,7 � 14, 043 MARRIED COUPLE FAMILY 90.04% 89.13% 85.89% OTHER FA24ILY-MALE HEAD 1.52% 1.92% 3.31 OTHER FAMILY -FEMALE HEAD 8.05% 8.559c; 10.24% NON FAHILY 0.390 0.=9% 0.57% 1997 ESTIMATED POPULATION BY AGE 3,873 14,033 126,753 UNDER 5 YEARS 6.96% 6.570 6.06% 5 TO 9 YEARS 6.58% 6.01% 5.65% 10 TO 14 YEARS 6.37% 6.110 5.80% 15 TO 17 YEARS 2.72% 3.i-'% 3.38% 18 TO 20 YEARS 2.00% 2.179. 2.77% 21 TO 24 YEARS 2.55% 3.040 0.32% 25 TO 29 YEARS 7.53% 6.609 8.160 30 TO 34 YEARS 8.89% 9.26% 8.31% 35 TO 3,9 YEARS 8.63% 3.260- 8.31% 40 TO 49 YEARS 13.23% 13. 91 % :i 4. 7 3 % 50 TO 59 YEARN 10.04% 11.89% 12.53% 60 TO 64 YEARS 5.37% 6.1-0t 4.89% 65 TO 69 YEARS 6.06% 6.09% 4.54% '70 TO 74 YEARS 5.611% .5..05% 3.70% 75 + YEARS 7.48% 6.74% 5.47% MEDIAN AGE 38.72 39.89 37.74 AVERAGE AGE 40.18 40.51 38.69 C L A R Wed Nov 5, 1997 Page 3 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82 87:56.22 - 0.50 MILE 1.00 MILE 3.00MILE DESCRIPTION RADIUS RADIUS RADIUS -------------------------------------------- 1997 ESTIMATED FEMALE POP. BY AGE 1,985 7,.235 64,822 UNIDER 5 YEARS 6.31% 6.10% 5.80% 5 TO 9 YEARS 6.02% 5.56% 5.39% 10 TO 14 YEARS 5.70% 5.52% 5.47% 15 TO 17 YEARS 2.94% 3.23% 3.18% 18 TO 20 YEARS 1.58% 1.910 2.470 21 TO 24 YEARS 2.30% 2.81% 5.15% 25 TO 29 YEARS 7.41% 6.72% 7.86% 30 TO 34 YEARS 9.03% 7.89% 7.93% 35 TO 39 YEARS 8.38% 7.82% 7.28% 40 TO 49 YEARS 13.01% 14.270-o 15.07% 50 TO 59 YEARS 10.58% 1.5_x% 13.33% 60 TO 64 YEARS 6.07% 6.621% 4.97% 65 TO 69 YEARS 6.25% 6,17n 4.671% 70 TO 74 YEARS 5.54% 5.00% 75 + YEARS 8.82% 7.87% 7% .01: FEMALE MEDIAN AGE 40.24 4 1. 71 36.2.8 FEMALE AVERAGE AGE 41.76 41.8: 40.03 POPULATION BY HOUSEHOLD TYPE 4,077 14,944 121, 372 FAMILY HOUSEHOLDS 89.97% 90.64% 85.500 NON--FA141 LY HOUSEHOLDS 10.03% 9.36% 13.93% GROUP QUARTERS 0.00% 0.00% 0.57% HOUSEHOLDS BY TYPE 1,556 5,662 47,344 SINGLE MALE 5. 920t 5. 1-11:;% 9. 53510, SINGTLE FEMALE 13. 05% 12.82% 14.65 r MARRIED COUPLE 611 . 04 % 69.3-2% 60. 71 % OTHER FAMILY -MALE HEAD 1.790 1.94, 2.81% OTHER FAMILY -FEMALE HEAD 6.97% 7.00% 7.0.; NON FAMLILY-MALE HEAD 1.81% 1.62% 3.140 NON FAMILY --FEMALE HEAD 1.42-o i.-08% 2 . 1c7.'% POPULATION BY URBAN VS. RURAL 4,081 1.4,935 121,343 URBAN 100.00% !00.00% 100.00% RURAL 0.00 0.1JO1% 0.00 C L A R 1 0 Nq Wed Nov 5, 1997 Page 4 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FQR CLARION`ASSOC US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82. 87:56.22 ------------------------------------------------------------------------- DESCRIPTION 0.50 MILE 1.00 MILE 3.00 MILE RADIUS RADIUS RADIUS FEMALES 16+ WITH CHILDREN 0 - 17: BAS 1,733 6,-373 50,814 WORKING WITH CHILD 0 - 5 5.92% 5.33% 4.79% NOT WORKING WITH CHILD 0 - 5 0,08% 0.16% 0.250 NOT IN LABOR FORCE WITH CHILD 0 - 3.13% 3.25% 3.35% WORKING WITH CHILD 6 - 17 11..05% 10.650 9.39% NOT WORKING WITH CHILD 6 - 17 0.19% 0.33.100- 0.28% NOT IN LAB. FORCE WITH CHILD 6 - 3.74% 3.66% 3.30% WORKING WITH CHILD 0 -- 5 & 6 - 18 1.90% 1.43% 2.86% NOT WORKING WITH CHILD 0-5 & E-18 0.31"6 0.12% 0.10% NOT IN LAB. FOZ:CE.W/CHILD 0-5 &6- 2.380 1.93% 2.02% WORKING WITH NO. `CHILDREN 40.54% 41:36% 44.21% NOT WORKING WITH NO CHILDREN 0.97' 0. 9_39011-.' 1.17% NOT IN LAB. FORCE WITH NO CHILD. 29.80;; 30.35% 28.280 HH BY AGE BY POVERTY STATUS 1,523 5,650 47,219 ABOVE POVERTY UNDER AGE 65 69.98% 71.10% 77.01% ABOVE POVERTY AGE 65 + 28.255,` 27..08% 19.87% BELOW POVERTY UNDER AGE 65 0.650 0.550 1.91% BELOW POVERTY AGE 65 + 1.120 1.27% 2.21% POPULATION 16+ BY EMPLOYMENT STATUS 3,208 12,099 981589 EMPLOYED IN ARMED FORCES 0. 14,% 0.09% 0.10% EMPLOYED CIVILIANS 66.116 66.63% 70.07% UNEMPLOYED CIVILIANS 1.11% 1.58% 2.22% NOT IN LABOR FORCE 32.64 31.70% 27.62% POPUTATION 16+ BY OCCUPATION 2,121 3,06 69,077 EYECUTIVE AND MANAGERIAL .19.9511 1.36% 13.320 PROFESSIONAL SPECIALTY 18.9:x% 17.89% 14,850 TECHNICAL SUPPORT 4.88% 3.80% 3.41% SALES 16.85% 17.01-0. 15.26-0. ADMINISTRATIVE SUPPORT 19.38% 19.38%- 19.48% SERVICE: PRIVATE HOUSEHOLD' 0.00% 0.04% 0.096 SERVICE: PROTECTIVE .1.28% 1.65% 1.08% SERVICE: OTHER 3.87% 5.75% 7.96% FARMING FORESTRY & FISHING 0.51% 0.3306 0. :l 1 % PRECISION PRODUCTION & CRAFT 6.02% 7.10% 9.58% M&CHINE OPER-?TCR 4.18% 3.48% 4.43% TRANS. AND IlLhTERIAL MOVING 0.80% 1-54% 2.30% iA.' ORERS 3.37. 2 . 67`� 2:.94 % C L A R 1 0 Wed Nov 5, 1997 Page 5 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD• 42.03.82 87.56.22 ------------------------------------------------------------------ 0.50 MILE 1.00 MILE 3.00 MILE DESCRIPTIONRADIUS RADIUSRADIUS ------------------------------------------- FAMILIES BY NUMBER OF WORKERS 1,181 4,431 33,622 NO WORKERS 14.14% 11.53% 8.53% ONE WORKER 20.97% 22.94% 22.78% TWO WORKERS 45.78% 45.07% 48.91% THREE + WORKERS 19.10% 20.46% 19.78% HISPANIC POPULATION BY TYPE 4,077 14,944 121,372 NOT HISPANIC 98.00% 98.16% 94.72% MEXICAN 1.230 1.090 3.81% PUERTO RICAN 0.14% 0.15% 0.310 .CUBAN 0.04% 0.09% 0.15% OTHER HISPANIC 0.58% 0.52% 1.01% 1997 HISPANICS BY RACE: BASE 232 797 11,327 WHITE 73.52% 8592% 69.670 BLACK 0.300 0.800 0.620 ASIAN 1.37% 1.45% 2.50% OTHER 19.81% 11.82% 27.210 POPULATION BY TRANSPORTATION TO WORK 2,095 7,923 67,970 DRIVE ALONE 72.47% 77.520 77.86% CAR POOL 9.38% 7.04% 9.46% PUBLIC TRANSPORTATION 12.42% 9.64% 7.74% DRIVE MOTORCYCLE 0.00% 0.03% 0.09% WALKED ONLY 3.14% 2.48% 2.05% OTHER. MEANS 0.05% 0:.62%% 0.760 WORKED AT HOME 2.551 2.66% 2.04% POPULATION BY TRAVEL TIME TO WORK 2,095 7,923 57,970 UNDER 10 MINUTES / WORK AT HOME 12.54% 14.21% 12.910-. 10 TO 29 MINUTES 48.41% 46.31% 49.14% 30 TO 59 MINUTES 27.05% 29.41% 29.17% 60 TO 89 MINUTES 10.48% 8.45% 7.300 90+ MINUTES 1.52% 1.62% 1.47% AVERAGE TRAVEL TIME IN MINUTES 25.33 25.82 25.33 HOUSEHOLDS BY NO. OF VEHICLES 1,564 5,675 47;10"7 NO VEHICLES 5.28% 5.09% 5.36% 1 VEHICLE 35.10% 31.26% 34.34% 2 VEHICL•.ES 45.65% 47.45% 43.72% 3+ VEHICLES 13.96% 16.201 16.58% ESTIMATED TOTAL VEHICLES 2,676 10,101 82,365 C L A R 1 0 N Wed Nov 5, 1997 Page 6 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82 87:56.22 ------------------------------------------------------------------------ 0.50 MILE 1.00 MILE 3.00 MILE DESCRIPTION RADIUS RADIUS RADIUS ------------------------------------------------------------------------ POPULATION 25+ BY EDUCATION LEVEL 2,858 10,720 84,659 ELEMENTARY (0-8) 5.19% 4.76% 5.43% SOME HIGH SCHOOL (9-11) 7.15% 6.36% 8.22% HIGH SCHOOL GRADUATE (12) 22.45% 25.79% 26.63% SOME COLLEGE (13-15) 20.53% 20.11% 21.64% ASSOCIATES DEGREE ONLY 5.09% 5.80% 6.67% BACHELORS DEGREE ONLY 26.39% 25.79% 22.40% GRADUATE DEGREE 13.19% 11.39% 9.00% POPULATION ENROLLED IN SCHOOL 998 3,426 27,053 PUBLIC PRE- PRIMARY 4.18% 4.48% 4.47% PRIVATE PRE- PRIMARY 9.67% 6.99%` 4.96% PUBLIC ELEM/HIGH 40.44% 42.94% 49.17% PRIVATE ELEM/HIGH 16.13% 12.73% 10.190-0 ENROLLED IN COLLEGE 29.58% 32.86% 31.21% HOUSING UNITS BY OCCUPANCY S'T'ATUS 1,586 5,764 49,454 OCCUPIED 98.08% 98.23% 95.73% VACANT 1.92% 1.77% 4.270 VACANT UNITS 30 102 2,1.09 FOR RENT 23.69% 24.13% 65.30% FOR SALE ONLY 32.11% 30.41% 13.230 SEASONAL 5.03% 6.96% 5.710 OTHER 39.17% 38.50% 15.75% OWNER OCCUPIED PROPERTY VALUES 1,250 4,635 28,145 UNDER $25,000 0.12% 0.13% 0.13% $25,000 TO $49,999 0.33% 0.29% 0.30% $50,000 TO $74,999 1.71% 1.61% 1.85% $75,000 TO $99,999 10.00% 9.04% 8.19% $100,000 TO $149,999 47.27% 45.98% 38.41% $150,000 TO $199;999 32.98% 32.27% 32.85% $200,000 TO $299,999 6.87% 9.370 15.68% $300,000 TO $399,999 0.66% 0.96% 2.01% $400,000 TO $499,995 0.06% 0.25% 0.44% $500,000 + 0.01% 0.10% 0.13% MEDIAN PROPERTY VALUE $143,404 $146,457 $155,694 TOTAL RENTAL UNITS 169 533 13,560 MEDIAN RENT $597 $593 $585 C L A R 1 0 Wed Nov 5, 1997 Page 7 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD• 42.03.82 87.56.22 ---------------------------------------------------------- 0.50 MILE 1.00 MILE 3.00 MILE DESCRIPTIONRADIUS RADIUS RADIUS ------------------------------------------ PERSONS IN UNIT 1,556 5,662 47,344 1 PERSON UNITS 18.97% 18.45% 24.18% 2 PERSON UNITS 38.25% 37.87% 34.720 3 PERSON UNITS 17.71% 18.09% 17.100 4 PERSON UNITS 15.720 16.20% 14.71% 5 PERSON UNITS 6.57% 6.52% 6.24% 6 PERSON UNITS 2.16% 2.24% 2.04% 7 + UNITS 0.63% 0.63% 1.02% YEAR ROUND UNITS IN STRUCTURE 1,586 5,764 49,454 SINGLE UNITS DETACHED 83.66% 85.78% 58.21% SINGLE UNITS ATTACHED 5.37% 3.61% 4.72% DOUBLE UNITS 1.20% 0.75%� 0.8I% 3 TO 9 UNITS 2.76% 2.46% 8.97% 10 TO 19 UNITS 3.70% 2.87% 7.05% 20 TO 49 UNITS 2.63% 3.36% 10.16% 50 + UNITS 0.42% 0.88% 8.70% MOBILE HOME OR TRAILER 0.00% 0.00% 0.80% ALL OTHER 0.26% 0.28% 0.57; SINGLE/MULTIPLE UNIT RATIO 8.31 8.66 1.76 HOUSING UNITS BY YEAR BUILT 1,564 5,675 47,107 BUILT 1989 TO MARCH 1990 0.13% 0.30% 1.14% BUILT 1985 TO 1988 0.19% 0.82% 5.80% BUILT 1980 TO 1984 0.58% 1.60% 5.30% BUILT 1970 TO 1979 7.88% 8.060 20.940 BUILT 1960 TO 1969 17.37% _19.35- 32.860 BUILT 1950 TO 1959 48.030 52.62% 2.3.540 BUILT 1940 TO 1949 11.99% 10.95% 5. 3236 BUILT 1939 OR EARLIER 13.83% 6.31' 5.11% C L A R 1 0 N Wed Nov 5, 1997 Page 1 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPl;RED FOR CLARION ASSOC US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82 87:56.22 --------------- 5.00 MILE DESCRIPTION RADIUS ------------------------------------------------------------------------ POPULATION 2002 PROJECTION 1997 ESTIMATE 1990 CENSUS 1980 CENSUS GROWTH 1980 - 1990 HOUSEHOLDS 2002 PROJECTION 1997 ESTIMATE 1990 CENSUS 1980 CENSUS GROWTH 1980 - 1990 1997 ESTIMATED POPULATION BY RACE WHI'L'E BLACK ASIAN & PACIFIC ISLANDER OTHER RACE'S 1997 ESTIMATED POPULATION HISPANIC ORIGIN OCCUPIED UNITS OWNER OCCUPIED RENTER OCCUPIED 1990 AVERAGE PERSONS PER HH 1997 EST. HOUSEHOLDS BY INCOME $150,000 OR MORE $100,000 TO $149,999 $ 75,000 TO $ 99,999 $ 50,000 TO -$ 74,999 $ 35,000 TO $ 49,999 $ 25,000 TO $ 34,999 $ 15,000 TO $ 2.4,999 $ 5,000 TO $ 1.5, 000 UNDER $ 5,000 1997 EST. AVERAGE HOUSEHOLD INCOME 1.997 EST. MEDIAN HOUSEHOLD INCOME 1997 EST. PER CAPITA INCOME 316,752 303,466 283,754 267,340 6.14% 123,276 119,427 109,442 95,821 14.21% 303,466 86.36% 2.43% 7.91% 3.30% 303,466 10.7.9% 109,442 69.62% 30.38% 2.57 119,427 7.08% 9.036 .13.05% 25.69% 16.28% 11.00% 8.93% 7.47% 1.47-' $74,.564 $54,719 $29,616 C L A R 1 0 Wed Nov 5, 1997 Page 2 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82 87:56.22 DESCRIPTION 5.00 MILERADIUS ------------ ------------------------------------------------------------ 1997 ESTIMATED POPULATION BY SEX 303,466 MALE 48.86% FEMALE 51.14% MARITAL STATUS 231,807 SINGLE MALE 14.70% SINGLE FEMALE 11.74% MARRIED 58.420 PREVIOUSLY MARRIED MALE 4.38% PREVIOUSLY MARRIED FEMALE 10.76% HOUSEHOLDS WITH CHILDREN 34,177 MARRIED COUPLE FAMILY 84.16% OTHER FAMILY -MALE HEAD 3.480 OTHER FAMILY -FEMALE HEAD 1.1.65% NON FAMILY 0.70% 1997 ESTIMATED POPULATION BY AGE 303,466 UNDER 5 YEARS 6.38% 5 TO 9 YEARS 5.95% 10 TO 14 YEARS 6.0i 15 TO 17 YEARS 3.490-o 18 TO 20 YEARS 2.97% 21 TO 24 YEARS 5,470 25 TO 29 YEARS 8.754 30 TO 34 YEARS 8.71% 35 TO 39 YEARS 8.64% 40 TO 49 YEARS 14.96% 50 TO 59 YEARS 11.91% 60 TO 64 YEARS 4.32% 65 TO 69 YEARS 4,00% 70 TO 74 YEARS 3.31% 75 + YEARS 5.14% MEDIAN AGE 36.32 AVERAGE AGE 37.52 C L A R 1 0 N Wed Nov 5, 1997 Page 3 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82 87:56.22 ------------------------------------------------------------------------- 5.00 MILE DESCRIPTION RADIUS 1997 ESTIMATED FEMALE POP. BY AGE 155,203 UNDER 5 YEARS 6.10% 5 TO 9 YEARS 5.710 10 TO 14 YEARS 5.600 15 TO 17 YEARS 3.29% 18 TO 20 YEARS 2.70% 21 TO 24 YEARS 5.20% 25 TO 29 YEARS 8.55% 30 TO 34 YEARS 8.26% 35 TO 39 YEARS 8.32% 40 TO 49 YEARS 15.35% 50 TO 59 YEARS 12.35% 60 TO 64 YEARS 4.400 65 TO 69 YEARS 4.14% 70 TO 74 YEARS 3.42% 75 + YEARS 6.61% FEMALE MEDIAN AGE 37.76 FEMALE AVERAGE AGE 38.88 POPULATION BY HOUSEHOLD TYPE 283,754 FAMILY HOUSEHOLDS 84.68% NON -FAMILY HOUSEHOLDS 14.27% GROUP QUARTERS 1.05% HOUSEHOLDS BY TYPE 109,442 SINGLE MALE 10.01% SINGLE FEMALE 14.53% MARRIED COUPLE 59.15% OTHER FAMILY -MALE HEAD 3.02% OTHER FAMILY -FEMALE HEAD 7.65% NON FAMILY -MALE HEAD NON FAMILY -FEMALE HEAD 2.29% POPULATION BY URBAN VS. RURAL 283,695 URBAN 100.00% RURAL 0.00% C! A R 1 0 Wed Nov 5, 1997 Page 4 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 Site:466227 MT-PROSPECT,-I-COORD8287:56.22 ---------------------------- ---42-03----- DESCRIPTION5.00 MILE ---------------____-__-___-_-_--.___---._-_.--..-__-RADIUS FEMALES 16+ WITH CHILDREN 0 - 17: BASE 117,809 WORKING WITH CHILD 0 - 5 5.120 NOT WORKING WITH CHILD 0 - 5 0.23% NOT IN LABOR FORCE WITH CHILD 0 - 5 3.28% WORKING WITH CHILD 6 - 17 10.29% NOT WORKING WITH CHILD 6 - 17 0.27% NOT IN LAB. FORCE WITH CHILD 6 - 17 3.11% WORKING WITH CHILD 0 - 5 & 6 - 18 3.21% NOT WORKING WITH CHILD 0-5 & 6-18 0.16% NOT IN LAB. FORCE W/CHILD 0-5 &6-18 2.220 WORKING WITH NO CHILDREN 44.000-. NOT WORKING WITH NO CHILDREN 1.210 NOT IN LAB. FORCE WITH NO CHILD. 26.89% HH BY AGE BY POVERTY STATUS 109,397 ABOVE POVERTY UNDER AGE 65 78.91% ABOVE POVERTY AGE 65 + 1.7.63% BELOW POVERTY UNDER AGE 65 2.33% BELOW POVERTY AGE 65 + 1.13% POPULATION 16+ BY EMPLOYMENT STATUS 228,592 EMPLOYED IN ARMED FORCES 0.11% EMPLOYED CIVILIANS 71..11% UNEMPLOYED CIVILIANS 2.27% NOT IN LABOR FORCE 26.50% POPULATION 16+ BY OCCUPATION 162,562 EXECUTIVE AND MANAGERIAL 17.720 PROFESSIONAL SPECIALTY 14.20% TECHNICAL SUPPORT 3.62% SALES 15.12% ADMINISTRATIVE SUPPORT 19.52% SERVICE: PRIVATE HOUSEHOLD 0.17% SERVICE: PROTECTIVE 1.19. SERVICE: OTHER 8.32% FARMING FORESTRY & FISHING 0.54% PRECISION PRODUCTION & CRAFT 9.27% N,ACHINE OPERATOR 4.94% TRANS. AND MATERIAL MOVING 2.42% LABORERS 2.96% C L A R 1 0 rw Wed Nov 5, 1997 Page 5 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYS'T'EMS 800-866-6510 PREPARED FOR CLARION ASSOC US Rei' 14 A -ND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82 87:56.22 --_--_.-_----.........------------------ 5.00 MILE DESCRIPTION RADIUS -------.----..----_.,-----._...-......----_..----- .._ --------...._ .. ---------_....., --- - -_ _.._. -- FAMILIES BY NUMBER OI' WORKERS 76, 570 NO WORKERS /.65% ONE WORKER 2.3 . 15 TWO WORKERS ';0.38% THREE + WORKERS 1.8.82% HISPANIC POPULATION BY TYPE 283;754 NOT HISPA2 1C 93.22% MEXICAN .5.05Q PUERTO RI CA14 0.33% CUBAN 0.17% OTHER HISPANIC i.23 1997 HISPANICS BY. RACE: BASE 31,218 WHITE 66.42% BLACK 0. 67% ASIAN 2.96% OTHER 29.95-= POPULATION BY TRP.NSPORTATION TO WORK 160,16" DRIVE ALONE 78,65% CAR POOL 9.81-co- `81° PUBLIC TRANSPORTA`CION PUBLIC 6.45% DRIVE MOT'GRCYCLE 0.08% WALI:ED ONLY 2.22% OTHER 14E71 0. 7 2% -NS WORKED AT' HOME 2.07 POPUL-kTI0N 3Y TRAVEL TIME TO WORK 150, 164 UNDER 10 MIlTUTES WORK AT HOME 13 . i 9 10 TO 29 .MINUTES 49 . 18 0 30 TO 59 MINUTES '29.33% 60 TO 89 MI'lKUTES 5.65% 90+ M11 -UTE -S 1.65% AVERAGE TF.AVE:L TIME IN MINUTES 25.13 'ECUSEHOLDS BY NO. OF VE'HIC:LES 109,596 NO VEHICLES 4.78 1 VEHICLE 35.33% VEHICLES _ ` 2 � �...C:J,'r:S 44 . � 9 56 31 �/`�'' HTCIJL.J 15 . 80 1, ES`1'TNA`-":ED TO LAa: VEHICLE: 190,779 C L A R 1 0 Wed Nov 5, 1997 Pane 6 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800-866-6510 PREPARED FOR CLARION ASSOC US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82 87:56.22 ------------------------------------------------------------------------ 5.00 MILE DESCRIPTION RADIUS ------------------------------------------------------------------- POnIILkTION 25-x- BY EDUCATION LEVEL 194,885 ELEMENTARY (0-8) 5.82% S014E HIGH SCHOOL (9-11) 8 , 26 E;I% H SCHOOL GRADUATE (12) 27 . 11% SOME COLLEGE (.13-15) 22.15% ASSOCIATES DEGREE ONLY 6.553% BACHELORS DEGREE ONLY 21.22% GlUiDUATE DEGREE 8.89% POPULATION ENROLLED IN SCHOOL 64,338 PUBLIC PRE- PRIPLAIRY 4-73% PRIVATE PRE- PRIMARY 4.61% PUBLIC ELEM/HIGH 5.76% PRIVATE FLEM,/HIGH 8.55% ENROLLED IN COLLEGE 50,36% SOUSING UNITS BY OCCUPANCY STATUS 114,048 OCCUPIED 95.96=. VACANT 4.04% VACA011T UNITS 41607 FOR RENT 58.54% FOR SALE ONLY 1,--% . 9 3 SEASONAL 5-805o OTHER �_ 9 . 7 3 o OWNER OCCt.::n!ED PROPERTY VALUES UNDER $25,000 0. 16% $25,000 TO $49,999 u.�lo $50,000 TO $74,999 2.75% ,t.75, 000 TO $99,999 3-0.41-% $100,000 TO $149,999 40.22% 51.50;000 TC $195,999 26.91% $200,000 TO $299,999 15.46% $300,000 TO $399,999 2..4E% $400,00/0 TO $499,999 0.74% $5010, 000 + 0.360 - MEDIAN PROPERTY VALUE; r i 54, 4 G'0 TOTAL RENTAL UNITS -4.2,643 MEDIAN RENT C L A R 1 0 N Wed Nov 5, 1997 CUSTOM SUMMARY REPORT (POP FACTS: FULL DATA REPORT) BY NATIONAL DECISION SYSTEMS 800866-6510 PREPAF.ED FOR CLARION ASSOC Page 7 US RT 14 AND RT 83 Site:466227 MT PROSPECT, IL COORD: 42:03.82 87:56.22 . _._ ._ _-__..--_...-..__----- 5.00 MIL-. DESCRIPTION RADIUS ------------------------------------------------------------------------------ PERSONS IN UNIT 1 PERSON UNITS 2 PERSON UNITS .3 PEPSON UNITLS 4 PERSON UNITS 5 PERSON UNITS 6 PERSON UNITS 7 + UNITS YEAR ROUND UNITS IN STRUCTURE SINGLE UNITS DETACHED SINGLE UNITS ATTACHED DOUBLE UNITS 3 TO 9 UNITS 10 TO 19 UNITS 20 TO 49 UNITS 50 + UNITS MOBIL] HOME OR TRAILER ALL OTHER SINGLE/MiLTIPLE UNIT RATIO ROUSING UNITS BY YEAR BUILT BUILT 1989 TO ?MARCH 1990 BUILT 1.985 TO 1988 BL'.i A. A' 1930 TO? 9 y 4 'BUILT 1970 T O 1979 BUILT 1960 TO 1969 ?UI LT 1.950 rS'G 1959 BUT! LT 1940 TO 1949 BUILT 1939 GR EARLIER "109,442 24.54 33.66% 17.22. u 14.99 % 6.329.- 2.12% .32%2.12% 1.15% 114,048 0 �0.9�0 5.86% 0 . '7 5-",; 12.1.2% 8.200 9 . 87% i •c 8.7700- I . 33 .770x.83 u 0.61% 1.46 109,596 1,12 2 6.33% 6.03% ?.6,39 30.54% 21. 2°• 4.3.s J 3 I 50- C L A R 1 0 umber Mail Location Store sic I N/A Central & Busse Toy Store 5945 59 Miscellaneous jAll Central Food Ma -t 5411 54 Food Stores 57 Furniture and Wi,nelumishings Stores Red Wing 5661 .56 Apparel & Accessory Stores Beneficial Finance Billys Beef 5512 58 Eating & Oninkinq Places 7219 Tortorices 5812 58 Eating 8 Drinking Places 72 Personal Servk;es Canton House 5812 55 Eating & Drink;nq Places Dentist M.. A's 5812 558 Eating & Drinking Places Spor6ig Goods 5941 59 Miscellaneous Retail Cleaners 7219 72 PersGn.al Services Lee,,; 7219 Y2 Personal Services Hair Salon 72C 1 72 Personal Services Shoes Repair 725, 72 Personal Se:,,;cez, 2 N Mi 5912 59 Misceflanedus Retail Curnbera!ridl 546 i 54 Focd.Sto,-68 Far East 5812 58 Eating & Drinking Places Ciear"...'s 7219 72 Personal Services LCalifomia _7 Fair Salon N'ails 7231 7231 72 rersonal Se-vlc�s 72 Personal Services W Pmspact Plaza Rand and Lamp outle� 2 STFu tur. nYH.,rV,7 Radio Shack 5731, 57 Furniture and Hornsfuml-shings Stores Walgreens 5912 59 ekscellaneous,'Reta;O Michaels 5139',1 52 General Merchandisa Stores Marsh -sills 5399 5; Genefal Merchandise Stores Wal Mart 539'? 53 General Memhandise Stores Dor-,;inicks 5411 54 Fo,-,d Stores Ice Cream R!ua 51451 54 Food Stores Walters 5161 54 Food Stores TJ Maxx 562 i 56 Apparel & Accessory Stores Famous Footwear 5651 56 Appare! & Accessory Sores Bedding Experts 5712 57 Fumiture and Horneft;rnlshOqs Stores Mr. Peters 5812 58 Eating & Drinking Places Subway 5812 58 Eating & Drinking Places Little Censers 5312 58 Eatl'rg & Drinking Places VAfngc 5812 58 Eating & Dt-lnking Piac� Alvaeq 5921 5S IAism- aneous Retail Card oulie, 5947 59 fwlisce!larleous 'Retail Cigarette Discount 5993 59 IMisce;Ianeous Retai: Currency Exchange 605;, 60 Depositary Institutions Century 21 6531 65 Rea! Estate Care 7219 72 Personal Services Tarra 72.',1 72 Personai Services Famastic Sarni 7231 72 Parizona� Smices Nal; Salcn 7231 -,2 Persona Sa:Yices Tanning Sainn 7231 72 Pemorial Sc-rvi,:es Plaza 7622 76 Miscellaneous Repiw Blockbuster 7841 75 M o t i on P;,—,, u r es j6nnyC:alg 71 9S' 79 Ainusezrient & Recreation !ervices Rand & Route 83 Office .Max .5942 59 Miscel';2neous netall Sporimirf, 5941 59 Misceilanarus Retail Bafly's 7091 79 Amusement & Rerieali_-n Services 5 R-anbodce Flay,; Golf E ,]I IRI 8:3 Beltone SO Health Servicas Convenient Food W.3r, jAll t,4 Fcod Stores Fireplace Swi c 5712 57 Furniture and Wi,nelumishings Stores Wininona Windows 5211 52 Pudding Mateii?ls/Gerdin Supplies Beneficial Finance 6162 6' Nond,?.postory InstAutions Cleaners 7219 72 Pa,sonal Services Sunny's 7231 72 Personal Servk;es Video Connection 764i 73 Motion Pictures Dentist 8021 8G Health Seivices C L A R 1 0 N r h4all Location Store sic 6 Market Place Mail Golf E of Rt. 83 True Value 5251 Hit or Miss 5621 Once Upon a Child 5641 McDonalds 5812 Restaurant 5812 Beverage Depot 5921 Currency Excharl.qe 6099 Laundry 7215 Cleaners 7219 Uni-Sex 7231 About Hai.- 1231 KT -1231 Blockbuster 7841 JungJim 7999 7 Countryside Court Rt. 83 3 of Go! t ravel Ayeircy 4724 flaws 2nV 5399 V*iGfe3tq Fashion 5651 Cnrnpd:c,rs , 5734 El Sornbrerri 5812 Restaurant 5812 Wing Hr, 5812 Shimanda 5812 rjifts & Jewelry 5944 Callen Country Flcrisl 6992 Osanerr, 7219 AD Hair Cc 7231 Karaoke 7999 8 Venture Plaza Rt. 83 N of Dempster Venture 5399 KFC 5312 9 Wishing WO Rt. 83 S of Dempster 10 Omn: Center Rt, 83 N of Hohda,' Lane Express Beepers 5065 Convenient Food 5411 Dunkin Donkits 581 --- Burger Kirg 1181 -- Fish Gat!, --y 5612 Foremost 5921 Gle?,nars Y2-iy OF Na;is 7231, Cash Express 5399 Gran-.knas r,)P!; 5612 Little viiia 5812 Lpurdy 7215 ctgrvr Be au Y I -231 CK's Nails 7231 !V,xes ind Mor-- 7251 Mic-,tcs & Mora .,F,41 52 Bui!ding Materials/Garden. Supplies 56 Apparel & Accessory Stores 56 Appare! & Accessory Stores 58 Eating & Drinking Places 58 Eating & Drinking Places 59 %scellaneous Retail 60 Depository Institulions 72 Personal Services 72 Perscria; Services 72 Personal Se,-,ic.es 72 Pcr.,.;o.r)al Se. --vices 72 Personal Services 78 Motion Pictures 79 Amusement & Recreation Se vnas 47 Transportation Seivice-s 53 General Merchandise Steres. 56 Apparel & Accessory Stores 57 Furniture and Hornefurnishings Stores 58 Eating & Drinking Places 5R Eating & Drinking Places 58 Eating & Drinking Places 58 Eating & Drinking Places 59 Miscellaneous Retail 59 Miscellaneous Reta.! 72 Personal Services 72 Personai Services 79 Amusement & Recreation Services, 53 General Merchandise Stores 58 Eating & C6tikwg Places 50 Wholesale Trade -Durable Goods 54 Fo,,,d Stores ES Eating & Drinking Places 58 Eallina & Driokir-.o Planes 58 Eatina & Drinkine, Place -- 59 Miscellaneous Retail 7" Personal Services 72 Persona! Sere es 53 General Merchandise Sto,es 58 Eating & Drinking Places 58 Eating & Drinking Places 72 Pr-fsonal Services 72 Personal Se±vkes 72 Psison.n.1 Services 72 P,..,-sonal Services 78 Motion Picture;: ospec' Commons Goif and Busse Act lva E!ectronics 573'1 .ur,jishings Steres 97 Furniture and Hcqrief V,v h, t P Fre.. 5411 54 FOOLI S'I'Jre3 Cleaners 721.9 72 Parstcn„ Serv;css Nennah. E-812 5° Eating ?, Drinking Places Seila Gaur! 5812 58 Eating & Drinking Places Retro Bis.rn 5812 5;i &-,fing :'. Orink;-g, Ar(em;s 58-,2 E8 EabrQ P. L>nkmg PILices Scissors City 7231 72 Personal Services Borics 7231 72 Person al Ser -ices Scuth Beach NA Hair Salor. 7231 72 Per so. ial Services Planet Videc, 7841 73 Motor. Pictures Jewt-d(-Y 59'4: 59 Miscellaneous Reta�i NA 11 ------- - ---- ------- ber Mail Location Store sic 12 N/A Golf and Busee Ace Hardware 5251 52 Building MaterialsiGarden Supplies Spun Harvest 5411 54 Food Stores Cergels 5461 54 Food Stores Sweetgrass 5409 54 Food Stores Housewalk 57112 57 Furniture and Horriefurnishings Store., lays 5812 58 Eating & Drinking Places ShinJung 5812 58 Eating & Diinking Places Gold Eagle 5921 59 Miscalianeous Rotail 5944 59 Kfiisceslanejus ketal State Farm 6411 64 Insurance Agents Nail Salon 7231 72 Personal Se. vices Mail Box Etc. 7389 73 Business Services 7641 78 Motion Pictures World Gym 7991 79 A.-.useni e.it & Recreation Services Dentist 8021 80, Health Services Eyevaht Glasses 8042 Hailth Services13 NIA Dempster & Busse VA-,ita.Her.: 5411 _20 54 Food Stores Y'jrr!r-.v5 5812 58 Eating & Drinking Places Torshin 5812 58 Eating & Drinking Plac4s, Cleaner" 7219 72 Personal Services 14 NVDempster Algonquin Restaurant 11812 58 Eating & Drinking Maces Liquors 5921 59 Mis-ellaneous Retail Laundry 7215 72 Personal Services Cieane. s 7219 72 Personal Services Sarns 7539 75 Auto Repair 15 Plaza United Algonquin Busse Cel:uar One 5065 50 Wholesale Trade -Durable Goods Honey Baked Ham 5421 54 Food Stures Unlimited X;cass 5734 57 Fuml*tui-e and Homefunriish;ngs Stores Rosattis 5812 58 Eatinu & Drinking Places 999 Jade 5812 58 Eating & Drinking Places Cungkiwa 5812 58 Eating & Cri inki,-19 Places Uliited ,'Jcr:q@.qe 6!63 611 Noridepositcoi Institutions May% 7215 72 Personal Services Deco 7231 72 Personal Services Wave Printrici 7389 73 Business Servi,es Mothers Touch 83c1 83 Social Ser\jces 16 Crysta! Court Busse & Algonquin Travel Agency 4724 47 Transportation,, Services Dollsr Store E399 53 General Merchandise Stores Wonder Bread 5461 54 Food Stores Fast Food 5812 58 Eating & Dqn!,,ing tela: es Suns 5812 58 Eating & Drinking Maces Jew,96.-Y 5544 E9 Misc0ateous Retail Florist 5902 59 Mlisr.;eilaneous Retail Ecric 59 CA _-,g Miscellane:.,js Retail Currency Exchange 5099 60 Depository Institutions !riterl-cunty 6 61 6" Insura,-.cc Carr,Qrs Clearers 7219 72 Personal Se. -,Aces lanias 7231 72 Personal Services Fanta,,:Iico 7231 72 Personal Sarvicer pp Spa 7 '2 -.,.rsonal SP.ryices Tanning, Salon T231 72 Personal Serxtir, � Labcr Wodd 7361 73 Business Service-, Staffing Network 7361 73 Business Services Id Viclao 784', 76 Mution Pictures 02 8v Health 5ervi 17 Colony Square Oakton and Route 83 Travel Agency 4724 47 Transportation Sertices Raj Groceries 541 1674 Fcod Stores Won Tor, Gourmet 58 i2 58 Eating & Drinking PlacFs C L A R 1 0 N ber Mail 18 Norwood Plaza 19 Brentwood Square 20 ELIClid Mall 21 Randhurst Location Store sic Kantai 5812 58 Eating & Drinking Places Kazeen 5812 58 Eating & Drinking Places Restaurant 58112 58 Eating & Drinking Places Restaurant 5812 58 Eating & Drinking Places Marwins, 5812 58 Eating & Drinking Places Beizano 5921 59 Miscellaneous Retail Sony Time Jewelry 5944 59 Miscellaneous Retain: Cleaners 7219 72 Personal Services Work Salon 7231 72 Personal Services Euro -Tari 7231 72 Personal Services H & R Block 7231 72 Personal Services Minute Man Press 7389 73 Business Services Video 7841 78 Motion Pictures Dr. Office 80111 80 Health Services Dentist 8021 80 Health Services Wolf and Genirai, Travel Agency 4724 47 Transportation Services One Hour Photo 55946 59 Miscellaneous Retail Hearing Aids 8049 80 Health Services Cel!uar phone 5065 50 Wholesale Trade -Durable Goods Us Pantry 5411 54 Food Stores Bakery 5461 54 Food Stores Oriental Market 5499 54 Food Stores White Star Caf6 5812 58 Eating & Drinking Piacas Florist 5992 59 Miscellaneous Retail Insurance Agercy 6411 5A !nsurancr- Agents Cleaners 7219 72 Personal Services Hair Sa!^,n 7231 72 Personal Services Ci 7841 78 Motion Pictures Karate School 7991 79 Amusement & Recreation Services Dentist 8021 80 Health Services Chiropractor 8041 80 Health Services Wolf and lrensigton J & j Food Marl Pam.l. Gub,Nay Zap -2t? Fod,-)s Pizza Hut Mandarin Wa,/ Cleaners Cleaners Hair ;cion S.22edy Printing Dentist Davcare Euclid E of Rand nd Tr .. .Ager.cv M!ni-Ma:'- claygrcund Carriage klOL88 FIL�ve, Vvc,rld I-,rre.,,cy Exchange Maytag Cleaners TLC Video Dentist 5411 5/4 Food Stores 52,1 52 Building Matedais!Gardan Supplies `812 58 Eating & Drinking Places 5312 58 Eating & Drinking Places 5812 18 Eating & Drinking Places 5312 58 Eating & Drinking Places 5812 58 Eating & Drinking Places 7219 72 Personal Services 7219 72 Personal Services 7231 72 Personal Services 7389 73 Business Services BC21 80 Health Services 8351 83 Sociai Services 4724 . . . ....... ........ --.. 1 11 47 Ttar;,Gporf.ation. Services 5411 54 Food Stores 53,;9 53 General Merchandise S'O-es 5812 58 Eating &. Drinking Places 5952 59 Miscellaneous Retai! 6099 60 Depository Institutions 7215 72 Parsonat Services 72:? 72 Personal Services 7231 72 Personal Services 7841 78 Motion Pictures 8021 80 Health Services R anTi E . ci�d ve'! � 4724 47 lianbDortationServices Bombay Co. 5712 57 Furniture and Homefurnishings Stores Deck the Walls 5712 57 Furniture and Flomefurnishings Stores Lechters 5719 57 Furniture and Hornefurnishings Stores C L A R 1 0 N Number Mall Location Store SIC Two-D it Category" 23 NIA 24 WA 25 Prospect Crossing 26 Golf II Plaza Source: Clarion Associates, Inc. The Fish Rack 5399 53 General Merchandise Stores Baskin & Robin 5451 54 Food Stores Heffys 5812 58 Eating & Drinking Places Lou Malnatis 5812 58 Eating & Drinking Places Magic Dragon 5812 58 Eating & Drinking Places BJs 7219 72 Personal Services Tanning Salon 7231 72 Personal Services Video 7841 78 Motion Pictures Elmhurst Rd & Camp McDonald Walgreens 5912 59 Miscel!!aneous Retail Power Motions 7699 76 Miscellaneous Repair Services Blockbuster 7841 78 Motion Pictures Dentist 8021 80 Health Services Elmhurst Rd & Camp McDonald Deli 5,421 54 Food Stores Bakery 5461 54 Food Stores Ace Computer 5734 57 Furniture and Hameh mishings Stores MR Ruth 7219, 72 Personal Services Rand and Olive Sears 5251 52 Building Materials/Garden Supplies Domicks 5411 54 Food Stores Thomasville Furniture 5712 57 Furniture and Homefumishings Stores Little Ceasers 5812 53 Eating & Drinking Places _ Might watchers 7991 79 Amusement & Recreation Services Golf and Rt. 83 Walgreens 5912 59 Miscellaneous Retail ._._ Super Crown 5942 59 Miscellaneous Retai! Pet Care 5399 53 General Merchandise Stores Domicks 5411 54 Food Stores Super Trak 5531 55 Automotive Dealers/Service Stations Payless Shoe Source 5661 56 Apparel & Accessory Stores Little Ceasers 5812 58 Eating & Drinking Places Boston Market 5812 58 Eating & Drinking Places Play It Again Sports 5941 59 Miscellaneous Retail Wolf Camera 5946 59 Miscellaneous Retail Millys Hallmark 5947 59 Wscellanecus Retail Cleaners 7219 72 Persona! Se!.,ices Super Cuts 7231 72 Personal Services Hair Cuttery 7231 72 Personal Services L A R 1 0 14 MAYOR Gerald L. Farley TRUSTEES George A. Clowes Timothy J. Corcoran Paul Wm. Hoefert Richard M. Lohrstorfer Daniel A. Nocchi Irvana K. Wilks VILLAGE MANAGER Michael E. Janonis VILLAGE CLERK Carol A. Fields BACKGROUND Vi i. 9 W o ► P' spe.. Community Development Department 100 South Emerson Street Mount Prospect, Illinois 60056 December 23, 1997 DOWNTOWN REDEVELOPMENT REQUEST FOR PROPOSALS Phone: (847) 818-5328 Fax: (847) 818-5329 TDD: (847) 392-6064 The Village of Mount Prospect is requesting proposals from qualified development companies to develop Phase I of the Village's downtown redevelopment program. The Phase I area, which is just under five acres in size, is bounded on the east by Illinois Route 83 (Main Street), the south by Illinois Route 14 (Northwest Highway), the west by Wille Street, and the north by Central Road Mount Prospect has been involved in an ongoing program to upgrade the quality and image of downtown for several years. Storefront facade improvements and sidewalk renovations around the downtown attest to the success of these efforts. Just this year, the Village spent approximately $525,000 to begin implementation of a downtown streetspcape program (a copy of the program is attached to this RFP). The Phase I area is part of an overall Strategic Plan for redevelopment of the downtown, which the Village recently completed (that plan is attached to this RFP). The plan calls for the Phase I area to be developed with a mix of residential and commercial uses. The area also includes sever existing commercial buildings that are to be preserved and incorporated into the redevelopment project. Details of the desired development program are described below. The strategic planning effort included preparation of an independent market assessment of Mount Prospect's, downtown. It analyzed trends for the market and submarket areas, and considered potential for new residential, commercial, and office development (the market study is attached to this P). The study shows that sufficient depth exists in all three markets to support downtown redevelopment. Village of Mount Prospect Downtown Redevelopment RFP Page 2 DRAFT The Phase I area, and the rest of the strategic planning area, are part of a Tax Increment Finance (TIF) district established in 1985. The Village has used TIF funds to support redevelopment projects in the past, and intends to apply those resources to the present redevelopment plan. The Village owns a portion of the Phase I area. It is the intention of the Village to facilitate the acquisition of the balance of the property to encourage new private redevelopment. Negotiations for property acquisition have been initiated with property owners in the Phase I area. After competitive review, a developer will be selected to work with the Village to undertake the redevelopment project. The framework for competitive evaluation of developers has been designed to minimize speculative expenditures of time and money by prospective development teams. It is the intent of the Village to select the developer (or development team) that best evidences the ability to help the Village bring about the redevelopment program outlined in its downtown strategic plan. The Village sees the effort to be a public/private partnership, and considers activities such as conducting land acquisition, demolishing structures, and installing infrastructure as possible contributions to the partnership. DEVELOPMENT AND DESIGN OBJECTIVES Redevelopment of the Phase I area should strive to fulfill the vision described in the Downtown Strategic Plan. The development and design objectives contained in that plan are summarized below: Development Program A graphic depiction of the land use scheme described in the strategic plan is shown on page 29 of the For the Phase I area, that land use plan includes: • Four condominium buildings with 160 new residential units. The buildings would be six to eight stories high (between 72' to 93'). The required 280 parking spaces would be enclosed and/or first level parking areas. 0 A common parking court of approximately 100 cars would be located in the center of the buildings to accommodate visitors and commercial parking. 0 12,500 square feet of existing retail space along the north side of Busse Avenue. 0 13,500 square feet of commercial space in new two-story buildings along the north side of Busse Avenue. 0 Between 15,500 and 60,000 square feet of new flexible commercial/office space on the ground floor of the residential buildings. It is anticipated that this space would be clustered near gaps in the four buildings in order to keep it close to visible and accessible parking. • 7,500 square feet of commercial space on the triangular parcel between Northwest Highway and Busse Avenue, with sufficient parking. Village of Mount Prospect Downtown Redevelopment RFP Page 3 DRAFT • Public right-of-way dedications will be required along Central Road and Main Street in order to provide the required 50' from the centerline right-of-ways for both streets. The Village understands that the final development program for the Phase I area will differ from the attached sketch plan and development details listed above. However, it is the desire of the Village that the Phase I development program reflect the intent of the land use and design objectives described here and in the Downtown Strategic Plan. Land Use The redevelopment area is intended to include a mix of residential and commercial land uses. It is the preference of the Village that the residential uses be condominium units. The amount, type, and location of commercial space in the redevelopment is understandably more complex. Clearly, the commercial spaces must be flexible enough to accommodate a range of retail, office, and/or service uses. The Village is looking for the developer to incorporate as much commercial space into the development program as possible. This is intended to support the objectives of enhancing the activity level and tax base of the downtown. Development Objectives 1. Generate significant pedestrian activity downtown during evenings and weekends. Making entertainment uses part of the development, such as restaurants or a theater, would support this objective. 2. An innovative development that encourages a pedestrian scale mixed use project that explores all market potentials, is harmonious with the surrounding land uses and is competitive in the Northwest Cook County market area. 3. Create a development compatible with nearby residential areas that can stimulate other private sector investment in the downtown, including new construction, expansion and rehabilitation. 4. Provide a development that can yield the highest possible real estate and sales tax to the Village consistent with other downtown development objectives. 5. Protect and enhance the present retail and service businesses in the downtown. 6. The redevelopment project shall serve to improve the image of the downtown, recognizing its potential as the town center. Village of Mount Prospect Page 4 Development Character Downtown Redevelopment RFP DRAFT The predominant character of the Phase I redevelopment (and the entire downtown) is to be a pedestrian friendly orientation. Clearly, having three regional arterial roads (Northwest Highway, Route 83, and Central Road) abutting the site makes bringing about this objective a challenge. However, ability to create a pedestrian orientation for the Phase I area is critical for the downtown. 2. The Phase I area includes a mix of land uses, and a mix of new and existing uses. It is the Village's intention that redevelopment create a strong interaction between land uses, as well as new and existing development in the Phase I area. This should be designed in a manner which has minimal impact on residential properties north of Central Road. 3. Redevelopment should reflect the character and quality of key downtown buildings (public safety Building, Clock Tower Condominiums, the train station). This high quality character continues to be brought to downtown with the redevelopment of two bank projects just north and south of the Phase I area. 4. It is the intent of the Downtown Strategic Plan that downtown Mount Prospect develop a greater "sense of place". To do this, the Phase I redevelopment should consider how residents and businesses will interact with the rest of the downtown's activities and the plan's future. Physical connections across Route 83 will require creative design on the part of the Village, Developer, and Illinois Department of Transportation. However, this objective also should be met from an architectural design perspective. Design Guidelines The Village's intent for the design character and quality are indicated by the descriptions and photos in the Downtown Strategic Plan. Overall, they seek to continue and enhance the high quality character development that has been occurring in the downtown. In addition, the following design guidelines should be addressed in the redevelopment. 1. Buildings should be placed at the property line in order to enhance the pedestrian atmosphere of the downtown. Taller buildings should be located in such fashion as to lessen the impact to surrounding residential uses. 2. There is no "architectural theme" for the downtown. In fact, it is the Village's hope that a variety of buildings and architectural styles continue to be a part of the downtown. Those various styles would be brought together by a unified image. Unifying elements will include brick construction, possibly arcaded bases, sloping roofs, and a pedestrian orientation (walkways, courts, or other gathering points). Village of Mount Prospect Page 5 Downtown Redevelopment RFP DRAFT around3. Provide attractive, well landscaped frontages along all public streets, and adequate screening, and buffering parking and loading areas. In particular, substantial foundation landscaping downtown.in recent developments has enhanced the 4. An integrated site plan should create pedestrian connections throughout the Phase 1 area with no physical barriers between land uses. 5. Brick construction is preferred for all buildings. No exposed block walls will be allowed on any building elevation. •. The Phase I area should include, e elements, including benches, graphics and brick paver sidewalks program. with the Village's streetscape • + • • keeping• complement architectural character. 7. Public art that enhances the appearance of the area and supports its pedestrian character is encouraged in the Phase I area. Parking 1. Large parking fields located out in front of buildings, indicative of strip center development, is not desirable for the Phase I area, or future downtown redevelopment. 2. It is understood that parking must be highly visible and readily accessible. However, it should be on -street, in the rear, or at the side of buildings. This parking design element is considered critical to maintaining the pedestrian character of the downtown. 3. Sufficient off-street parking should be provided to meet the demand of the proposed land uses. The use of shared parking utilizing off-peak operating hours should be encouraged. 4. Parking should be designed with adequate provisions for short-term customer parking and long- term employee parking. 5. Underground and/or covered parking for residential units is expected to be part of the redevelopment project. This parking is not expected to be used for retail shoppers. Village of Mount Prospect Page 6 SITE INFORMATION Downtown Redevelopment RFP DRAFT 1. The Phase I area is a total of 4.75 acres, which includes the preservation area. Redevelopment in that area is desired for the northern 3.25 acres of the site and the 0.75 acre triangular shaped parcel along Northwest Highway (see map on page 29 of the Downtown TIF District Strategic Plan). The Village of Mount Prospect currently has ownership of the parcels indicated on Figure 6 Status Map, (see page 13 of 2. Surrounding land uses to the north include a commercial development (Central Plaza and the new Mount Prospect National Bank) and well established single family residential neighborhoods. To the east (across Route 83) is a mix of commercial and public uses (Library, Senior Citizen Center, and Village Hall). To the south across Northwest Highway is commuter parking and the Prospect Avenue commercial area. To the west is the Clocktower Condominium development and a small retail center at the corner of Wille and Northwest Highway. Figure 2, on page 6 of the shows the existing land uses. 3. Traffic counts on adjacent roads are high, and reflect their regional arterial nature: Route 83 - 26,000 vehicles per day (vpd), Northwest Highway - 20,000 vpt, and Central Road - 16,000 vpt, (see page 11 of the DgAnloym TIF District Strategic Plan). 4. The Metra Rail Station is located just southeast of the Phase I area, providing easy access to downtown Chicago. With approximately 1,900 boardings, the station is the second busiest on the Union Pacific Northwest Line. 5. The site is currently zoned B -5C Central Commercial District (see page 9 of the District, -SJ=gjc ). The Village will work with the selected developer to process the necessary Planned Unit Development (P.U.D.) application. 6. Utilities are available at the site boundaries. The Village receives water from a Lake Michigan allocation and supply is adequate. Sewers in the area are combined sanitary/storm and also are expected to be adequate for the project. SELECTION PROCESS The Village. Board has adopted the TIF Program, and has publicly stated its commitment to the project by adopting the Downtown Strategic Plan as an amendment to its comprehensive plan (Note: this is pending). They are supportive of immediate implementation as the project will provide the Village with optimal results. The board is supported by qualified staff and consultants who have prior experience in similar development efforts. They will assist the developer through the process, but it will be the developer's responsibility to make a presentation to the Village Board. Village of Mount Prospect Downtown Redevelopment RFP Page 7 DRAFT The steps in the process can be summarized as follows. 1. Developer submittals are due to the Mount Prospect's Department of Community Development no later than 4:00 p.m. on March 18, 1998. 2. All submittals will be evaluated by the Ad Hoc Downtown Strategic Plan Committee. 3. The Committee will rank the finalists based on approved downtown goals and objectives and the prospective real estate purchase offer, and will recommend that the Village Board designate one "Developer of Record". It is expected that this designation will be made at the Village Board meeting on April 21, 1998. Once so designated, the development team shall have the exclusive right to work with the Village on tailoring the implementation of a mutually satisfactory development project. 4. The development team must be prepared to promptly enter into negotiations with the Village to specifically identify the obligations of both parties in the development project. The obligations so specified will be incorporated in a redevelopment agreement. This agreement will include a fair and reasonable price for the sale of the land. 5. The Village Board shall then approve and put into motion the redevelopment agreement. THE PUBLIC/PRIVATE PARTNERSHIP The Village of Mount Prospect recognizes the importance of a public/private partnership in order to make this redevelopment a reality. To that end, the Village is willing to have its participation include, but not be limited to: 1. Municipal Land Assembly, 2. Sale of municipally acquired land, 3. Lease of municipally owned land, 4. Flexible land payment schedule or take-down schedule, 5. Required public improvements by Village. The chosen Development Team will be expected to work with the Village of Mount Prospect on a cooperative basis to determine the type and extent of public participation required to ensure successful redevelopment that is consistent with the Village's objectives. Village of Mount Prospect Page 8 SUBMISSION REQUIREMENTS Downtown Redevelopment RFP DRAFT Responding proposals should be reasonably detailed and informative, but neither lengthy nor elaborate. It is suggested that they be packaged in a standard 8-1/2" x 11" format for ease of review and reproduction. No size larger than 11 " x 17" can be accepted without a reproducible to allow for Village reproduction. Respondents must submit twenty-five (25) copies of the following items 1 - 7 along with two (2) copies of item 8. 1. Development Team Because of the scale and complexity of the proposed development program, it is important for the Village to ensure that it has a quality partner. The proposal shall contain information establishing that the submitting parties are bona fide developers with the financing and track record in the metropolitan Chicago market to ensure project implementation. The presence of sound experience in commercial and residential development and marketing will be a definite asset. A statement describing the following is required: a. Name, address and telephone number of developer. b. Organization of developer (individual, corporation, partnership, joint venture, other). c. Principals of development organization (corporate officers, principal stockholders, general and limited partners), and manager to be responsible for the project. d. Any relationship the development organization may have with a parent corporation, subsidiaries, joint ventures, or other entities. e. Identification of construction contractor, architect, economic adviser, key consultant and other principal associates who would work with developer on project, including leasing, marketing, and post construction management. 2. Development Experience The Village is interested in the developer's past experience with similar projects, and the developer's ability to manage a team of specialists, including an architectural design team, engineers, construction managers, builders, financial consultants, marketing and leasing agents and/or management personnel. The proposal should include: a. Description of the developer's previous relevant project experience, including that of joint venture partners, particularly experience in mixed-use development, public/private partnerships, and redevelopment projects. b. Description of the developer's previous experience in ongoing management and operation of facilities with uses similar to that of the proposed project, if any. Village of Mount Prospect Page 9 3. Design Concept Downtown Redevelopment RFP DRAFT rile final architectural and engineering plans are not required, the design concept should be in sufficient detail to evaluate the design elements and features which are expected to be incorporated into the proposed development project. A plan should be included which shows such designation as any proposed streets (public and private), all buildings and their use, common open space, parking areas, service areas and other facilities to indicate the character of the proposed development. Specific information should include: a. Layout of streets and pedestrian ways showing right -of --way and pavement widths. b. Proposed building setback lines, indicating dimensions. c. Areas other than street right-of-way intended to be dedicated or reserved for public use and the approximate area of each such area. e. Architectural, landscape and site lighting concept plans, preliminary sketches and renderings for all principal buildings submitted in sufficient detail to permit an understanding of the style of the development. f. Building height. The vertical distance from the base grade to the average height of a flat, mansard or gambrel roof or the mid -point of a hip or gable roof. g. Parking concept plan indicating the total number of residential covered spaces, residential open area spaces, and retail spaces. h. Specific information regarding the mix, size and price range of proposed residential units. 4. Development Schedule A preliminary estimate of the schedule for completing the project is required. This schedule should indicate planning and development phases, if applicable, as well as a proposed occupancy timetable. 5. References References from prior projects should be submitted. At least three (3) references from previous, similar projects should be provided which should include at lease one reference from a local government. 6. Real Estate Purchase Offer A completed Conditional Real Estate Purchase Offer for the property identified in the attached sample Conditional Real Estate Purchase Offer. Village of Mount Prospect Page 10 7. Public Improvements Downtown Redevelopment RFP DRAFT A description of the public improvements along with an estimate of the probable costs of improvements such as new or brick paver sidewalks, street lights, street improvements, or any other improvements to public property that the developer shall provide or the Village is expected to provide. 8. Financial Information Information demonstrating the financial capability of the developer is required. Such information should include a balance sheet and the related statement of income, expense and retained earnings for the last three fiscal years. The financial statements should have been prepared or attested to by a certified public accountant or should have been prepared in accordance with standards established by the American Institute of Certified Public Accountants. Any financial information provided will be treated as confidential information by the Village. BASIS FOR EVALUATION All submissions for the Mount Prospect Phase I redevelopment will be evaluated in accordance with all of the following criteria listed in no specific order: a Developer Expertise The Village seeks to work with a developer who brings the experience and creativity required for a project of this type. In particular, the Village is looking for the selected developer to help address issues that are particular to the Downtown Mount Prospect redevelopment. They are: • Keeping existing retailers in the downtown. This may include options for facilitating an ownership position for retailers in new buildings - in effect a retail condominium. • Integrating the existing commercial buildings on the north side of Busse Avenue, which are at the center of the project site, into the redevelopment project. • Creating a successful development that does not require strip center type parking designs. In order to support a pedestrian scale, the Village seeks to have buildings at the property line, rather than behind a field of parking. Providing parking at the rear or side of buildings is considered important in creating a pedestrian character for the downtown. 11 Developer Quality Priority will be given to the developer that demonstrates a track record of high quality development, sensitivity to the needs of the public sector, design excellence, and innovative packaging. Village of Mount Prospect Page 11 8 Organization and Personnel Downtown Redevelopment RFP DRAFT Despite the Development Team's overall capabilities and experience, attention will be focused directly on the personnel assigned to the project and the manner in which they will be organized and managed. ■ Financial Capability Because of the magnitude of this project and the period of time over which development will be staged, the financial capability of the developer will be a major factor. ■ Project Design Priority will be given to the project which meets Village objectives over the long run and maximizes benefits to the Central. Business District and neighboring properties. ■ Real Estate Purchase Offer The Village has taken it as its responsibility to acquire the properties in the subject area. Once acquired, those properties will be sold to the selected developer. The Village expects to receive a fair and reasonable price for the property. The amount of the Real Estate Purchase Offer will be a significant consideration in the basis for evaluation. 11 Required Public Improvements The cost of required public improvements to be provided by the Village will be evaluated in regard to the overall benefit to the Village and in relation to the Real Estate Purchase Offer. ADDITIONAL INFORMATION For •re information aboutr • • • �• • ' • •• • • • • •• William J. Cooney, Jr., AICP Director .of Community Development Village of.Mount Prospect 100 South Emerson Street Mount Prospect, IL 60056 847/870-5668 X:\USERSMMI)EV \PLNCMDDRATNaME V \MDRn. WPD