Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
0758_001
Minutes COMMITTEE OF THE WHOLE May 12, 1992 Roll Call The meeting was called to order at 7:40 p.m. by Mayor Gerald L. Farley. Trustees present were Mark Busse, George Clowes, Tim Corcoran, Leo Floros, Paul Hoefert, and Irvana Wilks. Also present were Village Manager John Fulton Dixon, Planning Director David Clements, Finance Director David Jepson, Plan Commission Chairman Don Weibel, Business District Development and Redevelopment Commission Chairman Hal Predovich, approximately 13 residents and two members of the print media. The minutes were accepted and filed. III Citizens To Be Heard Harold Rentschler, 434 Larkdale Lane Mr. Rentschler informed the Village Board that the Prospect Meadows Homeowners Association was encouraging the Mount Prospect Park District to purchase a vacant house at 628 West Bob -O -Link. The house is in a run-down condition and is adjacent to Prospect Meadows Park. He said they presented a petition with 252 signatures asking the Pari District to make the purchase a high priority. Mr. Rentschler requested, that the Village :Board support their request. LIANZARMAMRIMs +� Representatives of the Mount Prospect Park District had planned on attending the meeting to discuss the improvements that were planned for Melas Park. However, a scheduling conflict prevented them from attending the Committee of the Whole meeting. Several residents expressed their concern that a golf driving range was being considered for Melas Park. They stated that a golf driving range would result in greater traffic in the neighborhood and the lights from the facility would be a nuisance. Mr. Frank Irwin, 102 North Kenilworth stated that he was told in 1979 that no permanent structures would be built in Melas Park. He said that the Park District is not being responsive to the residents. Mayor Farley stated that the Park District would be holding a meeting with the residents on June 3, 1992 and that any action by the Village Board should be deferred until after that meeting. Planning Director Clements presentee the results of a survey taken by the Northwest Municipal Conference relative to churches in %idential zoning districts. Twenty-seven municipalities responded to the survey. Ofthis number, nine allowed churches as a permitted use, seventeen required a special, use and one community required institutional district zoning. Based on this survey, Mr. Clements said staffrecommended that the Zoning Ordinance be amended to require s ;special use permit for a church in a residential zoning district. Mayor Farley said the Village had a long standing tradition of allowing churches and schools in residential districts. Trustee Floras said he thought there was a need for a change and supported the recommendation to the Zoning Board. Trustee Corcoran said he supported a special use and would like to see a minimum lot size requirement and mandatory life safety provisions. The Committee concurred with: the recommendation and agreed that this change should be processed as soon as possible. VI CQMRMh=ive Mr. Clements stated that the Plan Commission was recommending three changes in the Downtown Section of the Plan. 1. Changing the land -use designation on the east side of Maple Street from Central to Northwest Highway from multi -family to single-family. 2. Deleting a statement about relocating the train station further east. Rather than moving the station as proposed in the 1976 Plan, the Plan Commission recommends that a study be conducted to determine if train platforms could be expanded further east in an effort to relieve traffic back-ups at Emerson and Elmhurst Road. 3. Deleting a statement about a future railroad grade crossing at Maple Street, and recommending that Maple Street be classified as a residential street rather than a collector street. Mr. Clements mentioned that during the initial discussion on the changes to the Comprehensive Plan on April 28, 1992, the Village Board requested that the Business District Development and Redevelopment Commission (BDDRC) review the Plan Commission recommendations prior to any Village Board action. Mr. Clements stated that BDDRC completed their review of the proposed changes to the Plan for the land use and transportation issues on Maple Street. Members of BDDRC pointed out that the Maple Street issues have been in planning documents since 1976, and it would be more appropriate to allow Broadacre to complete their market studies and project planning before making any changes to planning policies on Maple Street. Mr. Clements said staff agrees with this position and that the Village should adopt the revisions without making changes on Maple Street at this time. Trustee Busse expressed his concern for the residents on Maple Street and suggested that the changes in the Plan for Maple Street be approved as initially proposed. He said it could be 2 changed back in the future if it was warranted. Mr. Clements responded that the Pian is a long- range statement and generally has not been an impediment to residential property owners. Trustee Hoefert said he thought the changes proposed for Maple Street should be made now. He added that he would go one step farther and designate the West side of Maple Street as residential. Trustee Wilks said she would like to hold off and wait until Broadacre reviews the entire downtown area. Trustee Corcoran said he thought the 1976 Plan for the Downtown covered too large an area and that the Plan was more ambitious than the resources available. He said he would also like to see the West side of Maple Street designated as residential. Trustee Clowes said we should remember that this area is in the TIF District and that we should hold off at this time. Trustee Floros said he thought the Triangle Area was enough to zero in on for redevelopment. However, he said he would like to wait until after the meeting with Broadacre before any action is taken. Mayor Farley said he would like to wait until after the meeting with Broadacre and that he would also like some additional information on the impact of eliminating the East side of Maple Street from the TIF District. Don Weibel, Chairman of the Plan Commission, said the Plan Commission had asked for input from both BDDRC and Broadacre. He agreed that these are important issues and we could wait for the Broadacre report. Had Predovich, Chairman of BDDRC, said he did not see any justification for changing the status of Maple Street at this time. He agreed that no redevelopment may ever occur on Maple Street but that the multi -family designation provided a boundary for the downtown area. He also stated that the Police Chief and Fire Chief supported the Maple Street railroad crossing.. Trustee Corcoran said the issue of the Maple Street crossing did not come up when the location of the new Police and Fire Building was being discussed. He said he preferred a less ambitious Plan and more action. Mayor . r . deferred until after the meeting with Broadacre on Wemw N the Committee of the Whole meeting scheduled for May 26, 1992 would1. combined with the meetingon May1992. that 'there will not be a meeting on May 26, 1992. The Trustees then reviewed pages 25 through 43 of the Plan and recommended various changes to the wording. A recommendation was made to include -a map of the TIF District and to add the park in the Kensington Business Center to the map on page 40A. The Trustees agreed to continue their review at the May 27, 1992 meeting. 3 s Mr. Dixon reminded the Board of the { ilic Works Open House and Police auction, both on Saturday, May 16, 1992. VIII Other Business There was no other business presented. IX Adjournment The Committee adjourned at 10:10 p.m. to go into Executive Session. Respectfully submitted, David C. Jepson, Finance Director DCJ/sm VILLAGE OF MOUNT PROSPECT PLANNING DEPAR N rr' Mount Prospect, Illinois TO: JOHN F. DIXON, VILLAGE MANAW FROM: DAVID M. CLEMENTS, DIRECTOR OF PLANNING DATE: MAY 20, 1992 SUBJECT: DOWNTOWN REDEVELOPMENT At the May 27 Committee -of -the -Whole meeting, Broadacre Management will provide a major update on their downtown redevelopment work. This update is timely because of the substantial work done to date, and it is also a requirement of the Consulting Services Agreement with Broadacre, which expires June 19. Broadacre's April Monthly Report is attached. This provides an excellent outline of items they will be discussing at the Committee -of -the -Whole meeting. Also attached is a related memo on the application for HUD 202 funding for apartments for the elderly. It should be noted that the Business District Development and Redevelopment Commission B.D.D.R.C.j has discussed the draft market report, and reviewed an earlier conceptual site plan. B.D.D.R.C. has been invited to attend the May 27 meeting in order for them to get the most recent information from Broadacre. Fidel Lopez and Bert Meers from Broadacre Management will be at the meeting for their presentation of these items. Staff has been involved in all facets of this work and will be available for questions. DMC:hg ILIAGE OF MOUNT PROSPECT K ANN NG DEPARTMENT Mount Prospect, Illinois TO: JOHN F. DIXON, VILLAGE MANAGER FROM: DAVID M. CLEMENTS, DIRECTOR OF PLANNING DATE: MAY 20, 1992 SUBJECT: DOWNTOWN SENIOR HOUSING DEVELOPMENT In 1991, the Village'.•. • adopted a ComprehensiveHousing• •4• Strategy (CHAS) which identified as Priority #1 a need for subsidized senior housing. It was noted in the CHAS that both of our current senior housing developments have long waiting lists • one only • ng priorityapplications. Staff and Broadacre believe that downtown Mount Prospect would provide an excellent location for senior housing and would compliment other downtown redevelopment currently in the planning stage. The proposed site would be along the east side of Pine Street at Central road and would consist of a five -story, approximate 80 unit apartment building, with off-street parting. • M W •~ • • w• • • HUD will pay the Village a fair market price for the site as determined by a HUD appraisal process. (ince built, title will be transferred to a new corporation, made up in part by the local community. It is also important to note that the units can be first made available to Mount Prospect residents. John F. Dixon Page 2 May 20, 1992 W. James Kleifges, Executive Director of Catholic Charities Housing Development Co oration and Mr. Alan Saunders, President of Planning Partnerships, the firm preparing the HUD application, will be present at the meeting to answer your questions about senior housing, the HUD application process and the type of housing they propose. DMC:hg Phone: 70B / 392-6000 Fax: 70B / 392-6022 AGENDA BUSINESS DISTRICT DEVELOPMENT AND REDEVELOPMENT COMMISSION Regular Meeting Wednesday, May 27, 1992 Mount Prospect Senior Center 50 South Emerson Street 7:30 P.M. I. CALL TO ORDER H. ROLL CALL III. DOWNTOWN REDEVELOPMENT UPDATE A. Attendance at Special Committee -of -the -Whole Meeting for Update from Broadacre Management Company IV. B.D.D.R.C. DISCUSSION OF BROADACRE UPDATE V. ADJOURNMENT MAYOR � GERALD L, FARLEY TRUSTEES MARK W.EUSSE GEORGE A CLOWES TIMOTHY J, CORCORAN LEO FLOROS PAUL WM, HOEFERT IRVANAK,WILKS 110fillage of NAount Prospect VILLA" AGER' JOHN FULTON DIXON VILLAGE CLERK 100 S. Emerson Mount Prospect, Illinois 60056 CAROL A. FIELDS Phone: 70B / 392-6000 Fax: 70B / 392-6022 AGENDA BUSINESS DISTRICT DEVELOPMENT AND REDEVELOPMENT COMMISSION Regular Meeting Wednesday, May 27, 1992 Mount Prospect Senior Center 50 South Emerson Street 7:30 P.M. I. CALL TO ORDER H. ROLL CALL III. DOWNTOWN REDEVELOPMENT UPDATE A. Attendance at Special Committee -of -the -Whole Meeting for Update from Broadacre Management Company IV. B.D.D.R.C. DISCUSSION OF BROADACRE UPDATE V. ADJOURNMENT A G E N D A Phone: 708 / 392-6000 Fax: 708 / 392-6022 ZONING BOARD OF APPEALS Regular Meeting May 28, 1992 7:30 P. M. Senior Citizen Center 50 South Emerson Street -V- 2 John and Ksenia EPA% 292 t Centrgl RQad The petitioner is seeking variations from the following sections in order to pave a gravel driveway: 1. Section 14.115 to allow a driveway which is approximately 40 feet wide. 2. Section 14.1102.A to allow 48% impervious surface in the front yard rather than the maximum allowed 35%. 3. Section 21.601 to allow a 6 ft. fence along the side yard. Village Board action is required for this case. I 1 liMIA " I II The petitioner is requesting a Special Use Permit under Section 14.2101.C.3 to allow the installation of a roof -mounted satellite antenna. Village Board action is required for this case. ZBA- -V-9-2, RlIssell, and j&jA 3MLgIM, IM Bjjjj�M Lane The petitioner is requesting a variation to Mount Prospect Building Code Section 21.601 to allow the replacement of a six (6) foot fence from the house to the side yard property lines. The Zoning Board of Appeals is final in this case. (SEE NOTE) - -V- 2, JAM -9s Cogmys, 101 South lm Street The petitioner is seeking a variation to Section 14.3016 to allow a driveway to be 24 feet wide instead of the maximum allowed 21 foot. Zoning Board of Appeals is final in this case. (SEE NOTE) MAYOR' GERALD L FARLEY ,.^ Nw ui wpM+k TRUSTEES MARK W. BUSSE GEORGE A, CLOWES TIMOTHY J.CORCORAN LEO FLOROS PAUL WM,HOEFERT IRVANA K. WILKS Village Hs MountProspect VILLAGE MAIIA"R JOHN FULTON DIXON VILLAGE CLERK 100 S. Emerson Mount Prospect, Illinois 60056 CAROL A, FIELDS A G E N D A Phone: 708 / 392-6000 Fax: 708 / 392-6022 ZONING BOARD OF APPEALS Regular Meeting May 28, 1992 7:30 P. M. Senior Citizen Center 50 South Emerson Street -V- 2 John and Ksenia EPA% 292 t Centrgl RQad The petitioner is seeking variations from the following sections in order to pave a gravel driveway: 1. Section 14.115 to allow a driveway which is approximately 40 feet wide. 2. Section 14.1102.A to allow 48% impervious surface in the front yard rather than the maximum allowed 35%. 3. Section 21.601 to allow a 6 ft. fence along the side yard. Village Board action is required for this case. I 1 liMIA " I II The petitioner is requesting a Special Use Permit under Section 14.2101.C.3 to allow the installation of a roof -mounted satellite antenna. Village Board action is required for this case. ZBA- -V-9-2, RlIssell, and j&jA 3MLgIM, IM Bjjjj�M Lane The petitioner is requesting a variation to Mount Prospect Building Code Section 21.601 to allow the replacement of a six (6) foot fence from the house to the side yard property lines. The Zoning Board of Appeals is final in this case. (SEE NOTE) - -V- 2, JAM -9s Cogmys, 101 South lm Street The petitioner is seeking a variation to Section 14.3016 to allow a driveway to be 24 feet wide instead of the maximum allowed 21 foot. Zoning Board of Appeals is final in this case. (SEE NOTE) Zoning Board of Appeals Agenda Page 2 The petitioner is requesting a variation to Section 14.1102 to allow a side yard setback of zero feet instead of the minimum required setback of 7.15 feet in order to construct a concrete patio. Village Board action is required for this request. The petitioner is requesting a Special Use Permit as required under Section 14.2001.0 to allow the construction of a satellite dish which is ten (10) foot in radius. Village Board action is required in this case. ZRA-31YALV v The petitioner is seeking a variation from Section 14.115 to allow a driveway with a maximum width of 18 feet instead of the allowed 15 feet. Zoning Board of Appeals is final in this case. (SEE NOTE) Z8A--N::Y--& hbu The petitioner is seeking a variation from Section 14.3016 to allow a 19 foot driveway instead of the maximum allowed 15 foot. Village Board action is required for this case. ZEA -3S -SU- 2,.:Rou Ran,db rst S oviDiu Center. Inc. S.E. Comer Eimbu The petitioners are requesting to amend the Planned Unit Development Ordinance No. 3604 as adopted on February 4, 1986 to allow the approved 5,000 square foot future restaurant to be expanded to approximately 7,540 square feet. Village Board action is required for this case. This case was continued from the April 23 Zoning Board of Appeals meeting. The Village of Mount Prospect is seeking an amendment to the Zoning Ordinance which will include the deletion of the following Sections: 14.1001.B.4; 14.1101.B.4; 14.1201.B.4; 14.1301.B.3; 14.1401.B.4; and 14.1501.B.4. Also, an amendment to Section 14.3009, Parking of Vehicles in Residential Districts and Section 14.2602, Rules and Definitions, all to provide standards to allow the parking of commercial vehicles in residential garages. NOTE: In all cases where the Zoning Board of Appeals is final, a fifteen (15) day period is provided for anyone wishing to appeal their decision. No permit will be issued until this period has elapsed. AGENDA Thursday, May 28, 1992 7:30 p.m. Trustees Room Village Hall 100 South Emerson Street I Call to Order II Accept Minutes of March 19, 1992 III Review of Village's Medical Insurance Plan Attached is a memo from the Finance Director to the Village Manager regarding possible changes to the Plan. IV Retired Employees' Medical Benefit Plan Attached is a draft of a Plan Document whereby Village Employees would exchange a current taxable Sick -Leave Incentive benefit for a tax-exempt benefit for Retirement Medical Benefits. V Finance Director's Report VI Other Business VII Adjournment (.I) G BROADACRE CONSULTING COMPANY Spring 1992 INTRODUCTION REPORT SUMMARY REPORT PART I RESIDENTIAL SURVEY PART II RETAIL SURVEY PART III OFFICE SURVEY SUMMARY OF RECOMMENDATIONS BIBLIOGRAPHY APPENDIX I APPENDIX II APPENDIX III APPENDIX IV 3 6 8 28 47 59 62 INTRODUCTION Redeveloping of Mount Prospect's downtown in the early 1990's will be a difficult task due to a variety of factors. The overall state of the national economy coupled with the economic depression in the real estate industry are the two most important forces impacting the development's feasibility. Overbuilding of commercial developments in the 1980's produced an oversupply of real estate products in almost every conceivable market. Vacancy rates in office markets across the country are soaring as still more office space comes on line. Consumer spending has been drastically curtailed, and retailers are experiencing a net decrease in sales revenue compared to previous years. Major department stores' bankruptcy filings, such as Macy's, illustrate the plight of retail properties. The foreclosure of 200 Arlington Place in Arlington Heights bespeaks of a similar economic environment among residential properties resulting from overbuilding in the 1970's and 1980's. This market study conducted by Broadacre Consulting Company and undertaken in the early spring of 1992, represents a snapshot of the existing real estate market conditions in the Mount Prospect, Illinois area. Organized by property type, the study was designed to examine the supply of real estate product and the success of specific competitive developments in the vicinity of Mount Prospect. Additionally, the study will be a resource for determining what type of land use mix might be successful in the redevelopment of Mount Prospect's downtown center. The methods used to develop this report involved the following: 1.) Drive by observations recording land uses, telephone numbers and addresses. 2.) Contacting property managers, owners or agents either by telephone or in personal interviews. 3.) Conducting interviews with real estate brokers. 4.) Purchasing research material including market reports of the broader region by real estate appraisers, brokers and other industry specialists such as Dun and Bradstreet. 5.) Use of demographic information from various actual or quasi - governmental bodies including the Northeastern Illinois Planning Commission, Metra, The Village of Mount Prospect and the U. S. Census Bureau of the Department of Commerce. The information obtained focused on the current supply of space, not on planned or impending future projects. In the present real estate climate, any currently planned developments are considered unlikely to be undertaken in the near future. Unfortunately, many interviewees did not provide important needed information either because of a reluctance to disclose information considered confidential or because the parties contacted did not have all the facts available to them. This report focuses on Mount Prospect and portions of Arlington Heights. Research material from other reports incorporated in this study however covers a wider region around Mount Prospect. Structurally, this report has three (3) parts; Part I is the residential survey, Part II the retail survey and Part III the office survey. Ms. Libby Bruce conducted the retail and office components of the study while Mr. Stephen Golden undertook the residential component. 4 Broaclacre Consulting Company ...... . ..... -. w.— - MARKET STUDY REPORT SUMMARY Redevelopment of Mount Prospect's Downtown Center will be dependent on a successful market response to the types of uses that are created, the amount of square footage that is built and the rental rates that are charged. Therefore the three major components of a downtown redevelopment project -- residential, retail, and office -- were studied individually in the local Mount Prospect market. The local retail market is large and highly diverse with properties ranging from the successfully renovated and well established Randhurst Shopping Center to numerous strip centers. The proliferation of retailers, the high vacancy rates in some developments and the low rents paid by this category suggest that a limited amount of space be created in the downtown center redevelopment. The total space allocated for retail uses should be limited to 10% to 20% of the project's square footage. As a hedge against the depressed condition of the retail market, the space allotted for retail should be designed to be easily convertible to grade level residential rental apartments should retail leasing prove to be difficult. New office users in the downtown area do not appear to be a likely source of tenants. The major multi -tenant office markets along the key highway systems (Interstate 294, the O'Hare Airport area and Woodfield Mall) compete heavily for the significant businesses needing facilities in the northwest section of the metropolitan region. Smaller businesses serving the local area have plenty of space to select from in more modestly scaled developments while professional services such as lawyers or medical practitioners tend to own their own custom built facilities. It is not recommended that any office space be built for the new redevelopment project. However, should a preleased or build to suit demand arise on the basis of the redevelopment's urban design appeal, modifications to ground floor shops or second floor apartments may be made to accommodate this need. Residential rental units have the most probable chance of success in the redevelopment , a project. A lack of available land for development in the Mount Prospect area coupled with an aging housing stock suggest that a new, convenient, well designed residential project with modern amenities at competitive rates should be quite successful. Rent ceilings in the Mount Prospect housing market may constitute the only major obstacle to successful residential development. Mount Prospect appears to be 10% to 20% below rental market levels when compared to Arlington Heights. Further complicating economic models for financing a residential development are the unit Gel mixes and apartment size limits. In the Mount Prospect region, the market for one and two bedroom units predominates while larger sized apartments do not yield a significant premium. Strategies for dealing with these constraints indicate that the redevelopment should have a high proportion of one and two bedroom units, modest amounts of retail space that can be converted to residential and little or no office space. 7 RESIDENTIAL HOUSING MARKET STUDY m THE VILLAGE OF MOUNT PROSPECT BROADACRE CONSULTING COMPANY April 1992 MOUNT PROSPECT RESIDENTIAL SURVEY _ tl - I 4 R1 .,.. a —�� I w RX-- � r Euclid Ave. 2@3 25 +ik 24 B3* 6� a, Pi Kensington Rd �� �: �� •," .,i"A 4 © r. all i R! Cen _ tial Rd. Rxo ° .,IF1 Golf Rd Via.. a g 1fR&�V f NIX kkkk at 14 OFFICIAL ZONING MAP y 4xxa,� uxmM a.i.wr ZONING DISTRICTS ' as; k 1'.aY. L" RX Single Family Residence B-1 Bwinc" ShoppInS Crnler +i D u s i R I Single Family Resiience B-2 Business Office R1 silt R A Single Family Raidence 8-2.1 Busanesl Rruincul Office R2 Duplea Residen¢e B•) Business Retail d Service it � R J Aparlmeni Reidence BBusiness Relail k Service pd I R4 Rnidennal Developmcnr y, at 1 I* ssn R 5 Senior Guinn Residence P I Parking P-2 Parking Liahi Indusrn.l PJ Parking VV 4 12 Rudruad P4 Parkin. G� 1 U R Gllcc Rcxarcn G Golf Club 7 'i"1f•i PLA), Planucd Umr Ucvclupmcni MOUNT PROSPECT RESIDENTIAL SURVEY 1. Clayton Court Apartments 2. Prospect Commons Apartments 3. Lake Club Apartments 4. Ashley Cove Apartments 5. Birchwood Terrace 6. Colony Apartments 7. Forest Cove Apartments 8. 415 E. Prospect 9. Centennial Apartments 10. Timberlane Apartments 11. The Apartments of Riverwest 12. Alpine Apartments 13. Cottonwood Apartments 14. Huntington Square 15. The Mansions 16. The Mansions of Mount Shire 17. Central Village Condominiums 18. Orchard Field Townhomes 19. Village Commons Townhomes 20. Central Park East 21. Arbor Lakes 22. The Pointe 23. Brook Run 24. Brittany Place 25. 200 Arlington Place SUMMARY Mount Prospect currently has a housing stock of approximately 21,000 units according to the 1990 Census. The Village of Mount Prospect estimates that over 37% (7,960 units) of the housing stock exists in some form of multi -family development, while the rest represents single family homes. There is a wide range of multi -family housing options available in Mount Prospect; however, few large residential developments have been started in the last decade. This study is based on a thorough analysis of approximately 6,000 rental and owner occupied multi -family units in Mt. Prospect and Arlington Heights and is supplemented by interviews with the local brokerage community. Appendix I contains a table with information gathered from the survey of the residential market. Mufti -Family (7960) Housing Units By Type In Mount Prospect Single Family Attached (988) (12409) Single Family Detached Source: Northeastern Illinois Planning Cummisslon The target market includes only a limited supply of high-end rental apartments or condominiums. A high-end housing development, with many of the current amenities developed in the Chicago downtown market, would have a competitive advantage relative to the current stock of multi -family housing. Conservative estimates indicate that rental demand will contract if rents for one bedrooms exceed $800 per month and two bedrooms exceed $1,000 per month. Demand for condominiums is likely to decline if one bedrooms are priced over $60,000, two bedrooms are priced over $90,000, and townhouses are priced over $140,000. 11 GEOGRAPHIC LAYOUT Development in Mount Prospect appears to have gravitated towards the two geographical poles of the village, away from the center of town. Randhurst Shopping Center and Kensington Business Center have pulled ancillary development towards the northern borders of Mount Prospect, while the Tollway and O'Hare -related activity represent a commercial draw towards the southern end. Accordingly, most high- density residential construction has been zoned and developed around these two areas. Examples of this development trend are Huntington Square and Birchwood Terrace to the south and Ashley Cove Apartments and Centennial Apartments to the North. In this study, only Village Commons and the Timberlake Apartments can be regarded as having a downtown Mount Prospect location. Single family detached housing is centered around the Metra commuter train station and downtown Mount Prospect. Additionally, single family detached and attached subdivisions have recently been developed towards Mount Prospect's northern border with Prospect Heights. Colony Country Homes and the Old Orchard Country Club Village development are two examples of large scale subdivisions recently developed on Mount Prospect's north side. CURRENT SUPPLY, Single FaMfly As mentioned above, Mount Prospect has approximately 21,000 housing units. Of these 13,397 or 64% are single family attached or detached homes. The single family detached homes located around the train station and the downtown sector are primarily of brick or frame construction, usually three to four bedrooms. Construction of these homes typically dates back forty to fifty years. Lots are typically 50 feet x 150 feet or .17 acres. Moving south towards Mount Prospect Country Club or west towards Arlington Heights, houses tend to have larger lots and are more spacious. Moving north of the downtown corridor, newer homes have been built in subdivisions. These are located north of Kensington Road as well as west of Rand Road. These typically range from 5 years to 20 years in age. Newer houses tend to be situated off of curvilinear streets on larger lots while older houses are located in traditional rectilinear blocks on smaller lots. Unit Type Low SF HYeh SF Avg SF Townhome 11300 2,500 1,800 One Bedroom 600 1,400 792 Two Bedroom 750 1,500 1,040 12 Attached H ousin Single family attached housing projects, typically townhome developments such as Old Orchard Country Club Village, have been developed towards the northern and eastern borders of Mount Prospect as well. These homes usually share a wall with one other unit, but can be connected to a string of as many as four or five units. Typically these townhomes have two or three bedrooms, may or may not have basements, and have at least one and often two garage parking spaces. Area measurements of townhomes can range from 1,300 SF to 2,500 SF. Old Orchard Country Club Village and Colony Country Homes are both larger developments that have not been completely sold out and have left the Mount Prospect townhouse market somewhat overbuilt. One of the most recent townhome developments, Village Commons, was constructed by Hemphill Homes on Northwest Highway. The last unit of this 51 townhome project was finished and sold in May, 1991. These units have 2 or 3 bedrooms and 2.5 bathrooms. The 2 bedroom units contain 1,704 SF, the 3 bedroom units 2,430 SF. Facades are constructed of brick and clapboard, and finishes are Class A. Each unit has either a one or two car garage. These units are within walking distance from the Metra station. This location proved to be a strong selling point despite the fact that the development is located adjacent to a large, free-standing water tower. Multi Family Housing Most multi -family housing developments in Mount Prospect are not located in the downtown corridor. The need for large tracts of developable land, good access to the highways, and convenient commercial amenities has pushed these developments closer to the northeast and southwest quadrants of the village. Most of these projects either cater to the suburban worker who wants to live near the Tollway or attempt to take advantage of the commercial amenities surrounding Randhurst Shopping Center. Over 6,000 rental units currently exist in Mount Prospect, the vast majority of which were built during the 1960's and early 1970's. Additionally, over 7,800 rental units are located in nearby Arlington Heights. A list of typical amenities includes the following: washer/dryer (whether in the building or in each unit) separate dining room, security systems, pool, tennis court, clubhouse, fitness center, balconies or patios, interior hallways, modern appliances, and new carpeting. Prospective tenants frequently cite the age, appearance, and maintenance of a building as important leasing criteria. 13 Washer/Dryer in unit or in building Pool/Tennis Court/Fitness Center/Clubhouse Balcony or Patio Dishwasher/Icemaker/Disposal Separate Dining Room Security System Covered Parking Eat -in Kitchen Every building in Mount Prospect has a uniquely competitive position. The quality of each building's construction, its current condition, its location, the size of the units, and its particular mix of amenities combine to determine its ability to compete in the marketplace. Each building's competitive position is efficiently represented in the rents being achieved or the building's vacancy. One and two bedroom apartments currently dominate the multifamily landscape. Approximately 50% of the existing multi -family housing stock is made up of one bedroom apartments. Two bedrooms make up 40% of multi -family units. The remaining 10% is split between studios and three bedroom apartments. A majority of the two bedroom units have one bathroom with the rest having one and a half bathrooms or two bathrooms. Area measures for each unit type vary widely. One bedrooms range from under 600 SF to close to 1,400 SF and average 792 SF. Two bedrooms range from 750 SF to 1,500 SF and average 1,040 SF. 1 0 0 17 C D O Multi -Family Building Permits lrlington Heights int Prospect 83 a4 8o 8e ai 88 89 90 91 Year 14 source: Beg Federal Housing Report Little new multi -family construction has taken place in the last ten years in Mount Prospect, as one can see in the preceding graph. An average of 72 units per year were built during the past nine years in Mount Prospect, a relatively small figure considering the 415 units per year average over the previous ten years. Over 60% of the units built in Mount Prospect over the past nine years were townhomes. This lack of recent construction accounts for the currently aging housing stock. Of the Mount Prospect units in our survey, over half were built before 1975. Property management in the area has been faced with the need to constantly refurbish existing units or reduce rental rate targets. Exterior appearances and structural characteristics such as the motel type design have proven more difficult to update. With respect to modern amenities and new construction, there is currently no modern rental product in the Village of Mount Prospect. Many projects have deteriorated considerably: their exteriors are dirty and frequently dilapidated, carpets are older, HVAC systems utilize window units, and appliances are out -dated. None of the projects in Mount Prospect have washer/dryers within the units themselves. The deteriorated condition of the rental stock can only result in lower effective rents. In contrast, Arlington Heights has seen a real multi -family housing boom. Over the past nine years, an average of 518 units per year have been constructed in Arlington Heights. The quality of the rental product is expectedly much higher than in Mount Prospect. Rental complexes in Arlington Heights more frequently have central air conditioning, modern appliances, newer carpeting, better security, well-maintained landscaping, a range of fitness related facilities, interior hallways, and relatively attractive architecture. These advantages are reflected in a higher rental rate for Arlington Heights rental property in comparison to Mount Prospect. Market Conditions Market conditions for both rental and owned housing in Mount Prospect and Arlington Heights seem to be fairly strong. It is important to consider rental pricing in total dollars per month as well as in conventional dollars per square foot per month terms. As in many markets, the Mount Prospect market is driven by the total dollars per month a tenant is willing to spend. Apartment size is only one of many concerns of prospective tenants. Since apartments of the same unit type can vary widely in size, units with similar gross price points look misleadingly different in dollar per square foot per month terms. In other words, while the market might currently bear a rent of $1.10 per square foot per month for a 700 SF one bedroom, the market might not support $1.10 per square foot per month for a 1,000 SF one bedroom. The latter's $1,100 per month is more evidently out of step with the market than its $1.10 per square foot per month figure. The total dollar pricing must be used in conjunction with per square foot figures to gain an accurate view of the market. 15 Total $ per month ----------------------- Low High Ava. Mount Prospect 500 650 600 Arlington Hts. 700 850 775 Effective $/SF/month ------------------------- Low High Avg. 0.52 0.92 0.72 0.90 1.18 0.98 Grubb & Ellis' most recent quarterly housing market survey quotes an average rental figure of $0.80 per SF per month for the entire region not including a typical concession of one month of free rent. According to our own analysis, one bedrooms in Mount Prospect typically range from $500 per month to $650 per month before concessions and average close to $600 per month. The Grubb & Ellis study gives the average rent for one bedrooms as $645 and $665 per month for Wheeling and Elk Grove Townships respectively. The most recently developed rental project in Mount Prospect, DiMucci's The Mansions, is currently positioned at the top of the market with a very large, 1,380 SF, one bedroom offered for $949 per month and is reportedly 100% leased. In Mount Prospect one bedrooms rent for between $0.54 and $1.03 per square foot per month and average $0.78. Concessions in the form of free rent, rent coupons, free covered parking, and free utilities, reduce the range to $0.52 to $0.92 and the average to $0.72. Rental apartments in Arlington Heights consistently command higher rents than those in Mount Prospect. One bedroom apartments range typically from $700 to $850 per month and average $775 per month. 200 Arlington Place is a relatively new 11 story development in downtown Arlington Heights. This property is similar in location and quality of amenities to the type of development that might be undertaken in Mount Prospect. Rents for one bedrooms at 200 Arlington Place range between $765 and $990. In dollars per square foot per month terms, one bedroom apartments in Arlington Heights range from $0.92 to $1.29 and average $1.01. With many of the same concessions as those offered in Mount Prospect projects, the effective rental rates range from $0.90 to $1.18 and average $0.98. Two Bedroom Apartments Total $ per month ---------------------- Low High Ava. Mount Prospect 650 800 715 Arlington Hts. 875 1,200 950 16 Effective $/SF/month Low High Avg. 0.44 0.80 0.66 0.75 0.91 1.01 N 101 •4 Two bedroom apartments typically rent at a lower dollar per square foot number than one bedrooms. This trend downwards as the units grow in size represents a form of volume discount. Two bedrooms in the area rent for $775 on average according to the Grubb & Ellis study. In Mount Prospect two bedroom rents range from $550 to $1,200 with the bulk between $650 to $800 and an average rent of $715 per month. The Mansions, once again is the highest priced with a 1,440 SF two bedroom as high as $1,199 per month. Across the Mount Prospect market, two bedrooms range from $0.49 to 0.90 per square foot per month and average $0.71. With concessions, the net effective rents range from $0.44 to $0.80 per square foot per month and average $0.66. Two bedrooms in Arlington Heights continue the trend relative to Mount Prospect. Monthly rents start at $875 and can go as high as $1,200 per month but the average is $950 per month. 200 Arlington Place has two bedrooms from $960 to $1,210 per month. On a per square foot per month basis, rents range from $0.75 to $1.11 and average $0.91. After concessions, the lower end of the range stays at $0.75 but the upper end descends to $1.01 and the average to $0.86. Face and Effective Rental Rates For Mount Prospect i-rsearoom 2 -bedroom Source: Survey conauctea 3H/92 Effective Rate = Face 17 Studios and three bedrooms makeup the remainder of the rental apartment market, with a slightly larger supply of studios than three bedrooms. According to Grubb & Ellis, the rents across the applicable townships averaged $631 per month for a studio apartment. In Mount Prospect, rents for studios and convertibles range from $450 to $550 per month and average $510. Per square foot per month rents ranges from $0.75 to $1.35 and averages $0.96. After concessions the range is closer to $0.72 to $1.20 and the average closer to $0.90. Due to the lack of supply of studios in Arlington Heights, rents could not be verified but preliminary indications suggest that they average above $1.00 per square foot or $600 per month. Three bedrooms represent an even smaller segment of the rental market. The only three bedrooms that we encountered in Mount Prospect rented for $775 per month translating to $0.73 per square foot per month. Three bedrooms in Arlington Heights rent for between $1,100 and $1,265 per month. This translates to between $0.79 and $1.02 per square foot per month. Census statistics from the 1990 census support the findings on rental rates. In Mount Prospect, 1990 census statistics list the average monthly rent as $566 per month. According to the census, approximately 69% of Mount Prospect renters pay between $500 and $700 per month. Over 10% of the rental population pays more than $700 and 20% pays less than $500. In Arlington Heights the average monthly rent is $692 per month. Approximately 46% pay between $500 and $700 per month but over 40% pay over $700 and less than 15% pay less than $500 per month. Vacancy Rental vacancy in the Mount Prospect and Arlington Heights area has remained relatively low. Lenders in the area estimate the number to be under 3%. Grubb & Ellis gives an average vacancy number of 4.9% and 6.6% for Wheeling and Elk Grove Townships respectively. Our own research indicates that Mount Prospect currently has an average vacancy of 6.3% and Arlington Heights has a vacancy closer to 5%. As vacancy moves closer to 10% in each of these submarkets, effective rental rates will decrease and concessions will increase. Currently over 60% of the projects surveyed in Mount Prospect offered some sort of concession. These concessions average a 7.5% discount off the asking rent. Townhomes Owned units, consisting of townhomes and condominiums, have seen a wave of activity in the last year as interest rates have fallen. Starck Realty's January and February sales figures are up 24% over last year's results. The number of transactions taking place in all of 1991 is 21% above the number in 1990, according to President Andy Starck. Most of this activity is attributable to first time home buyers. The percentage of home buyers in 1991 that were buying their first home in Baird & Warner's Mount Prospect office was 42% higher than the company average. This market segment's relative youth and income limits result in greater price sensitivity and an orientation towards the lower priced housing product. It is not surprising that much of this heightened sales activity has taken place in attached housing as townhomes and condominiums are as a whole less expensive than single family detached homes. The average home value in Mount Prospect is $161,956 and in Arlington Heights is $181,844. In Mount Prospect, single family detached housing ranges from $100,000 to $650,000. Townhomes typically average $110,000 to $120,000. Depending on location, the amount of garage space, the amount of storage space, and the quality and age of construction, a townhome in Mount Prospect can range in price from $80,000 to $200,000. The most recent and relevant townhome development in downtown Mount Prospect is the aforementioned Village Commons, by Hemphill Homes. Hemphill began marketing the 51 two and three bedroom townhouse units in the second half of 1989 and sold the last one in May of 1991. Asking prices were $170,000 for a two bedroom unit and $210,000 for a three bedroom unit. The marketing director affirms that actual selling prices averaged approximately 10% below the asking price resulting in between a $80 to $90 per square foot price. Resales of these units have just begun; a two bedroom unit is currently listed for $185,000 dollars, representing a 9% appreciation over the original asking price if sold at that price. In a brief discussion with Jim Hemphill, the president of Hemphill Homes, he maintained that the Village Commons project represented "a wash" in profitability terms. He believed that two factors were to blame: the units went on the market just as the economy deteriorated, and that they had 'overshot" the market by building a townhouse whose quality and cost of construction were unwarranted in the current marketplace. Apparently, the market was unwilling to pay the price he needed to properly recoup his investment. However, these units, by virtue of their location as well as their quality, transferred at a price $20,000 to $30,000 higher than the average in the marketplace. It is important to note that the newer townhomes in Old Orchard Country Club Village to the north are priced equivalently, but are not selling according to brokers. The high end townhome market does not seem to have rebounded recently as well as the mid range townhome. According to local brokers, this is possibly due to the fact that the first time buyer is dominating the market place. These first time buyers prefer single family detached houses, and the townhome represents a cost-effective compromise. As the price advantage of a townhome decreases, it should follow that the first time home buyer would look towards the detached house. Townhomes in Mount 19 Prospect are priced anywhere from $80,000 for a unit without a garage near Dempster to $200,000 for the resales of the Village Commons project, according to Stark Realty and Baird & Warner. However, both realty offices attest that units in the $120,000 to $130,000 price range have ignited the townhome market and that units priced over $170,000 are moving relatively slow. Arlington Heights has much of the same type of townhomes that are in Mount Prospect, but Arlington Heights has considerably more high end units. The desirability of living in Arlington Heights adds $5,000 to $10,000 in price to comparable units. The Arlington Heights market offers the typical townhome closer to the $150,000 range. However, the top end of the townhouse market reaches close to $300,000 and is very active in the low $200,000 range. Condominiums The condominium market has seen a real resurgence of activity in Mount Prospect over the last year. Baird & Warner's Mount Prospect office reported that over 17% of last year's sales volume represented condominium transfers. Condominiums are similar in appearance and layout to rental apartments. They usually have more storage space, tend to have more square feet compared with the same type of rental unit, more often have the option of garage parking, and are typically maintained better because they are occupied by the owner as opposed to a transient renter. Much of the current condominium stock in Mount Prospect is the same age as the current rental stock due to the fact that there has been little new construction of condominiums in the past ten years as well. Condominiums in Mount Prospect range anywhere from $30,000 to $120,000 depending on the number of bedrooms. One bedrooms can sell for as low as $30,000 for a low end unit but usually sell for $40,000 to $50,000. Two bedrooms sell from $75,000 to $100,000 and typically include a garage parking space. Three bedrooms, more common in condominiums than in rental buildings, sell for between $90,000 to $110,000. According to local realtors, two bedroom condominiums have been especially popular and are most often sold when the sale price approaches $90,000. Arlington Heights has a larger supply of newer condominiums than Mount Prospect. One bedrooms start at $55,000 and can be priced as high as $80,000. Two bedrooms typically start at $90,000 and go to $120,000. Three bedrooms range from $100,000 to $160,000. While realtors maintain that Arlington Heights has a more active top end market, a new condominium development with two bedrooms close to $140,000 has not done well at all in Arlington Heights. It is important not to overlook the fact that the aggregate occupancy costs of townhomes and condominiums includes a monthly assessment fee. This fee is usually 20 based on the amount of money needed for the upkeep of the common areas. Since maintenance costs such as landscaping, pool maintenance, and janitorial services does not vary significantly between Arlington Heights and Mount Prospect, the monthly assessment fees do not differ significantly between equivalent projects in the different municipalities. Typically, condominiums have larger assessment fees than townhomes due to the added cost of maintaining hallways, operating elevators, and paying common area utilities. Townhome assessment fees generally run between $50 and $150 per month in Mount Prospect and Arlington Heights. Condominium fees are closer to $100 to $300 per month. W—OURM" •' Over the past twenty years Mount Prospect has matured into one of the most successful and affluent large municipalities in the state. Population has leveled off since the explosive growth in the 1960's and 1970's that was due to annexation, the development of the O'Hare corridor, and general suburban growth. As of the 1990 census, 53,170 people lived in Mount Prospect reflecting an increase from 1980 of 1%. During that same period median family income grew 74% to $48,947. Not unexpectedly, home values kept pace with income; the median home value reached $155,096 reflecting an increase of 75% over the previous decade. (See Appendix II for a statistical analysis of the demographics). Mount Prospect Population 1970 1 UOU 1 z1v I C 1 7IZ70C Year ce: DonneVey Marketing Information Services 21 Mount Prospect Median Household Income Year o rmce. porv,eoey Marketing Intorrnation SWVICe3 Among 29 Illinois communities with populations greater than 41,000 Mt. Prospect is ranked fourth in Median Home Value and sixth in median family and per capita income. The percentage of the work force residing in Mount Prospect classified as professionals or executives is significantly greater than the Illinois average and the percentage that is classified as operators, fabricators, and laborers is significantly lower. Unemployment in the village has consistently been 2% to 4% below the statewide and national averages over the last ten years. Mount Prospect Average Age » a 1970 1980 1991E 1998E Year ouree: DonneOsy Marketing Information Services ; 22 The economic maturation of Mount Prospect has coincided with the aging of the community. The median age of the total population has increased from 25.9 in 1970 to 31.6 in 1980 to 36 in 1991 and is projected to be 39 by 1996 according to Donnelley Marketing Services. Almost all segments of the age spectrum over 25 have increased as a percentage of total population. Children under seventeen now make up less than one fifth of the population compared to over one-fourth in 1980. While those over sixty five are currently only 12% of the population, they are 20% of the householders. The maturing of the Mount Prospect population is reflected in the changing size of the household. While population grew only 1% from 1980 to 1990, the number of households increased 8%. The average household size decreased from 2.80 in 1980 to 2.62 in 1990 and is projected to be 2.56 by 1996. Approximately 57% of the total households in Mount Prospect are one and two person households, and over half of the married households have no children. I Mount Prospect Average Household Size 1970 1 VOU iZ7�1c Iaavc Year cem Donnelly Marketing Information Services Arlington Heights shows many of the same trends. Income and home values have skyrocketed while population has stayed relatively flat. The population is also maturing, and households are shrinking. Yet across the board, Arlington Heights has higher income and home value profiles. Average family income in 1991 is projected to be $56,608, 11% greater than Mount Prospect's average. Average home values are 9% greater than Mount Prospect's values. Average rent is over 20% higher in Arlington Heights. Arlington Heights is ranked second in median family income and in median home value among those same 29 municipalities. 23 The demographics of multi -family householders do not show such obvious trends. Some rental complexes seem to attract those in their twenties, others attract those in their thirties and early forties, and others those over sixty. Some buildings have families while others do not. Some projects are occupied largely by married couples, others by singles, and others still by widows and widowers. Some conclusions, however, can be drawn. Rental buildings typically hold the younger singles, couples in their twenties and thirties, and retired persons. By their absence, those in their early forties to late fifties do not seem to be a dominant segment of the rental population. Empty nesters seem slightly more prone to buy condos and townhomes, presumably appreciating the benefits of home ownership. Across the two municipalities, the percentage of multi -family occupants that work in downtown Chicago is fairly small. Apartment managers and brokers frequently quote a figure between 15% and 20%. Residents in Mount Prospect more often work in Hoffman Estates or Barrington than downtown Chicago. Employers such as Abbot Labs, Baxter, and United Airlines have fueled much of the growth in the Northwest suburbs. Brokers in the area give their own impressions of the current demographic trends. They routinely cite the maturing population in Mount Prospect as the driving force behind a turnover and renewal in the population. It seems that older people, empty nesters and retirees, are selling their homes and moving into rental housing or condominiums and townhouses. Brokers have noticed an influx of younger couples who might have grown up in the area moving back and either renting or buying a home. Most brokers recognize the comparative strength of Arlington Heights in drawing the higher income brackets and note that many move to Mount Prospect looking for value. Demographically, the profile of Mount Prospect changes slightly as one moves towards the center of town. The population within a half -mile radius of the corner of Central and Main is slightly older on average than the entire village. The percentage of housing units occupied by renters is smaller than the village average, and rents are generally higher. 24 Home Origins of Metra Park -n -Ride Commuters Using Mount Prospect Station Other Wheeling (63) Arlington Heights t. Prospect (300) l%.J'%dj ource: Metra Study --Fall 1990 Prospect Heights A demographic study of those that use the train to commute to work reveals some interesting statistics. Over two thousand people use the Mount Prospect train station, which is approximately 8% of the work force residing in Mount Prospect. Of these 2,000 people, almost 19% walked to the station. Over 10% of the people parking at the Mount Prospect station were from Arlington Heights. Another 10% were from Wheeling and another 30% were from other municipalities. Most encouraging however are the statistics on income. Of those that were surveyed in 1988, the most recent income survey, 49% made over $55,000 per year and over 80% made $30,000 or more. It also appears that most train riders live within two miles of the station. CONCLUSIONS It appears that the residential portion of tAe downtown redevelopment could be the market leader in multi -family housing in Mount Prospect. Whether to build units to be sold or rented is a more difficult question. In either case, a modern multi family housing product would dominate the Mount Prospect market and could even draw potential occupants from Arlington Heights and surrounding communities. While we believe that the proposed development could create the most marketable townhouse development in Mount Prospect, the current supply of recently constructed townhouses suggests that the development should take advantage of the comparatively 25 underdeveloped rental market. While we believe that rentals could provide the development with the best source of income, these rental units should be built to have the flexibility to be converted to condominiums should the market dictate that alternative. The appeal of the train station, while important, does not seem to have a wide enough audience to support an entire project. Certainly downtown Chicago commuters will be the most likely tenants. However, this project will have to create an atmosphere that is appealing to suburban workers as well. Additionally, a market exists for retired and semi -retired seniors who have sold their houses and are looking for the nicest rental accommodations available in their community. Parking, probably 1.5 spaces per unit, will have to provided free of charge. How much of a premium Mount Prospect tenants will pay to live in a fully modern apartment building is the most important question. Rents exceeding $800 per month for a one bedroom and $1000 per month for a two bedroom will push the limits of the current market. With rents kept within these limits, vacancy should be kept under 5%. It is therefore recommended that the residential component of a downtown redevelopment project have the following: • An orientation to the highest end sector of the multi family market in order to justify the higher construction costs of a modern apartment development. Presumably these will be empty nesters and young couples as well as affluent singles. • A diverse population including possible subsidized elderly housing and current market rate apartments targeted to a wider cross-section of the rental market which includes start-up families, divorcees, widows, etc. • A mix of approximately 50% one bedrooms, 40% two bedrooms, and 10% studios and three bedrooms. • Rents on one bedrooms starting at $700 and rents on two bedrooms starting at $900. Studios and threes should reflect an equivalent premium to the market. • One bedrooms in the 800 SF range and two bedrooms in the 1,100 SF range. • Parking supplied gratis. If parking is to be covered, a portion of the market cost of covered parking may be built into the rent. It is important to note that downtown residential living in a suburban community is somewhat contradictory for the reasons people select suburban living in the first place. 26 Additionally, high density apartment dwellings mixed with other uses, such as retail and office tenancy, present an added challenge in appealing to suburban residents. Such a concept has few models with Lake Forest and other North Shore communities being modest examples. Recent trends towards in -town living have been noted in Evanston and Oak Park, as well. These two communities and their downtown areas are obviously quite different from Mount Prospect and what its downtown has to offer. Therefore, the downtown center in Mount Prospect should strive to create an entirely new character and environment which will attract a wide variety of market segments into its redevelopment. 27 PART II RETAIL MARKET STUDY OF THE VILLAGE OF MOUNT PROSPECT BROADACRE CONSULTING COMPANY May 1992 a�l.�w ipy MOUNT PROSPECT SHOPPING CENTER SURVEY , RX -- Euclid Ave d 4A RR3' f ".._ .n r. " " , " Kensington Rd. �� Pf �n�, .g, ' IRR � ' f "6- i p� .ei Central Rd. 11 1(,Fni C Alz t� _o, .�w ��{ �� k 8 �ro p c Golf Rd�.�� ��� �R " ie q 11 J1,114 R OFFICIAL ZONING MAP �a ZONING DISTRICTS as 41 F YG�- �L IJG k1'L7i a4 RX Single Family Residence B-1 Baaln— Shopping Center RX 4 � R I Single Family Residence B-2 Business Office M RR l It.4 D R A Single Family Rnidcnce B-2.1 Busloess - Financial Office '4¢b•4 R 2 DuDlcs Residence B-) Business Retail & Service 14it 4p :=x=„, g8 R ) Apartment Residence B'4 Business Retail & Service 7� R 4 Ressdcunal Development II• f V `�M, 4.a ` I * ■.aw ,' i4 R5 Senior Citizen Resulcncc P I Parking .. yy ■s= -- P 2 Parking " j 4 ga 4 4t A A Light InJusuial P4 Parking -� --� °�I, ;l I2 Radrwd P4 Parking U R Ulla:. Rcxarch G Gulf Club PUD. Plan -d Unit Ucrelupment 1. Randhurst Shopping Center 2. Euclid Mall 3. Convenience Food Mart Center 4. Mount Prospect Plaza 5. Rand Plaza 6. Courtesy Home Center 7. Brentwood Shopping Center 8. Market Place Shopping Center 9. Golf Plaza II 10. Countryside Court Shopping Center 11. Venture Center 12. Wishing Well Plaza 13. The Colony Shopping Center 14. Plaza United 15. Central Food Mart Shopping Center 16. Golf Shopping Plaza 17. Mount Prospect Commons RETAIL STUDY, The retail market in Mount Prospect is primarily dominated by one regional shopping center, Randhurst Shopping Center (1.3 million SF), and one power center, Mount Prospect Plaza (299,000 SF). The former is owned by Rouse-Randhurst Corporation and the latter is owned by Western Development Corporation from Washington D.C. In addition, several large community shopping centers anchored by large grocery stores on Golf Road serve Mount Prospect and neighboring communities. These include Golf Plaza II, Market Place (in Des Plaines), and Golf Shopping Plaza. (See Appendix III for a list of Mount Prospect shopping centers and tenancies). RETAIL CENTERS Randhurst Shopping Center Mount Prospect's regional shopping center celebrates its 30th anniversary this year. Rouse-Randhurst's management feels that average sales at $265/SF per year are very good. Several positive changes are occurring at Randhurst. The newest tenant, Filene's Basement, will open a 30,000 SF store in Randhurst's basement this Spring. In addition, the 25,000 SF former Madigan's Department Store has been divided into several units and released to a Sporting Goods retailer, Everything's a $1, the Party Zone, and Kroch & Brentano's Bookstore. The former Kroch & Brentano's space will become a restaurant. Randhurst Shopping Center has two major vacancies: the former Spiess Department Store (62,000 SF) and the former Child World (60,000 SF) and the Total Sales Furniture (21,000 SF) outparcel building. Rouse-Randhurst's leasing plans include retaining Chicago area retail broker, MidAmerica's Mr. David Bosse, to secure national or regional name tenants, such as Crate & Barrel, for the former Child World parcel or a specialty Limited Junior Department store for the former Spiess building. Another strategy is to bring typical power center tenants known as "category killers" to Randhurst Shopping Center. Rouse is willing to divide the Spiess building into multi -tenant units, but prefers a single use for the Child World building. Despite the two large vacancies, Randhurst considers its recent $1.6 million renovation a success. Carson, Pirie Scott (240,000 SF) has annual sales volume in excess of $60,000,000 and has the distinction of having the third highest sales in the P.A. Bergner family of department stores. Bergner's bankruptcy proceedings have not hurt Carson's sales at Randhurst and may have actually improved sales results, according to Rouse-Randhurst Management. 31 Randhurst Shopping Center's restaurant outparcel remains vacant primarily because of poor access from the two major contiguous thoroughfares: Rand Road and Elmhurst Road. According to Randhurst Shopping Center's management, restaurant pad marketing has been slow and national or regional restauranteurs demand an expensive $200/SF in tenant improvements, a major concession. Rand Road Rand Road is dominated by Randhurst Shopping Center and Mount Prospect Plaza along with several large single use retail sites. These retailers include Century Supply, Handy Andy Outlet Center, Courtesy Home Center, Aldi's Food Store, L. Fish Furniture, and several other retailers. Golf Road In Mount Prospect, Golf Plaza II and Golf Shopping Plaza dominate convenience shopping on Golf Road. Both have major food store anchors, Dominicks and Eagle Discount Supermarket, respectively. Community shopping centers along Golf Road between Schaumberg and Mount Prospect provide shoppers with a duplication of tenancy found at Mount Prospect Plaza plus more discount -oriented stores which provide shoppers with many alternatives. Loehman's Plaza in Arlington Heights is a competitive center anchored by Pier One and Loehman's in addition to several restaurants; however, it suffers from some vacancy. Woodfield Mall Proceeding west on Golf Road, Woodfield Mall, a super -regional mall, is also a draw to the Mount Prospect shopper. According to the Camiros, Ltd report, 25% of its Mount Prospect respondents purchase shoppers goods (clothing, shoes, furniture and appliances) at Woodfield Mall while 72% purchase shoppers goods at Randhurst Shopping Center. Other Centers Other competitive shopping centers along Golf Road outside Mount Prospect's borders include Meadows Town Mall, the Paddock Shopping Center, Surrey Ridge Shopping Center, Stafford Place, Arlington Towne Square and North Point and South Point in Arlington Heights. 32 VACANCY While larger, well -tenanted shopping centers have little or manageable vacancies, several smaller community and neighborhood shopping centers in Mount Prospect and surrounding communities are plagued by high vacancies. Problem centers lack true anchors or major name tenants to help attract shoppers. Both DiMucci Development's Plaza United (27,000 SF) located at Busse and Algonquin and Mount Prospect Commons (48,140 SF) located at Golf and Busse have substantial vacancies in excess of 50%. Euclid Mall (30,000 SF), just east of Randhurst Shopping Center, will lose its largest tenant, Century 21 Northwest, and currently has no replacement tenant. The Colony Shopping Center which has only nine tenants and is located on Elmhurst Road near the Northwest Tollway has approximately 7,500 SF available out of its 39,572 SF total or a 19% vacancy factor. Other centers on Elmhurst Road include Wishing Well Plaza, Venture, and Countryside Court however do not appear to be suffering from vacancy problems. Brentwood Shopping Center (30,000 SF) located at Kensington & Wolf Road has its largest unit vacant or 12,000 SF for a vacancy factor of 40%. Leasing representatives would prefer a restaurant tenant or a hardware store. Tenants at Brentwood which is in close proximity to the Kensington Business Park provide some services to the Business Park's employees. For example, Photos Hot Dogs is quite popular. III Retail rental rates vary widely within Mount Prospect. Large strip shopping centers such as Mount Prospect Plaza quote rental rates from $2 per SF net for large credit tenants such as Wal-Mart to $21 per SF for smaller merchants. Medium size stores usually fall in the middle of this range. Golf Plaza II currently has a 4,000 SF space that is currently being marketed at $1.2 per SF net and with $3 per SF in taxes and operating expenses. A more comparable product type for the proposed redevelopment is the unanchored strip centers sprinkled throughout the area. These smaller strip centers seem to be struggling in the recent recession and have more frequent tenant turnover. Rental rates for vacant space in these centers are typically under $10 per SF net and older leases are frequently in the $6 -$8 per SF range. As one moves closer to downtown Mount Prospect, the retail product is dominated by the smaller strip centers and the smaller local merchants and convenience related 33 retailers. However, these strip centers do seem to command a small premium for their downtown location as rental rates drift above $10 per SF net. Rents in Prospect Place are frequently in the $12-$13 per SF net range. Sampling across the downtown area, retail rents range from $6-$24 per SF but seem to cluster just above $10 per SF. Additional charges for taxes and operating expenses vary with the property but seem to average in the $345 per SF range. Conclusions The retailing environment remains extremely competitive; even larger and well -capitalized retailers find profitability elusive in 1991 and 1992. It is therefore prudent to limit the amount of new retail space to minimal levels and to provide sufficient design and ordinance flexibility to permit appropriate uses in the new redevelopment to fluctuate with the market conditions over time. If the retail space in the proposed redevelopment does attract successful retailers who meet a large than expected consumer demand, we expect rental rates in the subject property to represent a small premium to the surrounding alternatives. This would suggest that rental rates of $13-$14 per SF net could be achieved with $345 per SF in operating expenses and real estate taxes. The primary downtown core retail area is defined by the Emerson, Central, and Northwest Highway triangle. However, the retail strip along Prospect Avenue from Emerson to I -Oka Avenue constitutes a second half of the core. This core area is not dominated by any one shopping center, but two small shopping centers which have been rehabilitated through the Village's facade program. They are Prospect Place at Main and Prospect and Central Plaza at Central and Main. Both have pharmacies as primary tenants who are high traffic generators. Prospect Place has as its tenants Keefer Pharmacy, Mary Jayne's Apparel, Prospect Cleaners, Mt. Prospect Vacations, Sahara Company Doors and Windows, Rene's Hair, J & B Meats, Sam's Fine Food & Cocktails, H. R. Hart Photo and Sir Speedy Printing Center. Central Plaza has Doretti Pharmacy, Mt. Prospect Liquors, Central Produce, V.I.P. Cleaners, Martial Arts Center, Mane Street Hair Design, Just Faucets, and House of Szechwan. 34 Downtown has primarily restaurants, building and home improvement suppliers, hair salons & barber shops, and chiropractors; but little retail. Merchants are primarily located on Northwest Highway or Prospect Avenue. Downtown merchants exhibit an even sales trend with no major increases or decreases. Several vacancies on Prospect Avenue are disconcerting to neighboring merchants as are the vacant storefronts on Busse (former Mickey's Cafe) and near the area proximate to Marcy's Cards and Gifts. Downtown has seven restaurants plus a popular bakery which draw customers primarily from Mount Prospect but also attract people from Arlington Heights and Des Plaines. Mrs. P and Me, Old Carriage Inn, Sam's Place, Emerson House, Little America, Ye Olde Towne Inn, House of Szechwan and Sakura, a new Japanese restaurant, are very popular. The Camiros, Ltd. survey indicates that more restaurant alternatives would be supported by Mount Prospect residents. However, the area lacks updated themed restaurants which attract younger professionals and families. Notably, lacking are restaurants which act as a real attraction for downtown. Downtown Mount Prospect has a number of home improvement -oriented merchants such as Northwest Electric Supply, Edward Hines Lumber, Michael Kautz Carpets & Designs, J.C. Licht Paints & Wallpaper, Tristate Electronics, Glidden Paint & Wallcovering, Kitchen Koncepts, Sahara Company Doors, Clifford's Windows and Doors, E. J. Self & Sons Furniture, Roberts Drapery & Textile Center, Wolt Windows & Doors, Just Faucets, Adam Upholstery, Busse Hardware, and Hearth & Home. Most of these merchants are located on the periphery of the downtown core area. Those located in the downtown core include Glidden Paint & Wallcovering, Tristate Electronics, Sahara Company, Busse Hardware, Northwest Electrical Supply, Just Faucets, Adam Upholstery, and Clifford's Windows & Doors. While some of the aforementioned building supply businesses such as Hines Lumber, have trade areas of which Mount Prospect customers comprise a small percentage and have contractor clientele, several businesses depend on a downtown location to survive. Businesses that rely on customers from Mount Prospect or neighboring communities should be encouraged to remain in the downtown area or in the periphery with the exception of Prospect Auto Body which should relocate outside the downtown area. Those with customers from building firms, contractors and the Chicago metropolitan region should not be encouraged to remain downtown and should relocate to a peripheral location. However, Northwest Electric Supply, which has a growing retail market should remain downtown. These downtown building supply merchants must compete against large discounters such as the Handy Andy Outlet Center, Courtesy Home Center and Century Supply, all 35 located on Rand Road. However, downtown merchants have found niches and specialties in which to compete. A building supply center should be considered as a focus for consolidating some of these existing businesses oriented to home improvements and develop cross selling synergies. BUSINESS SURVEY To understand how downtown is perceived by its merchants, Broadacre Consulting Company surveyed, via telephone, over 40 business owners and managers. Whereas the Camiros, Ltd. survey queried residents of Mount Prospect, Broadacre wanted to complement those findings with responses from business people who know and understand downtown. Survey questions addressed downtown area's strengths and weaknesses, problems facing downtown, and what additional businesses or improvements would benefit the existing business base. See Appendix IV for a summary of the survey results. Several themes emerged from the survey; residential uses are acceptable to current downtown businesses, sales are stable for most establishments, most merchants are happy with their present locations, especially those with Northwest Highway access and visibility, and opinions are split as to the benefits of additional restaurants. This last theme is particularly intriguing considering that the Camiros, Ltd. survey found that 69% of its respondents would support additional restaurants in the downtown area. Many Prospect Place Shopping Center tenants feel that the railroad tracks which parallel Prospect and Northwest Highway are a perceived barrier to shoppers and that it is difficult to attract many shoppers from the north side of the tracks. In addition, there is frustration relating to the Prospect Avenue parking situation. Most Prospect Place tenants are very angry that the restaurant/bar customers of Sam's Place apparently occupy valuable street parking spaces for hours at a time. Though parking is a common and understandably warranted complaint in many instances, poor or outdated merchandising, or lack of good management are other problems that some respondents noted about their neighboring businesses. One of the things merchants like best about doing business in downtown Mount Prospect are the people of Mount Prospect and the loyalty shown by them. Most businesses along Northwest Highway are very happy with their locations and feel traffic levels are adequate and not too overwhelming to hurt sales. Several respondents cited the downtown's cleanliness; businesses close to the train station enjoyed its proximity. With the exception of the inadequacy of parking, the least liked aspect about doing business in downtown Mount Prospect is the local signage regulations and that train 36 passengers do not spend added time before and after train trips to shop downtown stores. However, over half of the respondents had no complaints and were happy with the downtown environment. It is apparent that most business owners have not thought thoroughly about what types of businesses or improvements would help their own establishments. Several businesses like downtown the way it is and fear more business will create traffic congestion. Although several would like to see more restaurant alternatives, there were just as many who oppose additional restaurants because of perceived parking problems. Several restaurant owners fear increased competitiveness in the present low -margin climate. One solution to the perceived parking problems is to place new restaurants near public parking lots. (Near is considered as within eyesight and a short walking distance of the restaurant). However, those merchants who seemed to have thought about the issue of additional improvements or businesses cited a good grocery store as the attraction that would get shoppers downtown and improve its vitality and viability as a shopping district. Several businessmen felt that the former Aldi's Food Store was not appropriate for downtown Mount Prospect. Businesses cited the need for more retail shops that would attract women customers because "women will spend the time to buy on impulse." Some owners felt that a few existing merchants looked "tired" and had little appealing merchandise to offer. Some respondents cited the need for more professional business owners downtown; they define professional as serving customers, very experienced, well -capitalized and capable of running a successful business. Additional comments which emerged include a certain level of discomfort associated with vacant storefronts, anxiety associated with seeing groups of youths roaming downtown and entering stores as a group, and the feeling that the city is not sensitive to the needs of retailers because of strict signage requirements. A few long-time merchants were disappointed that several retail uses were no longer doing business downtown such Mickey's Diner, a local jeweler and others. The majority of respondents felt that increasing the inventory of residential apartments or condominiums would be helpful to downtown businesses. Some were indifferent as to whether the increased residential product would directly help, but agreed that it would not hurt. Several were positive about living downtown at some point in their lives, especially when they reach the empty nester stage. One respondent would, however, oppose any rental product or anything over four stories because of the "groups of youths associated with apartments." This last point is important because such perceptions must be clearly addressed. 37 CURRENT INVENTORY OF BUSINESSES A business -by -business sales revenue analysis is required before specific recommendations can be made regarding specific business' impact on downtown Mount Prospect. Those with better than average sales should be dealt with carefully or attempt to fit them into the downtown core area. Businesses which negatively impact the core downtown area include cleaners and hair dressers, because of their prolific nature. There are too many of them downtown. Camiros, Ltd., lists them as convenience businesses; Broadacre considers them service providers. The Phillips 66 gas station should relocate to the periphery, as should Glidden Paint & Wallcovering and Terrace Supply. As stated before Prospect Auto Body is totally incompatible and should be relocated from the downtown area. Though it can be said that these businesses bring their own customers downtown, it cannot be said that they bring shoppers downtown. Businesses that positively impact the downtown include restaurants (if well run with updated good menus), pharmacies, convenience grocers, printing centers, travel agents, home improvement, such as Kitchen Koncepts & Sahara Door (which is not to be confused with building supply), flower shops, candy stores, hardware stores, photo finishing and other retailing contained in the convenience, shopper or specialty goods categories. Service businesses should be treated with caution and should comprise no more than 10% to 20% of the ground floor space in the core retail district if multiple -stop, pedestrian -oriented shopping trips are to be encouraged. Service businesses should be encouraged to locate on the second floor in the core district or at peripheral locations. RETAIL CONCEPT FOR THE DOWNTOWN REDEVELOPMENT OF MT. PROSPECT 1.) Do not attempt to compete with outer retail centers or strips including Randhurst or Woodfield or those on Golf Road, Rand Road or Elmhurst Road. 2.) Limitations on new retail business should be placed based on the proliferation of retailers surrounding Mt. Prospect's center. Square footages should between 10% to 20% of the total redevelopment project. 3.) Shops must be in keeping with the character of the downtown redevelopment scheme and image. 4.) New shops should be specialty stores with emphasis on: a. Quality merchandise b. Overall service C. Value oriented pricing d. Variety of goods 5.) Existing retailers should be classified into three (3) categories: a. Building supply oriented business should be considered for a possible relocation and consolidation into a builders' supply center where compatibility of products and goods may create cross -selling opportunities. b. Building supply business that are not compatible to the above concept may be relocated to the peripheral areas of the downtown core. C. Food and specialty shops should be upgraded if not already in the facade rehab program and incorporate architectural features that blend with the new downtown core development. 6.) Customer base should be viewed in order of priority as: a. For service retail businesses: i. New in -town residents. ii. Residents of Mt. Prospect within one (1) mile radius. iii. Commuters from Metra and Pace bus lines. iv. Destination oriented customers. V. Middle age group. vi. Elderly age group. 39 vii. Young adults and high school age. b. For building supply businesses: i. Destination oriented customers. ii. Convenience goods for Mt. Prospect residents within one (1) or two (2) miles from downtown. 7.) Retail mix could reflect the types, square footages and ratios of the successful Market Square development in Lake Forest. See attached chart. 40 CATEGORIES OF RETAILERS AT MARKET SQUARE, LAKE FOREST IL FOOD & BEVERAGE SQUARE FOOTAGE % OF TOTAL RETAIL Lake Forest Food & Wine 2847 4.0 Market Square Pastries 1742 2.5 Starbucks Coffee 1666 2.4 Category Total 6,255 8.9% RESTAURANTS Left Bank 394 0.6 Frank's Family Restaurant 1211 1.7 Category Total 1,605 2.3% BOOKSELLERS B. Dalton 1809 2.6 Category Total 1,809 2.6% JEWELRY Lake Forest Jewelers 1878 2.7 Unicorn Jewelry 394 0.6 Category Total 2,272 3.3% KITCHEN & COOKWARE Williams -Sonoma 2718 3.9 Category Total 27718 3.9% BMI 41 Lake Forest Shop 2693 3.8 Talbots 4650 6.6 TSE Cashmere 1633 2.3 Laura Ashley 1309 1_9 Category Total 10,285 14.6% DEPARTMENT STORE 300 4.4% Marshall Fields 14780 21.0 Category Total 14,780 21.0% DRUGSTORE Krafft's 2755 3.9 Category Total 2,755 3.9% BATH GOODS Water Closet 735 1.1 Dans Un Jardan 1335 1.9 Category Total 2,070 2.9% GIFTS Lake Forest Hospital Trading Post 1231 1.7 Impulse 1246 1.8 Category Total 2,477 3.5% SHOE STORE Forest Bootery 3080 4.4 Category Total 300 4.4% SPORTING GOODS 42 Kiddles 2484 3.5 Category Total 2,484 3.5% TOY STORES Market Square Toys 2409 3_4 Category Total 2,409 3.4% FLORISTS Robert Livermore, Ltd 1357 1.9 Category Total 1,357 1.9% MUSIC STORES Lake Forest Music Company 1256 1_8 Category Total 1,256 1.8% ART GALLERIES Sunday Afternoon Gallery 1537 2.2 Deerpath Art Gallery 736 1.0 Category Total 2,273 3.2% RESALE SHOPS Lake Forest Rummage Shop 1500 2.1 Category Total 1,500 2.1% OTHER RETAIL USES Helanders Stationers 2170 3.1 Frame Forum 1100 1.6 Clockworks 973 1.4 Mail Boxes, Etc. 1029 1.5 !91 Ir - REDEVELOPMENT, The following chart lists some recommended retail uses for the new downtown redevelopment based on the above comments and in similar ratios to Market Square. Given the current inventory of businesses, several retail uses presently do not exist. These uses complement the current inventory without competing against two excellent shopping centers, Randhurst and Woodfield, and extensive discount -oriented shopping available primarily on Rand and Golf Roads. Suggested new anchors include a grocery store and themed restaurant. This mix of uses tries to maintain an appropriate balance of convenience goods, shoppers goods, eating/drinking establishments, and service uses. The uses have been divided into three categories based on the priority level which would more likely succeed due to the new residential population and its expected demographic profile. 44 Design Resources 838 1.2 Category Total 6,110 8.8% COMMERCIAL BUSINESSES Griffith, Grant & Lackie Realtors 2850 4.0 Category Total 2,850 4.0% Grand Total �Ground Floor Retail 70 3� 100% Ir - REDEVELOPMENT, The following chart lists some recommended retail uses for the new downtown redevelopment based on the above comments and in similar ratios to Market Square. Given the current inventory of businesses, several retail uses presently do not exist. These uses complement the current inventory without competing against two excellent shopping centers, Randhurst and Woodfield, and extensive discount -oriented shopping available primarily on Rand and Golf Roads. Suggested new anchors include a grocery store and themed restaurant. This mix of uses tries to maintain an appropriate balance of convenience goods, shoppers goods, eating/drinking establishments, and service uses. The uses have been divided into three categories based on the priority level which would more likely succeed due to the new residential population and its expected demographic profile. 44 45 APPROXIMATE % OF ESTIMATED TOTAL NEW SQUARE FOOTAGE DEVELOPMENT OF PRIMARY USE CATEGORIES SIZE RANGE 265,000 S.F. Coffee/Starbucks (Eating/drinking) 500 - 1,000 SF Ice Cream Shop (Eating/drinking) 500 - 1,000 SF Themed restaurant (Eating/drinking) 2,000 - 5,000 SF Charity Gift Shop (Shoppers' goods) 500 - 1,500 SF Small Grocery (Convenience) 2,500 - 5,500 SF Book Store (Shoppers' goods) 1,000 - 2,000 SF Packing/Shipping (Service Use) 500 - 1,500 SF Cards/Office Supply (Convenience, shoppers) 1,500 - 2,000 SF Eyewear (Service goods) 500 - 2,000 SF Drug Store (Service, convenience) 2,000 - 3,000 SF Florist (Shopper service goods) 1.500 - 2,000 SF Sub -Total 13,000 - 26,500 SF 5% to 10.2% of Total 45 SECONDARY USE CATEGORIES Apparel (Shopper goods) Picture Frame Shop (Service) Shoe Store (Adults) (Shopper/Convenience) Jewelry Shop (Shopper) Bath/Kitchen Shop (Shopper/Convenience) Sub -Total Sub -Total Primary & Secondary: TERTIARY USE CATEGORIES Toy Store (Shopper) Art Gallery (Shopper) Music Store (CD & Tapes) (Shopper) Photofinishing/Copying (Service) Sub -Total Sub -Total All Categories: SIZE RANGE 2,700 - 6,000 SF 1,000 - 1,500 SF 2,500 - 3,000 SF 500 - 1,500 SF 700 - 1,500 SF 7,400 - 13,500 SF APPROXIMATE % OF ESTIMATED TOTAL NEW SQUARE FOOTAGE DEVELOPMENT OF 265,000 S.F. 20,400 - 40,000 SF 7.7% to 15.0% of Total 1,000 - 1,000 SF 700 - 1,000 SF 1,200 - 1,200 SF 550 - 800 SF 3,450 - 4,000 SF 23,850 - 44,000 SF 9% to 16.6% of Total PART III OFFICE MARKET STUDY OF THE VILLAGE OF MOUNT PROSPECT BROADACRE CONSULTING COMPANY April 1992 47 MOUNT PROSPECT OFFICE MARKET SURVEY „P tic I R1* �w RX-- Euclid Ave B3* rad RX aw gA' gs aas B Kensington Rd. � a - F,w RXi .r°� pp & ° , F. D1 ga W . �� l ad Central Rd E. ov t at �a NC,- a Y� " I 4,qN -A Golf Rd _.. �. _ at Iff rE- OFFICIAL ZONING MAP K-= ...: ZONING DISTRICTS mu it. RX Single Family Residence B-I Buamcaa Shopping Center ° �ta R ISingle Family Residence B-2 Buuncss - Office R I tt4 �" rFMt R A Smgie Family Raidence B-2.1 Buuaess ` Financial Officc is & it BA i rp. R 2 Duple. Reudeuce B ) Buunas Retail & Service aa7*. " of R J Apartment Rnidcnce B 4 Bwinm - Retail & Service R 3 R—d-tial Development R 5 Sent- CGuzen Remit.... P I Parking .� as W„ P-2 Parking Light Ind uainal P-2 Parking RuJrwd P c Parking V, - U R Oliwe - Reaearcn G Cwlf Club ` TSF PUD Planned Unit Ucvelupmcnt re: L9d 0 A. Prospect Avenue Office Area B. 800 East Northwest Highway C. 500 West Central Road D. 800 West Central Road E. First Chicago Building F. Kensington Business Centre G. Business Centre Drive Buildings H. NBD Mount Prospect Building I. Talman Home Building J. Randhurst Shopping Center K. 1699 Wall Street hIMMIstj [0) 1111 to Njyj ra Multi -tenant office space in the Village of Mount Prospect is located in primarily four areas: downtown Mount Prospect on Prospect Avenue and Northwest Highway, Kensington Business Centre, the Alter Group's Lake Center on Elmhurst Road, and in bank buildings on Rand and Elmhurst Roads. DOWNTOWN MOUNT PROSPECT Office space in downtown Mount Prospect is located either on Prospect Avenue or Northwest Highway or in the First Chicago building and other various municipal buildings. Health professionals such as doctors, dentists, counselors, and other small businesses are located in older low-rise office buildings on West Prospect Avenue from Pine Street to Central Road. Office use begins in the proximity of 201 W. Prospect and continues to the Mount Prospect Medical Orthodontic building at 601 West Central Road. Rents for offices in this area range from $10/SF (includes HVAC expenses) to $15/SF gross. Many health care professionals are long-term tenants and have been located on Prospect or Central for at least ten years and vacancies are rare. This is a very established medical use area and maintains its convenience to Mount Prospect residents. However, several doctors mentioned the perceived barrier the railroad tracks present, and patients become frustrated by the frequent delays caused by afternoon trains. Other downtown Mount Prospect office space is located along Northwest Highway and is occupied by attorneys, accountants, financial advisors and other local businesses. Many of these users occupy low-rise structures next to retail outlets. Three large multi -tenant buildings include 800 E. Northwest Highway, 500 West Central Road, and Central Park Center at 800 West Central Road. The latter offers amenities such as secretarial and answering services. Barrington Partners' 800 E. Northwest Highway building has 26,000 SF of office space of which only 11,000 SF is occupied or a vacancy of 58%. Tenants range in size from 210 SF to 13,000 SF. Rents begin at $14/SF excluding utilities plus a base year stop for operating expenses. The building can accommodate a 7,000 SF tenant in contiguous space and can be plumbed for medical users. Much of the vacant space has been unoccupied for over 18 months. The current tenancy consists of CPA's, 50 architects, attorneys, and consultants. The building's leasing agent attributes a portion of the vacancy problem to poor parking availability. Central Park Center at 800 W. Central Road has over 65,000 SF in two buildings. The buildings contain over 40 tenants with an average of 500 SF in size. Rents range from $6 to $10/SF including heating, utilities and a garage for a car. Tenants include manufactures' representatives, attorneys, and other users. The First Chicago building in downtown Mount Prospect has 6 stories and a total of 70,000 SF. Non bank, multi -tenant space is available on the building's fifth & sixth floors in addition to part of the fourth. The building is 100% occupied. Developed by First Chicago the bank occupies 65% of the building. Asking rental rates are $12 to $15/SF gross. There is a considerable amount of free, off-street parking in this development as well as close proximity to the Metra train station. Opus' Kensington Business Centre has three office buildings on Wolf Road. One is 100% occupied by Metropolitan Life Insurance Company the second is 100% occupied by NTN Bearing. The other 87,000 SF building is not occupied; however, the building's leasing agent, Cushman & Wakefield, claims that leasing activity is good. Asking rents are $11/SF net with expenses of $6/SF for a total $17/SF gross rate. Cushman expects the building to be 100% occupied within a year, but in light of other evidence, this may be difficult. Two other office buildings are located at Highway 12 off Rand Road and Business Center Drive, one totals 25,000 SF and the other has 35,000 SF. Both have been vacant for at least 12 months. The building's leasing agent, CB Commercial, claims that these have an inferior location (compared to neighboring office markets such as O'Hare, Schaumburg and the Edens corridor) and that a slow office market contributes to a less than optimistic view of the office market in Kensington Business Centre and Mount Prospect. RAND & ELMHURST ROADS Office space in the area of Randhurst Shopping Center is dominated by the NBD building which totals 60,000 SF and is owned by the Rouse-Randhurst Corporation. The building's major tenant, NBD Bank of Mount Prospect, occupies 75% of the building. One of the building's four floors and part of its third floor is available for multi -tenant use. The building has 2,300 SF of vacant space; asking rental rates are $10/SF net plus $6/SF in expenses for a total of $16/SF gross. Rouse-Randhurst has 51 the right to develop two additional office buildings on its PUD parcel and will do so as demand warrants construction. This is not expected to occur in the near future, however. Other office space in the area consists of the Talman Home (now LaSalle Talman) building at the intersection of Rand and Elmhurst. Several doctors also occupy offices in this building. In addition, several smaller structures on Rand Road have second story space available for office uses. Office space is also available at Randhurst Shopping Center. The Center has 20,000 SF of office space of which 4,000 SF is currently available at rents lower than the neighboring NBD building. LAKE CENTER PLAZA The six -story building located at 1699 Wall Street has 150,000 SF of office space and an occupancy of 25%. Developed by the Alter Group, the building has been taken back by its lender, Aetna Life Insurance Company. Frain, Camins and Swartchild manages and leases the property; asking rates are $15/SF gross, however executed leases include actual rates of $11/SF to $12/SF gross for space leased "as is." The average tenant size is 3,000 SF to 5,000 SF; most tenants are small to medium sized firms moving from single story industrial buildings who want to upgrade their company image. Due to several ethnic communities in the area, many tenants are Japanese and Korean. Frain Camins recently completed a report on the building's expected absorption for Aetna Life Insurance Company which shows that 18,000 SF of the 112,500 SF currently vacant is expected to lease in 1992. LAKE CENTER CORPORATE PARK This business subdivision at Algonquin Road is located adjacent to Lake Center Plaza and is being developed by The Alter Group. They have been marketing the development as a build -to -suit business park for office, warehouse, and distribution facilities. The Mutoh Corporation is the first such tenant. They have constructed a 22,300 SF office and warehouse facility on a 2.8 acre site. The economics of this arrangement were not available. Due to the large amount of vacant space in Mount Prospect office buildings, the need for additional multi -tenant office space is negligible. In downtown Mount Prospect, 6% most of the existing inventory of office space is at least fifteen to twenty years old, but most of these older structures are occupied. The vacant space (15,000 SF of 26,000 SF) in 800 E. Northwest Highway precludes any major new development of office space for the downtown market in the near future. Large blocks of office space are available in surrounding communities such as the O'Hare office market, the Schaumburg office market, along the Edens corridor and in Arlington Heights: this bolsters the case that downtown Mount Prospect could not support large amounts of new office space, especially for larger tenants. ARLINGTON HEIGHTS The 200 Arlington Place development by Rescorps in Arlington Heights contains a total of 40,000 SF of commercial space. This development is perhaps the best example of the proposed redevelopment of Mount Prospect's downtown, since it has the similar goals of reviving the center of the town near the Metra train station. Office users are practically non-existent here; there is simply too much available space at low rents closer to highway interchanges. Vacancy rates over 20% in the main suburban office parks and the overall state of the economy contradict any hope that non retail uses will help improve this development's financial condition. This project has defaulted on its loan to Travelers Insurance Company. RECOMMENDATIONS It is recommended that the Mount Prospect Downtown Center Redevelopment, based on the above findings for office space, minimize speculative commercial space. During the planning and design development phases of the Urban Design Plan, existing businesses in the downtown vicinity or those requiring relocation may express interest in signing leases for specialty office space such as dentists' or doctors' offices. Only under those conditions would it be advisable to develop specialized offices, otherwise retail oriented spaces on the ground floors in the development may be adequate to allow commercial businesses such as realtors, insurance, tax services and other similar services to rent space. Based on the rental rates of the competitive submarket, achievable rental rates for office space in the proposed redevelopment should approach and may exceed $15/SF gross rent. CONCLUSIONS New office space, if any, in downtown Mount Prospect should be limited to medical, 53 banking and some service users. A niche does exist for a limited amount of newer and more professional looking offices with adequate parking for small users. Approximately 10,000 to 20,000 SF could be allocated for office uses, including space for a local bank but unless a preleased arrangement is contracted, speculative office development is not advised in this economic climate. Mount Prospect's maturing population could translate to increased medical uses in downtown especially if the target residents for new apartments is elderly. Functional obsolescence of the current office space inventory however, lends some credibility to the need for a small amount of newer office space. MOUNT PROSPECTREGARDING OFFICE SPACE 1.) Do not attempt to compete with the nearby three major Chicago office submarkets: - O'Hare, Woodfield/Schaumburg and the North corridor (Edens Expressway). These are all within a ten mile radius of Mount Prospect and are very competitive. 2.) Do not attempt to compete with Mount Prospect's current inventory of office space of which a good portion is vacant. Presently, 800 East Northwest Highway, Kensington Business Centre, Lake Center and several smaller buildings present leasing challenges. 3.) Office space should be built with a prototypical downtown Mount Prospect office tenant in mind. For example: a. Shopping center users averaging 500 SF to 1000 SF. b. Medical - oriented tenants. C. Shopping center law firm tenants. d. Target users who want to upgrade the image of their businesses. e. Travel agencies or realtors. 4.) Parking should be adequately addressed. 5.) Office tenant mix could reflect the types, square footages and ratios of the W successful Market Square development in Lake Forest. However, it should be noted that the unique character of Lake Forest's income status creates an office market for investment management firms that is probably not applicable to Mount Prospect. Therefore, those uses most likely to be a market for Mount Prospect are indicated with an asterisk (*). Note that Market Square does not have medical tenants because of its lack of elevator and handicapped access ramps in the older buildings. New construction in downtown Mount Prospect should include these two requirements for medical users. 55 OFFICE USES AT MARKET SQUARE, LAKE FOREST IL ARCHITECT* SQUARE FOOTAGE % OF TOTAL OFFICE S. Hill, Architect 1,188 4.0% MORTGAGE BROKERS William Block & Co. MOVIE PRODUCERS H. E., Inc. INVESTMENT BANKING/ CAPITAL MANAGEMENT David J. Brush & Assoc. Northgate Capital Lake Forest Capital Category Total PERSONAL INVESTING* North Shore Financial, Ltd. A. B. Dick Estate Macvesco A. J. Hailand R. Goltra Category Total REAL ESTATE DEVELOPERS/ BUILDERS/ VISORS James Fallensbee & Assoc. 2,324 160 1,630 863 2,653 390 1,256 855 554 855 3,910 2,221 56 7.9% 7.0% RM 13.1% Martin Design Group 996 R. T. E. Lansing & Co. 11000 Category Total 4,217 REALTORS* Koenig & Strey 1,059 CHAMBER OF COMMERCE* Lake Forest Chamber of Commerce 125 MANUFACTURESZDEALERS Ajusto Equipment Co. 1,497 Intertoy, Inc. 1,326 Packaging Resources 7,822 Category Total 10,645 CONSULTANT* Mr. David Ball 128 STATE SENATOR Senator David N. Barkhausen 461 INSURANCE REPRESENTATIVE* Mr. David N. Barkhausen 165 PSYCHIATRIST Dr. Alfred Karnicki 477 LANDSCAPE ARCHITECT Harvat Design Group 153 ATTORNEY-AT-LAW* 57 14.1% 3.5% 0.4% 35.6% M,. 1.5% MW 1.6% A Mr. Leslie Michael 279 0.9% Office is 20% of Grand Total 29,880 100.0% total area. 0 Based on those applicable office user categories (*), it is estimated conservatively, that only a total of about 5,000 to 8,000 SF should be programed for the Mount Prospect downtown redevelopment. To be doubly prudent, it is recommended that no office component be built and that office users, should a market emerge for the redevelopment, utilize retail spaces. SUMMARY OF RECOMMENDATIONS General Recommendation In order to create a successful downtown center in Mount Prospect, the overall design of the plan should have an entirely different character from that experienced at surrounding shopping or residential developments. This new environment must emphasize the traditional charm and personality that distinguishes Mount Prospect's small town character and, by its design, attract a wide variety of market segments, including various age groups, income levels and households. There are no special solutions for such a design but there are a variety of examples many of which can be experienced along Chicago's North Shore communities as well as some of the mature suburbs west of Chicago. The basic ingredients common to these developments consist of a human scale, charm, intimacy, high quality materials used tastefully in traditional architectural styles and a diverse mix of shops, residences and small offices. Landscaping is of paramount importance and should compliment a scattered and unobtrusive parking plan. Residential o Residential units should be designed to capture the highest end sector of the rental apartment market in order to recoup construction and financing costs and take advantage of the absence of competition for that market in Mount Prospect. o Marketing efforts should target younger singles and couples, retired persons, and start up families. o A small elderly housing component should be considered in order to foster a diverse population mix and to increase the density. o The unit mix should contain roughly equal amounts of one and two bedroom units with a small percentage of studios and three bedrooms; or approximately 50% one bedrooms, 40% two bedrooms, 5% studios and 5% three bedrooms. o Monthly rental rates for one bedrooms should start at $700.00 with two bedrooms 59 starting at $900.00 (all 1992 prices) while other unit types reflecting the equivalent market premiums. o Sizes of apartments should be in the range of the following: one bedrooms - 800 SF, two bedrooms - 1100 SF, three bedrooms - 1270 SF while studios may range from 500 to 600 SF. o Parking should be provided at no charge; if covered parking is provided, some portion of that cost could be included in the rent structure. o Some rental units on the second floors should be designed so that the possibility for office conversions may be made if there is a market demand. Retail o A strong retail component should be one of the main goals of the development. A grocery store is one of the most important uses to be included in the development; however, such a store will only survive if there is adequate parking and a large residential population. o A professionally conceived themed restaurant should be another focus of the retail component, and marketing efforts should endeavour to locate one in the priority area. Such a restaurant should attract younger professionals and families from outside the development. o Specialty building supply merchants presently in the downtown whose customers do not shop at other local stores should be relocated to the periphery of the downtown core area. o Some of the present establishments whose businesses have a growing retail component, such as Northwest Electrical Supply Company, may contribute significantly to the redevelopment by relocating within the priority area if made part of a unified urban design plan. o Prospect Auto Body should be relocated entirely out of the area because it is an incompatible land use. o Shops should be designed to afford the development the flexibility of converting ground floor retail space to residential or office uses. This will allow the development to keep pace with the economic swings of real estate market. o Retail uses that may be successful in the redevelopment are listed on page 44 of the report. Office Space o Negligible office space should be provided in the downtown redevelopment due to the lack of demand and the current oversupply of competitive space. o If any speculative space is provided, it should be oriented towards specific user categories such as banking or medical offices. o Second floor residential space should be converted to office solely on a preleased basis and then only if current rental rates warrant the construction costs. o Ground floor retail space may be converted to office uses if a market does appear. 61 BIBLIOGRAPHY Bell Federal Savings and Loan Association, "Survey of Building," 1980- 1992. Camiros, Limited., 'Retail Market Assessment for Downtown Mount Prospect," November 1990. Donnelley Marketing Information Services, Demographic Studies, 1992. Grubb & Ellis, Inc., "Chicago/ Metro Apartment Study," January 1992. Royal LePage Company, "Chicago Apartment Market Report," Spring 1992. Metra, "Land Use In Commuter Rail Station Areas: Guidelines for Communities," 1992. G1►a APPENDIX I MOUNT PROSPECT RESIDENTIAL MARKET STUDY r, NAME LOCATION ADDRESS PHONE # OWNER UNITS MOUNT PROSPECT CLAYTON COURT APTS. ALGONQUIN & ELMHURST 730 W. ALGONQUIN 439-7300 INSOLIA 148 PROSPECT COMMONS I ALGONQUIN & DEMPSTER 2000 W. ALGONQUIN 640-6240 141 PROSPECT COMMONS II ALGONQUIN & DEMPSTER 2000 W. ALGONQUIN 364-7368 89 PROSPECT COMMONS III ALGONQUIN & DEMPSTER 2000 W. ALGONQUIN 228-1180 SHAKER MGMT. 116 LAKE CLUB/ST.JOHNS APTS. BUSSE & DEMPSTER 1500 S. BUSSE 439-4151 168 ASHLEY COVE APTS. 1195 BOXWOOD 577-8538 113 BIRCHWOOD TERRACE 722 W. DEMPSTER 439-1127 KENARD 296 COLONY APTS. OAKTON & ELMHURST 439-5010 PARAGON 783 FOREST COVE APTS. BUSSE & ALGONQUIN 439-7477 BAYSHORE MGMT. 300 415 E. PROSPECT 415 E. PROSPECT CHESTNUT 24 CENTENNIAL 900 ARDYCE 259-1080 DELL 198 TIMBERLANE APTS 218-8000 MID -AMERICA 72 APTS. OF RIVERWEST RIVER RD & CAMP MCDNLD 390-9600 ARTFIELD 60 ALPINE APTS. 1550 W. DEMPSTER 437-4200 AMERICAN 252 COTTONWOOD APTS. 700 COTTONWOOD LN, 437-4200 AMERICAN 240 HUNTINGTON SQUARE 1300 S. ELMHURST 364-4444 324 MANSIONS 1820 W. GOLF RD. 437-4200 AMERICAN 198 MT. SHIRE 1821 W. GOLF RD. 437-4200 AMERICAN 510 CENTRAL VILLAGE CONDOS 255-8200 168 ORCHARD FIELD TWNHMS BLUE JAY COURT 437-8855 22 VILLAGE COMMONS TNHMS 446-6966 HEMPHILL 51 apt.total 4,032 owned total 241 ARLINGTON HEIGHTS CENTRAL PARK EAST CENTRAL & BUSSE 1551 E. CENTRAL RD. 640-3060 204 ARBOR LAKES 4219 BLOOMINGTON 577-2252 AMDUR ASS. 379 THE POINTE 1601 WOODS 870-0220 P.C.A. 312 BROOK RUN 2754 BUFFALO GROVE 394-2828 AMDUR ASS. 182 BRITTANY PLACE 2413 S. GOEBBERT 230 200 ARLINGTON PLACE 200 ARLINGTON PL. 506-1056 RESCORP 409 total 1,716 MOUNT PROSPECT RESIDENTIAL MARKET STUDY # SF LOW HIGH EFF. # SF LOW HIGH EFF. NAME STUDIO STUDIO RENT RENT $/SF/MO $/SF/MO CONV CONV RENT RENT $/SF/MO $/S/MO MOUNT PROSPECT CLAYTON COURT APTS. 16 550 519 559 .94-1.01 .90-.98 16 550 549 559 1.00-1.02 .96-.98 PROSPECT COMMONS I - - - - - - - - PROSPECT COMMONS II PROSPECT COMMONS III - - - - - - - LAKE CLUB/ST.JOHNS APTS. 12 600 515 515 0.86 0.82 - - ASHLEY COVE APTS. 22 378 459 509 1.21-1.35 1.07-1.20- BIRCHWOOD TERRACE 16 600 529 529 0.88 0.84 COLONY APTS. - - - - FOREST COVE APTS. 415 E. PROSPECT - _ - - - - - CENTENNIAL - - - a - - _ TIMBERLANE APTS - - - - _ - - $ APTS. OF RIVERWEST - - - - - - - - ALPINE APTS. - - - - - - _ - COTTONWOOD APTS. 650 489 489 0.75 0.72 - - _ - HUNTINGTON SQUARE - - - - - MANSIONS - - - - r MT. SHIRE - - _ - - - CENTRAL VILLAGE CONDOS 7 600 43,000 43,000 72 _ ORCHARD FIELD TWNHMS - - - - - VILLAGE COMMONS TNHMS - - - apt.total 66 16 owned total 7 0 ARLINGTON HEIGHTS CENTRAL PARK EAST - - - R ARBOR LAKES - THE POINTE - BROOK RUN -- BRITTANY PLACE - - - _ 200 ARLINGTON PLACE 30 608 700 790 1.15-1.30 1.15-1.30 total 30 MOUNT PROSPECT RESIDENTIAL MARKET STUDY # SF LOW HIGH FFF- NAME 1-BDRM 1-BDRM RENT RENT $/SF/MO $/SF/MO MOUNT PROSPECT CLAYTON COURT APTS. 46 750 619 649 .83-.87 79-.83 PROSPECT COMMONS 1 66 700 525 525 0.75 0.71 PROSPECT COMMONS II - - - - PROSPECT COMMONS III 54 850 495 495 0.58 0.53 LAKE CLUB/ST.JOHNS APTS. 112 782 550 610 .70-.78 .67-.75 ASHLEY COVE APTS. 72 589 549 609 .93-1.03 .82-.92 BIRCHWOOD TERRACE 112 1,100 599 649 .54-.59 .52-.57 COLONY APTS. 531 621 526 540 .85-.87 .76-.78 FOREST COVE APTS. 180 686 605 625 .88-.91 .81-.84 415 E. PROSPECT 12 575 575 CENTENNIAL 192 30% 30% TIMBERLANE APTS 48 675 589 589 0.87 0.76 APTS. OF RIVERWEST - - - ALPINE APTS. 160 800 549 599 .69-.75 .69-.75 COTTONWOOD APTS. 80 750 539 539 0.72 0.68 HUNTINGTON SQUARE 159 600 615 615 1.03 0.9 MANSIONS 99 1380 899 949 .65-.69 .60-.63 MT. SHIRE 255 875-1000 599 729 .68-.73 .60-.64 CENTRAL VILLAGE CONDOS 92 775 55,000 55,000 71 ORCHARD FIELD TWNHMS - g - VILLAGE COMMONS TNHMS - - - - apt.total 2,178 average 589 620 0.78 0.72 owned total 92 ARLINGTON HEIGHTS CENTRAL PARK EAST 96 770 820 995 1.06-1.29 .97-1.18 ARBOR LAKES 134 749-834 725 790 .95-.97 .90-.91 THE POINTE 248 700-786 645 775 .92-.97 .92-.97 BROOK RUN 32 665 700 725 1.05-1.09 1.05-1.09 BRITTANY PLACE 107 900 725 725 0.81 0.81 200 ARLINGTON PLACE 160 677-925 765 990 1.07-1.13 1.07-1.13 total 777 average 730 833 1.01 MOUNT PROSPECT RESIDENTIAL MARKET STUDY # SF LOW HIGH FFF_ NAME 2-BDRM 2-BDRM RENT RENT $/SF/MO $/SF/MO MOUNT PROSPECT CLAYTON COURT APTS. 70 1,050 749 779 .71-.74 .68-.71 PROSPECT COMMONS 1 75 750&1000 565 650 .65-.75 .65-.75 PROSPECT COMMONS II 89 950-1150 550 585 .51-.58 .47-.53 PROSPECT COMMONS 111 62 900-1300 565 635 .49-.63 .45-.58 LAKE CLUB/ST.JOHNS APTS. 44 1,024 680 725 .66-.71 .63-.68 ASHLEY COVE APTS. 19 826 629 709 .76-.86 .67-.76 BIRCHWOOD TERRACE 168 1,500 699 749 .47-.50 .44-.48 COLONY APTS. 216 752 651 660 .87-.88 .79-.80 FOREST COVE APTS. 120 950 710 730 .75-.77 .69-.71 415 E. PROSPECT 12 625 625 CENTENNIAL 6 0.3 0.3 TIMBERLANE APTS 24 780 699 699 0.9 0.78 APTS. OF RIVERWEST 60 975-1100 785 825 .75-.81 .75-.81 ALPINE APTS. 80 1,400 709 900 .51-.64 .51-.64 COTTONWOOD APTS. 160 900 619 619 0.69 0.65 HUNTINGTON SQUARE 118 850 736 758 .87-.89 .75-.78 MANSIONS 99 1,440 999 1199 .69-.83 .64-.76 MT. SHIRE 255 1000-1500 729 859 .57-.73 .50-.63 CENTRAL VILLAGE CONDOS 68 875-900 75,000 75,000 83-86 ORCHARD FIELD TWNHMS 1,400 150,000 150,000 107 VILLAGE COMMONS TNHMS 1,704 170,000 170,000 100 apt.total 1,677 average 688 747 0.71 0.66 owned total 68 ARLINGTON HEIGHTS CENTRAL PARK EAST 108 1,054 990 1165 .94-1.11 .86-1.01 ARBOR LAKES 242 953-1032 815 930 .86-.90 .77-.82 THE POINTE 64 975-1017 870 920 .89-.90 .86-.87 BROOK RUN 120 886-1087 794 908 .84-.90 .84-.90 BRITTANY PLACE 109 1,200 895 895 0.75 0.75 200 ARLINGTON PLACE 219 975-1128 960 1,210 .98-1.07 .90-.98 total 862 887 1,005 0.91 0.86 MOUNT PROSPECT RESIDENTIAL MARKET STUDY # SF LOW HIGH EFF. NAME 3-BDRM 3-BDRM RENT RENT $/SF/MO I $/SF/MO MOUNT PROSPECT CLAYTON COURT APTS. PROSPECT COMMONS I - - - PROSPECT COMMONS II - - - - PROSPECT COMMONS III - - - LAKE CLUB/ST.JOHNS APTS, - Q - ASHLEY COVE APTS. - _ - - BIRCHWOOD TERRACE - - - - COLONY APTS. 36 1,055 775 775 0.73 0.68 FOREST COVE APTS. _ - _ - 415 E. PROSPECT CENTENNIAL - - TIMBERLANE APTS- APTS. OF RIVERWEST ALPINE APTS. COTTONWOOD APTS. - - - _ HUNTINGTON SQUARE 47 1,360 858 867 .63-.64 .58-.59 MANSIONS p - - - MT. SHIRE CENTRAL VILLAGE CONDOS - - - - ORCHARD FIELD TWNHMS 1,800 180,000 180,000 100 VILLAGE COMMONS TNHMS 2,430 210,000 210,000 86 apt.total 83 owned total 0 ARLINGTON HEIGHTS CENTRAL PARK EAST - ARBOR LAKES THE POINTE - - - - BROOK RUN 26 1,238 1,265 1,265 1.02 1.02 BRITTANY PLACE 14 1,400 1,100 1,100 0.79 0.79 200 ARLINGTON PLACE - - - - MOUNT PROSPECT RESIDENTIAL MARKET STUDY K, nnTF nF AMENITIES AVG % WORK NAME CONCESSIONS DISCOUNT OCC. CONSTRUCTION COMMENTS AGE MRRD LOCATION MOUNT PROSPECT CLAYTON COURT APTS. NONE 85% 1966 inc. heat and gas, B const., pool 40 50% PROSPECT COMMONS 1 1 BDRM — $500/MO. 4.76% 90% 1978 pool, tennis courts, Q of C - A 37 95% suburb PROSPECT COMMONS II ONE MONTH FREE 8.33% 80% 1978 pool, tennis courts, Q of C - A PROSPECT COMMONS III ONE MONTH FREE 8.33% 97% 1978 pool LAKE CLUB/ST.JOHNS APTS. NONE 99% 1968 ht inc., insd pkg 70,otsd fr, pool ASHLEY COVE APTS. $100 FIRST MONTHS RENT 7.00% 90% 1978 ht inc. 50% suburb BIRCHWOOD TERRACE NONE 86% 1962 ht inc.,fitness cntr,tennis, bball COLONY APTS. CUT RENT BY $45-$55 PER MONTH 7.80% 94% 1975 ftnss,tennis,bball 26 FOREST COVE APTS. $300 IN RENT COUPONS 4.00% 97% 1975 ht. inc., clubhouse, park, pool 31 30% suburb 415 E. PROSPECT 100% 1968 ht inc. 50 85% CENTENNIAL SECTION 8 HOUSING --ELDERLY 100% 1980 section 8, 2.5 year waiting list 78 retired TIMBERLANE APTS ONE MONTH FREE 8.33% ht inc., pool APTS. OF RIVERWEST N/A 0% 1992 int pkng—$75 30 50% suburbs ALPINE APTS. LOW NUMBERS REFLECT CONCESSION 92% 1968 pool, clubhouse COTTONWOOD APTS. 98% 1975 ht inc. HUNTINGTON SQUARE 1 MONTH ON 12, REDUCED SECURITY 8.33% 100% 1975 ht inc. MANSIONS 1 MONTH ON 12, NO SECURITY 8.33% 92% 1987 pool,tennis,ftns cntr, pkng 70 MT. SHIRE 1 MONTH ON 12, NO SECURITY 8.33% 85% 1978 ht in.,pool,tennis,ftns cntr, pkng 70 CENTRAL VILLAGE CONDOS N/A 95% 1978 68 25% retired ORCHARD FIELD TWNHMS N/A 27% 1992 2b/2.5bth,3bd/3.5bth,fl bsmt.,6sld-6/91 35 100% suburbs VILLAGE COMMONS TNHMS 10% DISCOUNT OF LIST 10.00% 100% 1990 1 and 2 car gargages apt.total owned total ARLINGTON HEIGHTS CENTRAL PARK EAST ONE MONTH FREE OR 13 MOS. OF GARGAGE 8.33% 94% 1989 w/d in apts., interior pking -- $70/mo. ARBOR LAKES $500 ON 1 BDRM, $1000 ON 2BDRM 6%-10% 98% 1987 THE POINTE 6 MONTH PKING IN GARAGE FOR 2 BDRMS 0%-3% 94% 1989 BROOK RUN NONE 98% 1986 BRITTANY PLACE NONE 95% 1968 200 ARLINGTON PLACE ONE MONTH FREE ON 2 BEDROOMS 0%-8.3% 95% 1989 1 pkg fr,2nd 30/,pool,ex rm, concrg,retail 35 60% downtown APPENDIX II Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/18/92 kRLINGTON HTS, IL **** Trend Report **** 1970 1980 1991 1996 Census Census Estimate Projection `Total Population 64,119 66,116 70,444 72,441 White 99.5% 97.0% 94.5% 93.4% Black 0.1% 0.4% 0.6% 0.7% Other 0.5% 2.6% 4.9% 5.9% - Spanish 1.1% 1.7% 3.9% 4.8% `Total Households 17,264 22,180 25,256 26,601 Household Population 63,788 64,967 69,295 71,292 ,,-.kverage Household Size 3.69 2.93 2.74 2.68 Total Population by Age 64,119 66,116 70,444 72,441 0 - 5 11.4% 6.8% 6.6% 6.2% 6 - 13 20.7% 13.6% 9.0% 8.9% 14 - 17 9.2% 8.7% 4.9% 4.4% 18 - 24 7.8% 10.5% 11.0% 8.6% 25 - 34 13.5% 14.8% 16.6% 17.0% 35 - 44 14.7% 15.0% 14.5% 14.5% 45 - 54 12.0% 13.2% 13.4% 14.3% 55 - 64 6.0% 9.6% 11.4% 11.2% 65 + 4.7% 7.7% 12.6% 14.9% Female Population by Age 32,635 34,008 36,366 37,478 0 - 5 11.1% 6.6% 6.3% 5.8% 6 - 13 20.1% 13.1% 8.5% 8.4% 14 - 17 9.0% 8.5% 4.7% 4.1% .a 18 - 24 8.3% 10.1% 10.6% 8.20 25 - 34 14.1% 14.9% 16.1% 16.3% 35 - 44 14.5% 15.1% 14.6% 14.3% 45 - 54 11.4% 12.7% 13.5% 14.6% 55 - 64 5.8% 9.3% 11.4% 11.4% 65 + 5.7% 9.7% 14.3% 16.8% Median Age Total Pop. 25.6 32.0 36.3 38.4 Median Age Adult Pop. 40.4 41.7 43.4 45.1 ,Household Income: $ 0 - $ 7,499 15.10 5.7% 2.8% 2.3% "T $ 7,500 - $ 9,999 7.1% 2.9% 1.6% 1.0% $10,000 - $14,999 28.7% 8.2% 3.0% 2.6% $15,000 - $24,999 37.0% 19.9% 8.8% 6.8% $25,000 - $34,999 8.3% 24.8% 11.4% 8.5% $35,000 - $49,999 2.7% 24.2% 19.5% 15.4% $50,000 - $74,999 1.2% 10.8% 27.9% 24.7% $75,000 + - 3.5% 25.0% 38.7% total 100.0% 100.0% 100.0% 100.0% Median Household Income $ 14,847 $ 30,348 $ 52,536 $ 63,531 ,aggregate HH Inc($000) 281,443 733,235 1,517,319 1,915,427 '[edian Family Income - $ 32,700 $ 56,608 $ 68,455 2. 0. 0 Definition by Place ,'opyright 1991 D.M.I.S. All rights reserved. (800) 866 - 2255 A Company of The Dun & Braaszreez �.orporaolon > )ADACRE MANAGEMENT AmericanProfile 02/18/92 ?T PROSPECT, IL **** Trend Report **** 1970 1980 1991 1996 Census Census Estimate Projection 1 ---al Population 4hite Black ,'Other Spanish tal Households usehold Population Werage Household Size . tal Population by Age 0 - 5 6 -- 13 ~14 - 17 18 - 24 25 - 34 --35 -- 44 45 - 54 55 - 64 _.._ 6 5 + !.=male Population by Age 0 - 5 6 - 13 14 - 17 18 - 24 25 - 34 35 - 44 45 - 54 5.5 - 64 65 + i .dian Age Total Pop. Median Age Adult Pop. ] ,)usehold Income: 0 - $ 7,499 7,500 - $ 9,999 $10,000 - $14,999 $15,000 - $24,999 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 $75,000 + n. total 50,834 99.3% 0.2% 0.5% 13,874 50,316 3.63 52,634 95.6% 0.6% 3.8% 2.30 18,769 52,611 2.80 53,852 89.0% 1.5% 9.6% 7.90 20,476 53,829 2.63 54,402 86.2% 1.7% 12.0% 10.30 21,208 54,379 2.56 50,834 52,634 53,852 54,402 11.0% 6.6% 6.2% 5.9% 20.3% 11.9% 8.5% 8.5% 8.8% 8.4% 4.7% 4.3% 8.7% 12.9% 10.1% 8.0% 13.5% 15.5% 18.8% 16.40 15.0% 13.4% 15.8% 18.3% 12.6% 13.8% 12.4% 13.3% 5.1% 10.5% 11.6% 11.1% 4.0% 7.1% 11.8% 14.2% 25,731 26,645 27,379 27,717 10.5% 6.2% 6.0% 5.7% 19.6% 11.5% 8.2% 8.1% 8.4% 7.8% 4.4% 4.1% 9.7% 12.7% 9.8% 7.7% 14.2% 15.2% 18.3% 15.9% 14.8% 13.9% 15.4% 17.7% 12.1% 13.60 13.0% 13.7% 5.9% 10.3% 11.7% 11.5% 4.9% 8.7% 13.1% 15.8% 25.9 31.6 36.0 38.8 40.2 41.1 42.2 43.9 15.5% 7.4% 3.5% 2.9% 6.7% 2.8% 1.90 1.29o, 26.6% 9.6% 3.4% 3.0% 39.1% 24.1% 10.9% 8.2% 8.4% 24.5% 14.9% 10.9% 2.5% 20.8% 21.6% 18.5% 1.2% 8.4% 25.3% 24.7% - 2.5% 18.5% 30.6% 100.0% 100.0% 100.0% 100.00-0 !�iedian Household Income $ 15,308 $ 27,525 $ 45,676 $ 55,401 ,,ggregate HH Inc($000) 232,801 567,036 1,083,524 1,345,806 adian Family Income - $ 30,602 $ 50,782 $ 61,594 1. 0. 0 : Definition by Place copyright 1991 D.M.I.S. All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation TsBROADACRE MANAGEMENT MarketPotential 02/18/92 krea = MT PROSPECT, IL 1991 TOTAL RETAIL REPORT 3enchmark = Regional Area Definition Donnelley Expenditure Potential Index: 118.7 ------------,---------------------Demographics---------------------------------- Total Total Household Average Median Hh. Population Households Population Hh. Size Income 1991 53852 20476 53829 2.63 $45676 1996 54402 21208 54379 2.56 $55401 ------------------------------Expenditure Potential ---------------------------- Yearly Growth Rate Area Benchmark Per Household 4.56% 4.71% Total ($000) 5.29% 6.21% -----------------------------Retail 1991 ` 1996 ------------------- "-_Product Potential 'his Store Type 1991 Total ($000) Support Potential --------------------------- 435 Stores 433 Stores -------------------------------------------- 1996 1991 1996 Yearly Bench - Total $ Per $ Per Growth Rate Mark ($000) Hshld Hshld Total $ Index %PPAREL STORE 22906 29236 1119 1379 5.00% 127.2 `APPLIANCE STORE 3594 4639 176 219 5.24% 119.5 AUTO AFTER STORE 41124 5.3971 2008 2545 5.59% 115.6 �)EPARTMENT STORE 53708 68683 2623 3239 5.04% 125.8 .)RUG STORE 16452 22018 803 1038 6.00% 112.4 FAST FOOD REST. 20373 26249 995 1238 5.20% 126.8 FULL SERV. REST. 23648 30368 1155 1432 5.13% 127.7 ?URNITURE STORE 10810 13561 528 639 4.64% 128.3 `.GROCERY STORE 82985 108494 4053 5116 5.51% 108.3 HARDWARE STORE 5794 7381 283 348 4.96% 129.6 -7EWELRY STORE 4943 6157 241 290 4.49% 136.4 ;'LIQUOR STORE 5443 6879 266 324 4.80% 123.5 PHOTO STORE 1008 1291 49 61 5.08% 127.3 -SHOE STORE 5223 6716 255 317 5.16% 122.7 10Y STORE1810 2377 88 112 5.60% 115.3 ',IARIETY STORE 2741 3527 134 166 5.17% 125.2 ALL OTHER STORES 200900 259988 9812 12259 Total Market Potential 503461 651530 24588 30722 Expenditure Potential Index - Shows the amount by which area per hshld expenditures differed from that of the benchmark. Values below 100 signify - that this area is below the benchmark per hshld expenditures. Retail Support Potential - Provides the number of average size stores which this area should be capable of supporting. Area Definition by Place ��enchmark : Definition By Region ,'opyright 1991 D.M.I.S. All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT MarketPotential 02/18/92 krea = ARLINGTON HTS, IL 1991 TOTAL RETAIL REPORT ,3enchmark = Regional Area Definition Donnelley Expenditure Potential Index: 128.8 ---------------------------------Demographics---------------------------------- Total Total Household Average Median Hh. Population Households Population Hh. Size Income 1991 70444 25256 69295 2.74 $52536 1996 72441 26601 71292 2.68 $63531 ------------------------------Expenditure Potential ---------------------------- Yearly Growth Rate Area Benchmark Per Household 4.53% 4.710 Total ($000) 5.63% 6.21% ---------------Retail Support Potential --------------------------- Expenditure Potential Index - Shows the amount by which area per hshld expenditures differed from that of the benchmark. Values below 100 signify _- that this area is below the benchmark per hshld expenditures. Retail Support Potential - Provides the number of average size stores which this area should be capable of supporting. Area Definition by Place benchmark : Definition By Region .opyright 1991 D.M.I.S. All rights reserved. (800) 866 - 2255 1991 582 Stores 1996 588 Stores ------------------------------------------------------------------------------- -Product Potential 1991 1996 1991 1996 Yearly Bench - Phis Store Type Total Total $ Per $ Per Growth Rate Mark ($000) ($000) Hshld Hshld Total $ Index kPPAREL STORE 31588 41021 1251 1542 5.36% 142.2 APPLIANCE STORE 4875 6395 193 240 5.58% 131.4 AUTO AFTER STORE 53662 71530 2125 2689 5.920 122.3 �7EPARTMENT STORE 73596 95676 2914 3597 5.39% 139.7 )RUG STORE 21823 29690 864 1116 6.35% 120.9 `FAST FOOD REST. 27275 35711 1080 1342 5.54% 137.6 FULL SERV. REST. 31622 41260 1252 1551 5.46% 138.4 FURNITURE STORE 14939 19045 592 716 4.98% 143.7 1ROCERY STORE 108765 144503 4307 5432 5.85% 115.1 HARDWARE STORE 7906 10239 313 385 5.31% 143.4 TTEWELRY STORE 6946 8815 275 331 4.88% 155.4 :,IQUOR STORE 7362 9426 291 354 5.07% 135.5 PHOTO STORE 1382 1801 55 68 5.44% 141.6 .SHOE STORE 7094 9260 281 348 5.47% 135.1 COY STORE 2398 3193 95 120 5.89% 123.8 VARIETY STORE 3725 4874 148 183 5.52% 138.0 ALL OTHER STORES 268893 353540 10647 13290 ;,Cotal Market Potential 673852 885980 26681 33304 Expenditure Potential Index - Shows the amount by which area per hshld expenditures differed from that of the benchmark. Values below 100 signify _- that this area is below the benchmark per hshld expenditures. Retail Support Potential - Provides the number of average size stores which this area should be capable of supporting. Area Definition by Place benchmark : Definition By Region .opyright 1991 D.M.I.S. All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation _BROADACRE MANAGEMENT AmericanProfile 02/18/92 nT PROSPECT, IL **1990 Census Household Details (1)** _Householders: White Black American Indian Asian Other Total Hispanic Person Household: Male HH Female HH "! or More Person HHs: Family Households: Married -couple: With Children No Children Female Householder: With Children No Children Male Householder: With Children No Children Nonfamily Households: Male HH Female HH Households: With Children Under 18 With Persons 65 and Over With Householder 65 and Over Lousing Units: Total Occupied Owner Occupied Renter Occupied Vacant Year Round Seasonal % of Total Total 878 4.3 Persons per Household: 1 Person 2 Persons 1,860 9.2 3 Persons 2,654 13.1 4+ Persons Total Households Total Households 18,741 92.4 Household Population 248 1.2 Average Household Size 24 0.1 $ 34,999 973 4.8 Total Families 295 1.5 Family Population 20,281 100.0 Average Family Size 878 4.3 Persons per Household: 1 Person 2 Persons 1,860 9.2 3 Persons 2,654 13.1 4+ Persons Total Households 6,225 30.7 Monthly Rent: Home Value: $ 99 5,324 26.3 $ 0 - $ 24,999 7,237 35.7 $ 25,000 - $ 34,999 4,049 20.0 $ 35,000 - $ 49,999 616 3.0 $ 50,000 - $ 74,999 770 3.8 $ 75,000 - $ 99,999 20,949 100.0 $100,000 - $149,999 225 1.1 $150,000 - $199,999 398 2.0 $200,000 - $299,999 6,272 29.9 $300,000 - $399,999 704 3.5 $400,000 - $499,999 493 2.4 $500,000 + Contract Rent 36 0.2 Median Home Value Average Home Value 6,225 30.7 Monthly Rent: % of Total Total 20,281 53,157 2.62 14,570 45,438 3.12 4,514 22.3 7,031 34.7 3,534 17.4 5,202 25.6 20,281 100.0 13 13 19 190 880 4,318 4,587 1,778 169 38 13 $155,096 $161,956 78 205 110 104 776 2,832 1,401 300 296 69 $ 564 $ 566 0.1 0.1 0.2 1.6 7.3 35.9 38.2 14.8 1.4 0.3 0.1 1.3 3.3 1.8 1.7 12.6 45.9 22.7 4.9 4.8 1.1 1. 0, 0 : Definition by Place Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 $ 0 - $ 99 4,686 23.1 $ 100 - $199 $ 200 - $299 4,049 20.0 $ 300 - $399 $ 400 - $499 $ 500 - $599 20,949 100.0 $ 600 - $699 20,281 96.8 $ 700 - $799 14,009 66.9 $ 750 - $999 6,272 29.9 $1000 + 668 3.2 Median Contract Rent 632 3.0 Average Contract Rent 36 0.2 % of Total Total 20,281 53,157 2.62 14,570 45,438 3.12 4,514 22.3 7,031 34.7 3,534 17.4 5,202 25.6 20,281 100.0 13 13 19 190 880 4,318 4,587 1,778 169 38 13 $155,096 $161,956 78 205 110 104 776 2,832 1,401 300 296 69 $ 564 $ 566 0.1 0.1 0.2 1.6 7.3 35.9 38.2 14.8 1.4 0.3 0.1 1.3 3.3 1.8 1.7 12.6 45.9 22.7 4.9 4.8 1.1 1. 0, 0 : Definition by Place Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/18/92 '[T PROSPECT, IL **1990 Census Household Details (2)** of % of Total Total Total Total 7 verage # Rooms per Age of Householder: ;lousing Unit 5.78 15 - 24 Years 896 4.4 25 - 34 Years 4,443 21.9 ,-Total Units in Structure: 35 - 44 Years 3,970 19.6 1, Detached 12,245 58.5 45 - 54 Years 3,483 17.2 1, Attached 988 4.7 55 - 64 Years 3,440 17.0 2 155 0.7 65 - 74 Years 2,632 13.0 3 - 9 2,145 10.2 75 + Years 1,417 7.0 10 - 49 3,515 16.8 50 + 1,788 8.5 Mobile Home 2 0.0 Other 111 0.5 Owner Occupied Units in Structure: Renter Occupied Units in Structure: 1, Detached 11,802 84.2 1, Detached 336 5.4 1, Attached 746 5.3 1, Attached 206 3.3 2 72 0.5 2 77 1.2 3 - 9 258 1.8 3 - 9 1,735 27.7 r 10 - 49 331 2.4 10 - 49 2,916 46.5 50 + 729 5.2 50 + 961 15.3 Mobile Home 2 0.0 Mobile Home 0 0.0 -� Other 69 0.5 Other 41 0.7 1. 0. 0 : Definition by Place Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/18/92 `^ARLINGTON HTS, IL **1990 Census Household Details (1)** Householders: White Black American Indian Asian Other Total Hispanic . Person Household: Male HH Female HH or More Person HHs: Family Households: Married -couple: With Children No Children Female Householder: With Children No Children Male Householder: With Children No Children Nonfamily Households: Male HH Female HH Households: With Children Under 18 With Persons 65 and Over With Householder 65 and Over -lousing Units: Total Occupied Owner Occupied Renter Occupied Vacant Year Round Seasonal % of Total Total Total Households 27,599 95.8 Household Population 201 0.7 Average Household Size 21 0.1 839 2.9 Total Families 150 0.5 Family Population 28,810 100.0 Average Family Size 531 1.8 Persons per Household: 1 Person 2 Persons 2,452 8.5 3 Persons 4,384 15.2 4+ Persons Total Households 9,329 32.4 Monthly Rent: 23.7 Home Value: $ 99 8,289 28.8 $ 0 - $ 24,999 9,983 34.7 $ 25,000 - $ 34,999 5,478 19.0 $ 35,000 - $ 49,999 795 2.8 $ 50,000 - $ 74,999 994 3.5 $ 75,000 - $ 99,999 30,428 100.0 $100,000 - $149,999 198 0.7 $150,000 - $199,999 385 1.3 $200,000 - $299,999 7,896 25.9 $300,000 - $399,999 804 2.8 $400,000 - $499,999 526 1.8 $500,000 + Contract Rent 107 0.4 Median Home Value Average Home Value 9,329 32.4 Monthly Rent: % of Total Total 28,810 74,326 2.58 20,644 64,193 3.11 6,836 23.7 $ 0 - $ 99 6,215 21.6 $ 100 - $199 28,810 100.0 $ 200 - $299 5,478 19.0 $ 300 - $399 $ 400 - $499 $ 500 - $599 30,428 100.0 $ 600 - $699 28,810 94.7 $ 700 - $799 20,914 68.7 $ 750 - $999 7,896 25.9 $1000 + 1,618 5.3 Median Contract Rent 1,511 5.0 Average Contract Rent 107 0.4 % of Total Total 28,810 74,326 2.58 20,644 64,193 3.11 6,836 23.7 9,636 33.4 4,952 17.2 7,386 25.6 28,810 100.0 19 5 24 181 761 5,539 5,643 4,888 700 75 24 $169,060 $181,844 54 192 136 169 551 1,631 1,898 748 1,712 655 $ 654 $ 692 0.1 0.0 0.1 1.0 4.3 31.0 31.6 27.4 3.9 0.4 0.1 0.7 2.5 1.8 2.2 7.1 21.1 24.5 9.7 22.1 8.5 2. 0. 0 : Definition by Place Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/18/92 ARLINGTON HTS, IL **1990 Census Household Details (2)** % of Total Total 'Average # Rooms per 544 Housing Unit 6.06 224 ,Total Units in Structure: Total 1, Detached 17,901 58.8 1, Attached 1,907 6.3 2 141 0.5 " 3 - 9 2,659 8.7 10 - 49 4,869 16.0 50 + 2,729 9.0 Mobile Home 15 0.0 Other 207 0.7 Owner Occupied Units in Structure: 3,326 1, Detached 17,185 82.2 1, Attached 1,494 7.1 2 48 0.2 3 - 9 714 3.4 10 - 49 871 4.2 50 + 514 2.5 Mobile Home 6 0.0 Other 82 0.4 2. 0. 0 : Definition by Place Copyright 1991 DMIS All rights reserved. �- Renter Occupied Units in Structure: 1, Detached 544 6.9 % of 224 2.8 Total Total Age of Householder: 1,728 21.9 15 - 24 Years 870 3.0 25 - 34 Years 6,147 21.3 35 - 44 Years 6,509 22.6 45 - 54 Years 5,320 18.5 55 - 64 Years 4,486 15.6 65 - 74 Years 3,326 11.5 75 + Years 2,152 7.5 Renter Occupied Units in Structure: 1, Detached 544 6.9 1, Attached 224 2.8 2 89 1.1 3 - 9 1,728 21.9 10 - 49 3,397 43.0 50 + 1,810 22.9 Mobile Home 6 0.1 Other 98 1.2 (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/20/92 MAIN ST/BUSSE RD, MT PROSPECT, IL **1990 Census Household Details (1)** Householders: White Black American Indian Asian Other Total Hispanic 1 Person Household: Male HH Female HH 2 or More Person HHs: Family Households: Married -couple: With Children No Children Female Householder: With Children No Children Male Householder: With Children No Children Nonfamily Households: Male HH Female HH Households: With Children Under 18 With Persons 65 and Over With Householder 65 and Over 71ousing Units: Total Occupied T Owner Occupied Renter Occupied Vacant Year Round Seasonal % of Total Total % of Total Total 1. 1. 0 : Ring: 0.5 mile(s): 42.0645 87.9368 Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 Total Households 1,783 1,749 98.1 Household Population 4,721 2 0.1 Average Household Size 2.65 0 0.0 23 1.3 Total Families 1,409 9 0.5 Family Population 4,250 1,783 100.0 Average Family Size 3.02 23 1.3 Persons per Household: 1 Person 313 17.6 2 Persons 689 38.6 115 6.4 3 Persons 326 18.3 198 11.1 4+ Persons 455 25.5 Total Households 1,783 100.0 Home Value: 532 29.8 $ 0 - $ 24,999 2 0.1 727 40.8 $ 25,000 - $ 34,999 0 0.0 $ 35,000 - $ 49,999 5 0.3 33 1.9 $ 50,000 - $ 74,999 29 1.9 76 4.3 $ 75,000 - $ 99,999 161 10.6 $100,000 - $149,999 872 57.3 12 0.7 $150,000 - $199,999 401 26.3 29 1.6 $200,000 - $299,999 49 3.2 $300,000 - $399,999 3 0.2 35 2.0 $400,000 - $499,999 0 0.0 26 1.5 $500,000 + 0 0.0 Median Home Value $135,479 Average Home Value $136,613 580 32.5 Monthly Rent: $ 0 - $ 99 0 0.0 549 30.8 $ 100 - $199 2 1.3 $ 200 - $299 6 3.8 490 27.5 $ 300 - $399 5 3.2 $ 400 - $499 21 13.4 $ 500 - $599 51 32.5 1,818 100.0 $ 600 - $699 27 17.2 1,783 98.1 $ 700 - $799 13 8.3 1,615 88.8 $ 750 - $999 27 17.2 168 9.2 $1000 + 5 3.2 35 1.9 Median Contract Rent $ 581 33 1.8 Average Contract Rent $ 621 2 0.1 1. 1. 0 : Ring: 0.5 mile(s): 42.0645 87.9368 Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/20/92 MAIN ST/BUSSE RD, MT PROSPECT, IL **1990 Census Household Details (2)** Renter Occupied Units in Structure: 1, Detached 84 % of % of Total Total Average # Rooms per Total Age of Housing Unit 6.19 13.7 ,-Total Units in Structure: 24 Years 1, Detached 1,672 92.0 1, Attached 36 2.0 2 18 1.0 3 - 9 35 1.9 10 - 49 55 3.0 50 + 0 0.0 r Mobile Home 0 0.0 Other 2 0.1 Owner Occupied Units in Structure: 1, Detached 1,573 97.4 1, Attached 16 1.0 2 6 0.4 3 - 9 2 0.1 10 - 49 18 1.1 50 + 0 0.0 Mobile Home 0 0.0 Other 0 0.0 Renter Occupied Units in Structure: 1, Detached 84 50.0 % of 16 9.5 Total Total Age of Householder: 23 13.7 15 - 24 Years 18 1.0 25 - 34 Years 375 21.0 35 - 44 Years 347 19.5 45 - 54 Years 260 14.6 55 - 64 Years 293 16.4 65 - 74 Years 315 17.7 75 + Years 175 9.8 Renter Occupied Units in Structure: 1, Detached 84 50.0 1, Attached 16 9.5 2 11 6.5 3 - 9 23 13.7 10 - 49 32 19.0 50 + 0 0.0 Mobile Home 0 0.0 Other 2 1.2 1. 1. 0 : Ring: 0.5 mile(s): 42.0645 87.9368 Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/20/92 l -MAIN ST/BUSSE RD, MT PROSPECT, IL **1990 Census Household Details (1)** % of Total Total % of Total Total Householders: Total Households 34,371 White 32,380 94.2 Household Population 88,382 Black 303 0.9 Average Household Size 2.57 American Indian 37 0.1 Asian 1,313 3.8 Total Families 24,844 Other 338 1.0 Family Population 76,108 Total 34,371 100.0 Average Family Size 3.06 Hispanic 1,128 3.3 Persons per Household: 1 Person 7,872 22.9 1 Person Household: 2 Persons 12,163 35.4 Male HH 2,990 8.7 3 Persons 5,986 17.4 Female HH 4,882 14.2 4+ Persons 8,350 24.3 2 or More Person HHs: Total Households 34,371 100.0 Family Households: Married -couple: Home Value: With Children 8,820 25.7 $ 0 - $ 24,999 28 0.1 No Children 12,588 36.6 $ 25,000 - $ 34,999 20 0.1 Female Householder: $ 35,000 - $ 49,999 38 0.2 With Children 1,030 3.0 $ 50,000 - $ 74,999 373 1.8 No Children 1,439 4.2 $ 75,000 - $ 99,999 1,668 7.9 Male Householder: $100,000 - $149,999 8,267 39.0 With Children 335 1.0 $150,000 - $199,999 7,122 33.6 No Children 632 1.8 $200,000 - $299,999 3,154 14.9 Nonfamily Households: $300,000 - $399,999 421 2.0 Male HH 988 2.9 $400,000 - $499,999 81 0.4 Female HH 667 1.9 $500,000 + 29 0.1 Median Home Value $151,121 Households: Average Home Value $161,195 With Children Under 18 10,271 29.9 Monthly Rent: With Persons $ 0 - $ 99 116 1.3 65 and Over 8,585 25.0 $ 100 - $199 289 3.2 With Householder $ 200 - $299 169 1.9 65 and Over 7,518 21.9 $ 300 - $399 244 2.7 $ 400 - $499 1,131 12.4 Sousing Units: $ 500 - $599 3,546 39.0 Total 35,942 100.0 $ 600 - $699 2,060 22.6 Occupied 34,371 95.6 $ 700 - $799 434 4.8 Owner Occupied 25,088 69.8 $ 750 - $999 871 9.6 Renter Occupied 9,283 25.8 $1000 + 238 2.6 Vacant 1,571 4.4 Median Contract Rent $ 574 Year Round 1,496 4.2 Average Contract Rent $ 589 A Seasonal 75 0.2 1. 2. 0 : Ring: 2.5 mile(s): 42.0645 87.9368 Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 ........... ....... . Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/20/92 '-MAIN ST/BUSSE RD, MT PROSPECT, IL **1990 Census Household Details (2)** of % of Total Total Total Total "`Average # Rooms per Age of Householder: Housing Unit 5.79 15 - 24 Years 1,091 3.2 25 - 34 Years 6,887 20.0 Notal Units in Structure: 35 - 44 Years 6,937 20.2 1, Detached 21,481 59.8 45 - 54 Years 5,902 17.2 1, Attached 1,873 5.2 55 - 64 Years 6,036 17.6 2 232 0.6 65 - 74 Years 4,831 14.1 3 - 9 3,303 9.2 75 + Years 2,687 7.8 10 - 49 5,918 16.5 50 + 2,939 8.2 Mobile Home 13 0.0 Other 183 0.5 Owner Occupied Units in Structure: Renter Occupied Units in Structure: 1, Detached 20,661 82.4 1, Detached 607 6.5 1, Attached 1,480 5.9 1, Attached 303 3.3 2 108 0.4 2 118 1.3 3 - 9 690 2.8 3 - 9 2,409 26.0 10 - 49 886 3.5 10 - 49 4,360 47.0 50 + 1,143 4.6 50 + 1,413 15.2 Mobile Home 10 0.0 Mobile Home 2 0.0 Other 110 0.4 Other 71 0.8 1. 2. 0 Ring: 2.5 mile(s): 42.0645 87.9368 Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/20/92 MAIN ST/BUSSE RD, MT PROSPECT, IL **1990 Census Household Details (1)** % of Total Total % of Total Total Householders: Total Households 108,904 White 101,234 93.0 Household Population 279,802 Black 1,331 1.2 Average Household Size 2.57 American Indian 131 0.1 Asian 4,636 4.3 Total Families 76,145 Other 1,572 1.4 Family Population 236,415 Total 108,904 100.0 Average Family Size 3.10 Hispanic 4,784 4.4 Persons per Household: 1 Person 26,632 24.5 1 Person Household: 2 Persons 36,648 33.7 Male HH 10,885 10.0 3 Persons 18,749 17.2 Female HH 15,747 14.5 4+ Persons 26,875 24.7 2 or More Person HHs: Total Households 108,904 100.0 Family Households: Married -couple: Home Value: With Children 28,685 26.3 $ 0 - $ 24,999 97 0.2 No Children 35,897 33.0 $ 25,000 - $ 34,999 49 0.1 Female Householder: $ 35,000 - $ 49,999 136 0.2 With Children 3,922 3.6 $ 50,000 - $ 74,999 1,615 2.7 No Children 4,356 4.0 $ 75,000 - $ 99,999 6,162 10.4 Male Householder: $100,000 - $149,999 23,621 40.0 With Children 1,142 1.0 $150,000 - $199,999 15,828 26.8 No Children 2,143 2.0 $200,000 - $299,999 9,141 15.5 Nonfamily Households: $300,000 - $399,999 1,535 2.6 Male HH 3,632 3.3 $400,000 - $499,999 476 0.8 Female HH 2,495 2.3 $500,000 + 378 0.6 Median Home Value $145,705 Households: Average Home Value $161,617 With Children Under 18 34,087 31.3 Monthly Rent: With Persons $ 0 - $ 99 200 0.6 65 and Over 23,393 21.5 $ 100 - $199 531 1.6 With Householder $ 200 - $299 492 1.5 65 and Over 20,342 18.7 $ 300 - $399 860 2.7 $ 400 - $499 4,435 13.7 "Housing Units: $ 500 - $599 11,200 34.6 Total 113,491 100.0 $ 600 - $699 71862 24.3 Occupied 108,904 96.0 $ 700 - $799 2,099 6.5 Owner Occupied 75,949 66.9 $ 750 - $999 3,536 10.9 Renter Occupied 32,955 29.0 $1000 + 1,147 3.5 Vacant 4,587 4.0 Median Contract Rent $ 585 Year Round 4,310 3.8 Average Contract Rent $ 613 Seasonal 277 0.2 1. 3. 0 : Ring: 5 mile(s): 42.0645 87.9368 Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 Donnelley Marketing Information Services A Company of The Dun & Bradstreet Corporation BROADACRE MANAGEMENT AmericanProfile 02/20/92 MAIN ST/BUSSE RD, MT PROSPECT, IL **1990 Census Household Details (2)** % of Total Total Average # Rooms per Housing Unit 5.59 ,.Total Units in Structure: 6.6 1, Detached 58,116 51.2 1, Attached 7,741 6.8 2 844 0.7 3 - 9 13,684 12.1 10 - 49 20,444 18.0 50 + 9,908 8.7 ,,. Mobile Home 2,064 1.8 Other 690 0.6 Owner Occupied Units in Structure: 64 Years 1, Detached 55,327 72.8 1, Attached 6,454 8.5 2 352 0.5 3 - 9 3,243 4.3 10 - 49 5,495 7.2 50 + 2,859 3.8 Mobile Home 1,835 2.4 Other 384 0.5 Renter Occupied Units in Structure: 1, Detached 2,161 6.6 % of 969 2.9 Total Total Age of Householder: 9,591 29.1 15 - 24 Years 4,314 4.0 25 - 34 Years 25,333 23.3 35 - 44 Years 23,393 21.5 45 - 54 Years 18,477 17.0 55 - 64 Years 17,045 15.7 65 - 74 Years 13,036 12.0 75 + Years 7,306 6.7 Renter Occupied Units in Structure: 1, Detached 2,161 6.6 1, Attached 969 2.9 2 457 1.4 3 - 9 9,591 29.1 10 - 49 13,330 40.4 50 + 6,024 18.3 Mobile Home 162 0.5 Other 261 0.8 1. 3. 0 : Ring: 5 mile(s): 42.0645 87.9368 Copyright 1991 DMIS All rights reserved. (800) 866 - 2255 APPENDIX III MOUNT PROSPECT SHOPPING CENTERS & RETAIL SURVEY NAME OF CENTER OWNER/MANAGER MAJOR TENANTS VACANCY IRENTS JUNIT SIZES ITRADE AREA ICOMMENTS --------------------+-------- __----_---+---_---------------+------------------+--------f----*-------------------------+-._-__------__-__---_--- RANDHURST MALL ROUSE-RANDHURST CARSON PIRIE SCOTT CHILD WORLD VARIES SPIESS DEPARTMENT STORE IS CLOSED. 999 N. ELMHURST MGR: SCOTT BALL J.C. PENNEY 60,000 SF CHILD WORLD 1S ALSO CLOSED; TOTAL 708-259-0500 MONTGOMERY WARD TTL SLS FNTR. SALES FURNITURE IS CLOSING. 1,300,000 SF 708-392-2287 ELECTRIC AVENUE 21,000 SF KOHLS RESTAURANT PAD THE MALL WAS RENOVATED IN 1988 AND IS J.P. MORGAN IS JEWELL/OSCO FORMER SPIESS VERY UPDATED AND CLEAN. CARSONS DOES WELL; JOINT VENTURE GENERAL CINEMA 62,000 SF HAS 3RD BEST SALES IN BERGNERS CHAINS: $60 MILLION. PARTNER THE LIMITED ROUSE OWNS NBD BLDG. TWO OTHERS CASUAL CORNER ARE ALLOWED PER PUD. ROUSE BODY SHOP WILL BUILD MORE OFFICE AS MARKET DICTATES. SALES AVERAGE $265 PER SF. RANDHURST WAS DEVELOPED BY CARSONS, WARDS, & WIEBOLDTS IN 1962. ROUSE-RANDHURST PURCHASED MALL IN 1982. 25,000 SF AREA VACATED BY MADIGAN'S AND WILL BE OCCUPIED BY KROCH & BRENTANOIS, SPORTS, AND PARTY ZONE. ALSO EVERTHINGIS A $1.00. SPIESS WILL GO TO A LIMITED JR. DEPT. STORE CONCEPT OR A SIMILAR TENANT. A RESTAURANT WILL TAKE OVER KROCH & BRENTANOS. MID -AMERICA HAS JUST BEEN RETAINED TO ASSIST IN LEASING EFFORTS TO "CATEGORY KILLERS" SUCH AS CRATE & BARRELL, THE GAP, & LIMITED. FILENE'S BASEMENT WILL TAKE 30,000 SF IN BASEMENT. EUCLID MALL MR. PAUL DIMITRIOS CENTURY 21 NORTHWEST $8.50/SF 1000-2500 FIVE/TEN TENANTS ARE PRIMARILY SERVICE PROVIDERS 425 E. EUCLID AVE. 708-398-2594 McCASKEY SPORTS MEDI 300 SF $14.50/SF SF MILES RATHER THAN PURE RETAILERS. 30,000 SF (OWNS CLEANERS TOO) FIRST HOME MORTGAGE 300 -OFFICE LOCATED SOUTH OF RANDHURST MALL. MILLER FOOT CENTER 1500 -MR. TEDDY DIS RESTAURANT PHILLY'S LENDER 1S CANADIAN LIFE. VIDEO MID -NORTH IS THE BROKER. SOLANA SWEDISH TANNING CURRENCY EXCHANGE MR. PHILLY IS IS VACANT. BIRD STORE BOUGHT 7 YRS. AGO. MODERN CLEANERS NEEDS A SANDWHICH PLACE OR DENTIST FAST FOOD SO IT WILL NOT TRAVEL COMPETE WITH TEDDY D'S. HAIR CENTURY WILL MOVE OUT. -_s-- MOUNT PROSPECT SHOPPING CENTERS & RETAIL SURVEY NAME OF CENTER OWNER/MANAGER MAJOR TENANTS VACANCY IRENTS JUNIT SIZES ITRADE AREA lCOMMENTS CONVENIENCE FOOD CONVENIENT FOOD MART MART CENTER DASH IN DINE HOT DOG COIN LAUNDRY & CLEANERS EUCLID & DES PLAINES EUCLID RIVER PHARMACY RIVER ROAD EUCLID VIDEO BLISS CLEANERS PROSPECT MEDICAL SHELL AUTO CARE MOUNT PROSPECT PLAZAWESTERN DEVELOPMENT DOMINICKS 97.5% 5 TO 7 MILES CENTER IS MANAGED FROM 800 -WDC -LAND MARSHALLS 3200 SF WASHINGTON D.C. OFFICE 800-932-5263 ULTRA 3 3900 SF 32/SF-E21/SF. PURCHASED 1N 1984 & 1985. 299,000 SF EXCL. MGR: SCOTT FIXELL FANTASTIC SAMS WAL-MART. SUBWAY RETAILERS ARE GRUMBLING. BASKIN ROBBINS 31 FLAVORS SALES ARE LACKLUSTER. FAMOUS FOOTWARE CROWN BOOKS CAN -AM (GERMANY) IS EQUITY ALPHA GRAPHICS PARTNER. KIDS MART MICHAELS 299,000 SF EXCL NAL -MART HIT OR MISS (114,000 SF) ARMED FORCES RECRUITING MR. PETER'S BANQUETS TENANCY 1S REPLICATED ON WALGREENS GOLF ROAD IN ARLINGTION WAL-MART (OWN PARCEL) HEIGHTS, ROLLING MEADOWS & TJ MAXX SCHAUMBERG. OUT PARCEL: BLOCKBUSTER VIDEO H&R BLOCK CURRENCY EXCHANGE BIG ERNS ------------------------------------------------------------------------------------------------------------------------------------------------ LITTLE CAESARS PIZZA RAND PLAZA CB COMMERCIAL PROSPECT PANTRY TWO UNITS SMALL STRIP CENTER ON RAND ROAD. 708-706-4932 312-278-9868 NICKI JANIS VESSOL ------------------------------------------------------------------------------------------------------------------------------------------------ SINGLE USERS ON RAND RD. BETWEEN 83 & CENTRAL HOLIDAY INN CENTURY SUPPLY L. FISH FURNITURE CO. AUTO CENTER CITIBANK WENDY'S HAMBURGERS MOUNT PROSPECT SHOPPING CENTERS & RETAIL SURVEY NAME OF CENTER OWNER/MANAGER I MAJOR TENANTS I VACANCY IRENTS JUNIT SIZES ITRADE AREA ICOMMENTS --------------------+-------------------+-------------------+-----------_------+-------------+--------------_----------+------------------------ PEARLE VISION CENTER O'BR1EN THE FLORIST ------------------------------------------------------------------------------------------------------------------------------------------------ OFFICE/RETAIL VITO-ERA REALTY COSTAN'S HAIR SALON 720 SF $15 INCL. HVAC COSTS OWNERS OF HAIR SALON OWNS 259 E. RAND RD. 708-640-6800 DENTISTS (3) 528 SF $16 INCL. HVAC COSTS THE BUILDING. LAB TECHNICIAN 524 SF $14 INCL. HVAC COSTS PRINT SHOP COURTESY HOME CENTER LEBOVIC REALTY CENTURY HOME NONE N/A 20,000 SF 3-5 MILES ALDIS FOOD STORES 708-676-1100 ALDIS FOODS AND GREATER ------------------------------------------------------------------------------------------------------------------------------------------------ MARVIN SIEGAL BRENTWOOD SHOPPING CHILDS REALTY SPEEDY PRINTING 2400 SF $14/SF NET TWO MILES LARGEST UNIT IS VACANT. CENTER 708-870-8585 VACUUM CLEANERS 1200 SF PLUS $4/SF OPEX 30,000 SF MS. NINA NASS FAMILY DENTISTRY & RE TAXES WILL PROBABLY SUBDIVIDE TMA INC. HAIR SALON 12000 SF $5/SF IF TENANT DOES LARGE UNIT. SUBWAY OWN IMPROVEMENTS HARDWARE STORE OR RESTAURANT PAINTS IS PREFERRED. ALSO EMERGENCY DRAGON CITY RESTAURANT MEDICAL CLINIC. PHOTOS HOT DOGS PHOTOS HOT DOGS DOES GREAT. J & J FOOD MART CUSTOMER BASE IS KENSINGTION ------------------------------------------------------------------------------------------------------------------------------------------------ BUSINESS CENTER. VACANT LAND SHAW REALTY SERVICES ASKING $1.8 MILLION 300 FEET DEEP PARCEL IS ZONED RESIDENTIAL 10 ACRES a WOLF DENNIS STINE 1200 FEET LONG IN THE COUNTY. NO INFRASTRUCTURE & KENSINGTON 312-943-8800 IMPROVEMENTS YET. CHOICES 2) MOUNT PROSPECT ANNEXATION; OR 3) DES PLAINES ANNEXATION. MOST INQUIRIES WANT TO SUBDIVIDE THE PARCEL. MARKET PLACE RUBLOFF BESS TRUE VALUE CENTER IS IN DES PLIANES. SEC GOLF RD. & 83 FUN IN MOTION DES PLAINES, IL HOT OR MISS BUTERA FOOD STORE MINNESOTA FABRICS RSVP PARTY SUPPLIES CURRENCY EXCHANGE UNISEX HAIR SALON ORTHOPEDIC FOOTWEAR KUHN'S DELI & CAFE BASKIN ROBBINS JUNGLE JIM'S PLAYLAND MCDONALDS MOUNT PROSPECT SHOPPING CENTERS & RETAIL SURVEY NAME OF CENTER OWNER/MANAGER MAJOR TENANTS I VACANCY IRENTS JUNIT SIZES ITRADE AREA lC €NTS --------------------+-------------------+-------------------+------------------+-------------+------------+------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ GOLF PLAZA 11 DIMUCCI DEVELOPMENT WAGS 4,000 SF S12/SF NET THREE MILES CENTER HAS GOOD TENANCY SWC GOLF RD. & 83 708-991-4400 PAYLESS SHOES S3/SF EXPENSES AND PERFORMS WELL. RICHARD FILLER CLEANERS 131,000 SF HAIR CRAFTERS LITTLE CEASARS PIZZA CPI PHOTO FINISH CROWN BOOKS SUPER CUTS CABINET CONNECTION TRAK AUTO WALGREENS DOMINICKS PHAR-MOR ------------------------------------------------------------------------------------------------------------------------------------ HOME SAVINGS COUNTRYSIDE COURT MGR:ROBERT CONTER EL SOMBRERO RESTAURA N/A N/A VARIES 2-3 MILES CENTER IS LOCATED NEXT TO 1144 S. ELMHURST RD.OWNER: HALLMARK CARDS THE ENTRANCE OF HUNTINGTON COMMONS. KUN CHAE DAE J.D. HAIR COMPANY NO CENTRAL ON-SITE MANAGEMENT 3654 W. JARVIS PAWS 1NTC. TENANTS RESPONSIBLE FOR THEIR OWN UNITS. SKOKIE, IL 60076 WESTERN FASHION 364-1329 TRAVEL CLEANERS JENNY CRAIG WEIGHT LOSS CENTER THE MAN'S SHOP MARSHALL JEWELERS KELLEN'S COUNTRY FLORIST SHIMADA SHOTEN GEORGE GYROS NBD BANK VENTURE CENTER VENTURE VENTURE (OWNS IT) NONE N/A LARGE 3-5 MILES REC-PLEX 1S LOCATED TO THE WEST 1500 S. ELMHURST RD. SHOWBIZ PIZZA OF THIS CENTER. ENTERPRISE RENT -A -CAR KENTUCKY FRIED CHICKEN ------------------------------------------------------------------------------------------------------------------------------------------------ OUTLOT IS AVAILABLE SOUTH OF KFC WISHING WELL PLAZA 960 S. ELMHURST RD, DES PLAINES PHILLIPS 66 BURGER KING DUNKIN DONUTS FOREMOST LIQUORS TAILOR SHOP COMPUTERESE CENTER IS IN DES PLAINES. MOUNT PROSPECT SHOPPING CENTERS & RETAIL SURVEY NAME OF CENTER OWNER/MANAGER MAJOR TENANTS VACANCY [RENTS JUN1T SIZES ITRADE AREA 1COM14ERTS ------------------------------------------------- --¢_--_---.+.-------------_---*-----.-_---_-+--------------------.----#------------------------ ------------------------------------------------------------------------------------------------------------------------------------------------ 7 -ELEVEN THE COLONY CB COMMERCIAL JJIS ICE CREAM & 2332 SF $15/SF GROSS THREE MILES PROBLEM IS NO ANCHOR. SHOPPING CENTER LIZ HUGHES KREBS EATING ESTABLISHME 1200 SF $12/SF NET PLUS S5/SF SUSHI BAR IS EXPANDING. MOUNT PROSPECT 708-948-6912 SONI TIME 1200 SF PASS-THROUGHS ORIENTAL CUSTOMER BASE. OAKTON & 83 THE SIGNERY 2400 SF SIZE: 39,572 SF DELI RESTAURANT ALGONQUIN & ARLINTON HEIGHTS TRAVEL ROADS HAS HURT THIS CENTER; TWO EUROTAN TENANTS LEFT & DENTIST LOOKS DES PLAINES IS ALSO BASE, MAYBE MORE. OFFICE SUPPLIES HALLMARK KOYAMA SHOTEN SUSHI BAR KAMPAI JAPANESE STEAK HOUSE ASAHIYA BOOKSTORE CLEANERS BOLZANO LIQUORS MINUTEMAN PRESS CNS FOOD MART VIDEO CORNER PAD: ------------------------------------------------------------------------------------------------------------------------------------------------ MEDFIRST PHYSICIAN (OWNS PARCEL) PLAZA UNITED DIMUCCI MGT. CO. 50% $13.50/SF NET ONE MILE CENTER SUFFERS FROM VERY POOR ACCESS. SEC DEMPSTER & BUSSE 708-991-4400 SPORTS SPA $3/SF EXPENSES CURB CUTS WOULD BE TOO CLOSE RICHARD FILLER DECO HAIR TO TRAFFIC SIGNALS AT BUSSE 27,000 SF SELF -FINANCED BUSINESS WORLD AND ALGONQUIN. CARTEL PHONES/ CELLULAR ONE "TCBY" YOGURT WAVE PRINTING ROSATI'S PIZZA LOGAN FARMS HONEY ------------------------------------------------------------------------------------------------------------------------------------------------ GLAZED HAMS CENTRAL FOOD MART CENTRAL FOOD MART DIRECTLY ACROSS FROM SHOPPING CENTER MR. A'S SNACK SHOP MOUNT PROSPECT PUBLIC WORKS SWC BUSSE & CENTRAL GET SET HAIR DESIGN FACILITY. COACHLIGHT BARBER AUTO PARTS LEE'S L&L CLEANERS UNITED APPRAISAL CANTON HOUSE RED WING SHOES NICOLINA TAILORS/CLEANERS TORTORICES PIZZERIA MOUNT PROSPECT SHOPPING CENTERS & RETAIL SURVEY f NAME OF CENTER OWNER/MANAGER MAJOR TENANTS VACANCY IRENTS JUN1T SIZES ITRADE AREA lCOMMENTS --__--a_--..-__-__---------------------------_-n_-----_----------__--_-___---------------._-_----.>___g_-__--------------------._-__¢_-_.-------- SCALA'S BILLY'S GOOD THINGS TO EAT ------------------------------------------------------------------------------------------------------------------------------------ GOLF SHOPPING PLAZA DIMUCCI DEVELOPMENT EAGLE DISCOUNT SUPER 2,000 SF S12/SF NET SWC GOLF & BUSSE 708-991-4400 ACE HARDWARE S3/SF EXPENSES 83,000 SF SELF -FINANCED DENTIST MAIL BOXES ETC SHIN JUNG RESTAURANT BILL VASEY STATE FARM INSURANCE SIANA GERMAN BAKERY & CAFE GOLD EAGLE WINE & LIQUOR HOUSE WALK FURNITURE CO. DUPRE COIFFURE BURGER HUT COIN LAUNDRY ------------------------------------------------------------------------------------------------------------------------------------------------ CLEANERS MOUNT PROSPECT DIMUCCI DEVELOPMENT WHITE HEN PANTRY 70% CITY WANTED TOWNHOUSES ON THIS SITE. COMMONS 708-991-4400 NATURE'S ART CENTER HAS MANY VACANT UNITS. NWC GOLF & BUSSE SELF -FINANCED SCISSORS CITY 48,000 SF CLEANERS PLAY IT AGAIN SPORTS PAD: ARTEMIS RESTAURANT SHOPPING CENTERS ALONG GOLF ROAD OUTSIDE OF MOUNT PROSPECT. ------------------------------------------------------------------------------------------------------------------------------------------------ MEADOWS TOWN MALL TJ MAXX ACROSS GOLF ROAD IS NEC GOLF & 62 F&M CONTINENTAL TOWERS OFFICE TOWERS LINENS & THINGS LOOMCRAFT FAMOUS FOOTWEAR TH MANDY OLD COUNTRY BUFFET FACTORY CARD OUTLET WACCAMAW POTTERY ELEC-TEK KIDS MART HIT OR MISS CLOTHESTIME DRESS BARN PAD: WENDY'S PAD: CHILIS MOUNT PROSPECT '.' SHOPPING CENTERS & RETAIL SURVEY NAME OF CENTER JOWNERIMANAGER MAJOR TENANTS VACANCY IRENTS JUN1T SIZES ITRADE AREA ICOMMENTS -------------------------------- -- ---_-+----------_.-=._--------_--_--_--__--_------____----+-_-------------._-------_+_--_-_---_-___-----__-_------------------------------------------------------------------------------------------------------------------------------------------------ - THE PADDOCK SHOPPING CENTER SWC GOLF & 62 GINO'S EAST RESTAURANT HONEY BAKED HAM GRAND SLAM BAGELS CLEANERS PRINTING PRIMA DELI FLORIST MODERN TUXEDO MODERN BRIDE PHOTOGRAPHY UNLIMITED RENT -A -BAND GULLIVERS TRAVELS MIDAS MUFFLER GREAT WESTERN BOOT CO. PAD: ARBY'S PAD: PEARLE VISION PAD: FIRST NATIONWIDE BANK SURREY RIDGE ST. ANDREWS PROPERTI K -MART FURNITURE FACTORY IS VACATING. SHOPPING CENTER 708-236-0533 GOLF MART 20,000 SF IS AVAILABLE FOR SUBLEASE. 708-998-9605 PONDEROSA TENANT CLAIMS THEY "CANNOT NEC GOLF & 62 TIRE AMERICA AFFORD THE RENT" GOODFRIEND & ASSOC. ARVEY PAPER & OFFICE PRODUCTS 708-835-4271 SIEGELMANIS DELI & RESTAURANT FURNITURE FACTORY STATE FARM INSURANCE NBD MORTGAGE CASTILLOS GROCERIES THE RIGHT SALON CLEANERS H&R BLOCK MOY FONG'S RESTAURNANT RAN -ART GALLERY R&R LIQUORS ------------------------------------------------------------------------------------------------------------------------------------------------ FURNITURE FACTORY LOEHMANNIS PLAZA HAROLD J. CARLSON LOEHMANNS DESIGN 1S SIMILAR TO MEQUON GOLF ROAD & ASSOCIATES PLAZA SHOE REPAIR SHOPPING CENTER. ARLINGTON HEIGHTS 708-318-0600 THE COAT COMPANY SUBSIDIARY OF FAZIO HAIR DESIGN SEVERAL VACANCIES EXIST. DRAPER & KRAMER ROSE RECORDS FORMER FUDDRUCKERS IS ALSO KELLIE ALLEN DISCOUNT FIR OUTLET VACANT. EILEEN FISHER SIZES UNLIMITED MOUNT PROSPECT SHOPPING CENTERS & RETAIL SURVEY NAME OF CENTER _ ER/MANAGER I MAJOR TENANTS I VACANCY IRENTS JUNIT SIZES ITRADE AREA IC ENTS __®_a®______a_.____®-___----->-_-___.-_..+__®__-a___®_-._t{s_+_-„Fe-mt_--s_-____+-s__.a-f<--=_+-___-_r _..-r_+______.n__®_---------------m.A-_.as.® NUTRI SYSTEMS OLAN MILLS BENETTON EYE SITE KAISSI PARTY W/ HALLMARK DESI EMPORIUM BILY HORK GALLERY LINENS & WARES WORLD GYM SINGING SYSTEMS THE COSMETIC CENTER PIER 1 IMPORTS YURAKUTEI JAPANESE RESTAURANT CURRNECY EXCHANGE BASKIN ROBBINS 31 FLAVORS AUNT BETTY'S BAGELS & DELI GARIBALDIS RESTAURANT BLOCKBUSTER VIDEO STAFFORD PLACE PAD: YOGIE'S RIBS SHOPPING CENTER SWEETGRASS MARKET ALL NATURAL FOODS GOLF & ARLINGTON MARRILEE BRIDAL HEIGHTS ROAD ALL ABOUT PLANTS FLASH FOTO INTERIORS CENTER JEWEL/OSCO SHOPPING CENTER JEWEL OSCO BEST MEDICAL GOLF & ARLINGTON AAA CHICAGO MOTOR CLUB HEIGHTS ROAD CLEANERS SILKS III FIDELITY LOAN SERVICES CENTURY 21 ADVISORS APPENDIX IV DOWNTOWN BUSINESS SURVEY NONE 65% MP EXPANDING FOOT TRAFFIC THE TWO VACANT BUILDINGS 8 GIFTS 35% AH & DP VISIBLE LOCATION ON HIS BLOCK. MOUNT PROSPECT, ILLINOIS PROXIMITY TO DOING BUSINESS IN DOWNTOWN MOUNT PROSPECT OWN OR BUSINESSES 3 IMPROVEMENTS WOULD LIKE TO SEE EMPLOYEES SOURCE OF BUSINESS LEASE NEEDED IN DOWNTOWN MOUNT PROSPECT INVENTORY OF RESIDENTIAL INADEQUATE PARKING NAME OF BUSINESS IPART IFULL ------------- `----------------+--------------------+------------.s. I CUSTOMERS I GROWTH IBEST ASPECTS ------------ •--------------------------------------- IWORST ASPECTS I PREMISES ATO IMPROVE RESPONDENT'S BUSINESS ------- ------------------ ------------ JIMCPEASED IN DOIMTOWN .------------------------- ICOWNTS --- --------`---`---`-- MOUNT PROSPECT 6 - 8 1 90% MP SAME SALES ARE GOOD INADEQUATE PARKING LEASE GROCERY STORE YES, MOST DEFINITELY AGING POPULATION i RESTRICTIONS ON LIQUOR LIQUORS 1 90% MP SAME PEOPLE i LOCATION IS CANDY SHOP THEMED RESTAURANT LOCATION ARE SALES ARE PROBLEMATIC. RITA-CLERK EXCELLENT VERY GOOD. 708-255-5977 OR OTHER PLACES TO BRING YOUNGER MUST INCREASE DENSITY AROUND ART JASTER PEOPLE DOWNTOWN. THE DOWNTOWN AREA. NEED YOUNG FAMILIES 708-259.3637 AND A TURNOVER IN POPULATION. 16 N. MAIN STREET 15 2 85% MP CONTRACTING TRAFFIC ON 83 INADEQUATE PARKING LEASE MORE "IN 6 OUT" RETAILING YES, VERY IMPORTANT LOCATION AT CENTRAL PLAZA IS FINE, BUT DORETTI PHARMACY 15% AH 8 DP IS EXCELLENT LESS SERVICE BUSINESSES. IS UNHAPPY WITH ITS TENANT NIX. HAIR EXISTING RETAIL ISNOT DRESSERS, KARATE L CLEANERS DO NOT RICHARD DORETTI APPEALING. NEED A BETTER HELP HIS BUSINESS. 708-259-3880 MIX OF BUSINESSES LIKES WHAT WAS DONE IN DOWNTOWN 2 N. MAIN STREET ARLINGTON HEIGHTS. HOLY FAMILY HOSPITAL FAMILY THRIFT SHOP 2 - 3 50% MP EXPANDING CONVENIENCE, ACESS TO VILLAGE PARKING LEASE NEED MORE RETAILING TO YES, WOULD LIKE THRIFT SHOP DONATES APPROX. 125,000 LILIAN KOVOROS DAILY VOL. 50% ALL OVER LOCATION, B ATTRACT SHOPPERS. CONDOS OR TOWNHOMES ANNUALLY TO HOLY FAMILY HOSPITAL. 708-255-1625 PEOPLE'S PORTIONS ON NORTHWEST BUT NO MORE THAN FREINDLINESS HIGHWAY NEED IMPROVING. 4 STORIES HIGH. CENTER OF MOUNT 35 DEALERS; 30% MP SAME LOCATION 8 SIGNAGE ALLOWED; CUTOMERS PROSPECT ANTIQUES EACH 5 DYS/MO. 70% ALL OVER U.S. BEAUTIFUL STORE. HAVE PROBLEMS FINDING CENTER BEA COE 708-398-9588 MARCY'S CARDS 4 NONE 65% MP EXPANDING FOOT TRAFFIC THE TWO VACANT BUILDINGS 8 GIFTS 35% AH & DP VISIBLE LOCATION ON HIS BLOCK. WILLIAM C. BAUER PROXIMITY TO OWNER SHOULD WASH WINDOWS. 708.398.6370 FANNY MAY 10 E. NORTHWEST HWY. OLD CARRIAGE 3 6 75% MP EXPANDING VISIBILITY ON INADEQUATE PARKING INN RESTAURANT 25% AH i DP NW HWY. CARRIAGE INN NEEDS GAIL MEYERS LOCATION IS GOOD. MORE SPACE. 708-255-5454 20 W. NORTHWEST HWY. FANNIE MAY 9 1 90% MP SAME PEOPLE i LACK OF ONE-STOP CANDY SHOP LOCATION ARE SHOPPING i CHOICES RITA-CLERK EXCELLENT OF RETAILERS. 708-255-5977 COMMUTER USE OF DOESN'T KNOW DOESN'T KNOW WHAT TYPES OF BUSINESSES WOULD BE COMPATIBLE. THERE ARE ENOUGH RESTAURANTS NOW. MORE INDUSTRIAL i COMMERCIAL. MORE BUSINESSES WOULDN'T HURT. OPPOSED TO RENTAL APTS. BIC OF PERCEPTIONS OF THE WORST KINDS OF PEOPLE - 8 ASSOCIATED GROUPS OF JUVENILES NO, CUSTOMERS ARE FROM ALL OVER. YES, WOULD HELP YES, WOULD HELP OWN NOT MUCH ELSE WOULD HELP ITS YES, IT WOULD BUSINESS; FM IS A DRAW FOR OTHER NOT HURT. BUSINESSES IN AREA. LIKE WHAT WAS DONE IN ARLINGTON CARRIAGE RESTAURANT BRINGS IN CUSTOMERS - CURRENT LOCATION L BUILDING IS PERFECT IN EVERY WAY EXCEPT ROOF LEAKS. CENTER HAS UP TO 200 CUSTOMERS DAILY. WOULD PREFER A WIDER STORE; PREMISES ARE TOO MARROW. LOCATION NEXT TO FANNY MAY IS A MAJOR ADVANTAGE. IN THE PROCESS OF BUYING THE BUILDING. RESTAURANT SERVES 300-400 DAILY. THIS IS ONE OF THE HIGHER VOLUME SALES OUTLETS IN THE FANNIE NAY CHAIN. OWNTOWN BUSINESS SURVEY iOUNT PROSPECT, ILLINOIS DOING BUSINESS IN DOWNTOWN MOUNT PROSPECT OWN OR BUSINESSES i IMPROVEMENTS WOULD LIKE TO SEE EMPLOYEES SOURCE OF BUSINESS LEASE NEEDED IN DOWNTOWN INT PROSPECT INVENTORY OF RESIDENTIAL DOWNTOWN JCOMRENTS NAME OF BUSINESS ----------- -------------------------------------------- APART IFULL I CUSTOMERS I GROWTH .-------- }BEST ASPECTS +...-------------.+.._-------_.___----------------...{_.------- IWORST ASPECTS I PREMISES UTO IMPROVE RES _ ENT'S BUSINESS ...-----........_+..----.........__..--------.-a.,.«._..-.._.-------..-. JINCREASED IN 4 E. NORTHWEST HWY. ITS PARKING LOT. HEIGHTS. :RITE HEN PANTRY 6 1 90% MP SAME PEOPLE i MORNING DOES MOT GET OWN MORE INDUSTRIAL i RETAIL YES, WOULD HELP. GETS GOOD MORNING CUMMUITER TRAFFIC. ;RIAN DEVANEY COMMUTER BUSINESS. MUCH EVENING TRAIN TO HELP HIS LUNCH BUSINESS. '08-254-6675 TRAFFIC; WOULD RATHER 101 S. MAIN ST. BE ON OTHER SIDE OF TRACKS. NO BUSINESS AFTER 10 P.M. �USSE FLOWERS 10 4 50% MP EXPANDING LOCATION IS GO00. SLOWER GROWTH NOW OWN MORE RETAIL i BUSINESSES YES, MORE RESIDENTS MEANS MORE CUSTOMERS. CORPORATE BUSINESS IS GOOD. RECENTLY BUILT THEIR BUILDING. . GIFTS. 50% NW SUBURBS NORTHWEST HWY THAN IN RECENT YEARS. DOWNTOWN. NEEDS A GROCERY AUL SE1LS EXPOSURE. STORE, RESTAURANTS LIKE WHAT WAS '08-259-2210 DONE IN ARLINGTON 520 E. NORTHWEST HWY. HEIGHTS. IRS. P i ME 10 15 70% MP SAME PEOPLE ARE SOLID. SALES TAX INCREASES. OWN MORE RETAIL, NICER STORES. YES, WOULD HELP. WOULD LIKE TO EXPAND, BUT WOULD NOT MOVE. RESTAURANT 30% AH,DP,PR SMALL TOWN EARLY CURFEW ON LIQUOR NO MORE RESTAURANTS. LIKE THE CITY'S FACADE PROGRAM, ATMOSPHERE. SALES. EXISTING ONES ARE STRUGGLING. THOUGH MRS. P DID NOT PARTICIPATE. GOOD LOCATION. SOME EXISTING MERCHANTS LOOK "TIRED" SAHARA COMPANY NONE 3 60% MP EXANDING LOCATION IS GOOD SIGNAGE RESTRICTIONS LEASE MORE INTERIOR HOME IMPROVEMENT NO, ARLINGTON HEIGHTS WENT OVERBOARD W/ LARGE KEEFER PHARMACY IS A DRAW. CORNER LOCATION i PROXIMITY _EE SCHANZ 40% AH,DP,PH TRAIN VISIBILITY STORE SELLS AWNINGS i STORES WOULD HELP. APT. COMPLEXES. TO TRAIN STATION ARE MAJOR 708-259-9099 CANNOT DISPLAY THEM VIA THERE ARE THREE DOOR STORES ADVANTAGES. 150 S. MAIN ST. EXTERIOR SIGNAGE ALREADY. INADEQUATE PARKING IN LOT SERVING PROSPECT PLACE. CEEFER PHARMACY 10 NONE 90% MP SAME PEOPLE LOCATION ON "OTHER SIDE LEASE MORE PROFESSIONAL BUSINESS YES, HEMPHILL IS HAPPY IN CURRENT LOCATION. DOES NOT WANT SOUTH SIDE OF TRACKS JERRY PASPISIL OF TRACKS." PEOPLE RUNNING STORES. BUSINESSES ARE A "REAL NEIGHBORHOOD" MORE DOWNTOWN RESIDENTIAL AREA TO CHANGE. 708-253-1031 5 W. PROSPECT SIGN ORDINANCE IS TOO RESTRICTIVE. NEIGHBORHO00 GOOD; PEOPLE WILL WALK TO THEM. DOES NOT CORRELATE TO MORE RESIDENTIAL WOULD BE BETTER FOR DOWNTOWN OVERALL i ADD WALKING NOVICES" RUNNING BUSINESSES. MORE BUSINESS B/C OF NARY JAYNE'S 2 NONE 50% MP SAME FRIENDLY PEOPLE TRAIN TRACKS ARE A LEASE CHILDREN'S i MEN'S STORES. INDIFFERENT, BECAUSE EVERYONE PEOPLE ON NORTH SIDE OF TRAIN TRACKS AVOID BUSINESSES -ADIES APPAREL 50% AH,DP,PR 38 YRS. IN MP HINDRANCE. NEVER MORE RETAIL -ORIENTED BUSINESSES. DRIVES ANYWAY. ON THE SOUTH SIDE OF TRACKS. JAYNE PIKULA ENOUGH BUSINESS. FIND A WAY TO GET MORE 708-253-7622 PEOPLE DOWNTOWN. 7 W. PROSPECT MOUNT PROSPECT 3 6 30% MP EXPANDING GOOD WALK-IN CONGESTION, TOO LEASE MORE RESIDENTIAL i RETAIL. YES, WOULD LIKE SALES ARE PRIMARILY BY PHONE, SO PEDESTRIAN TRAFFIC IS A BONUS. VACATIONS 70% NW SUBURBS TRAFFIC. MANY SERVICES BUSINESSES. NEED A BETTER MIX OF BUSINESSES. 40 STORY BLDGS. DOWNTOWN DOES NOT NAVE ENOUGH JILLIAM HICKEY, SR. 24 TRS. IN MP RETAIL, T00 MANY SERVICE BUSINESSES. 708-259-6030 WNT06M BUSINESS SURVEY AJNT PROSPECT, ILLINOIS DOING BUSINESS IN DOWNTOWN MOUNT PROSPECT OWN OR BUSINESSES & IMPROVEMENTS WOULD LIKE TO SEE EMPLOYEES SOURCE OF BUSINESS LEASE NEEDED IN DOWNTOWN MOUNT PROSPECT INVENTORY OF RESIDENTIAL iAME OF BUSINESS IPART IFULL I CUSTOMERS I GROWTH IBEST ASPECTS IWORST ASPECTS I PREMISES ITO IMPROVE RESPONDENT'S BUSINESS IINCREASED IN D06MT06M ICOMMENTS ---------------- -4 ------------------------------- ------------------------- ------------------------- ------------- ----------------------------------- ----------------------------- JIS PLACE 4 NONE an HIP SAME LOCATION IS CLOSE NOT ENOUGH PEOPLE lGELOS THEOTOKATOS 20% AH,DP TO TRAIN & MAJOR SHOPPING DOWNTOWN. �8-870-7371 PROSPECT AVENUE. ROADS. SIGNAGE ORDINACES i W. PROSPECT BUILD A PARKING GARAGE ON ARE TOO STRICT. 'B HEAT m MP CONTRACTING PEOPLE & SCHOOLS PARKING SITUATION kRKET MORE RETAILING NEEDED, A AT PROSPECT PLACE; ICK WITTMEYER LITTLE BIT OF EVERYTHING. SAM'S USES TOO MUCH )8-255-6395 MORE BUSINESSES DOWNTOWN, YES ARLINGTON PARKING. r W. PROSPECT MORE GROWTH. NO MORE RESTAURANTS. HEI&TS HAS DOME A NICE JOB. SCHOOL CHARITABLE SALES. IR SPEEDY NONE 2 80% MP CONTRACTING GOOD COMMUNITY IN SIGNAGE ORDINANCES RINTING CENTER WHICH TO DO & MP IS AN AGING ERT SIPIERA BUSINESS. COMMUNITY. 08-259-0992 DISAPPOINTED THAT TWO MORE 7 W. PROSPECT BUSINESSES ON PROSPECT WILL RIME PRINTING ICHAEL ROBBINS 08-577-9843 07 W. CENTRAL DWARD HINES LIMBER COMPANY RAIG WILLUWEIT 08-253-4300 04 W. CENTRAL .C. LICHT OMPANY EITH BRADY 08-255-57T7 00 W. NORTHWEST HWY. ,ROSPECT CATERING AN 'D8-259-&363 3 1 1% HP EXPANDING LOCATION IS SIGNAGE ORDINANCES 99% MW SUBURBS CONVENIENT TO PEOPLE, POST OFFICE & HARDWARE STORE. NONE .10 7OZ MP SAME EVERYTHING NO COMPLAINTS CONSUMER BUSINESS 8 50% MP EXPANDING LOCATION IS INADEQUATE PARKING. GOOD. 38 YEARS IN MP. NONE 30% MP SAME MP IS VERY CLEAN, INDIFFERENT. Tn ALL OVER THIS IS IMPORTANT. LEASE MORE PARKING; SHOULD YES, WOULD NO MORE RESTAURANTS; THERE ARE ENOUGH IN THE DOWNTOWN. ELIMINATED MEDIAN ON INCREASE NUMBER PROSPECT AVENUE. OF REGULAR CUSTOMERS BUILD A PARKING GARAGE ON TRAIN LOT. MORE RETAILING NEEDED, A LITTLE BIT OF EVERYTHING. LEASE MORE BUSINESSES DOWNTOWN, YES ARLINGTON HEAT BUSINESS IS HINDERED BY GENERAL ECONOMIC CONDITIONS MORE GROWTH. NO MORE RESTAURANTS. HEI&TS HAS DOME A NICE JOB. SCHOOL CHARITABLE SALES. RESTAURANTS WILL DRIVE OUT SMALL BUSINESSES BECAUSE OF PARKING RECUIREMENTS. DISAPPOINTED THAT TWO MORE BUSINESSES ON PROSPECT WILL CLOSE IN NEAR FUTURE. LEASE BUSINESSES TO GET PEOPLE NO, WOULD NOT OVERALL, 14ORE RESIDENTIAL WILL BENEFIT THE DOWNTOWN. USING TRAIN TO SHOP MORE. HELP PRINTING MORE STORES SELLING IMPULSE BUSINESS BUT ITEMS, MORE RETAILING. WOULD BENEFIT MORE EVENING -ORIENTED OTHERS DOWNTOWN. RESTAURANTS. LEASE BETTER TENANT MIX DOWNTOWN YES, WOULD HELP. BUSINESS CLOSINGS IN MP ARE THERE ARE ENOUGH RESTAURANTS DISTURBING. AND PRINT SHOPS. A GROCERY STORE OR MAJOR DRAW TO GET PEOPLE DOWNTOWN. 06IN TOO MANY BUILDING SUPPLIERS. YES MOST OF SALES ARE WHOLESALE TO BUILDERS L CONTRACTORS. CURRENT MIX Of BUSINESSES CONSUMER SALES ARE NOT MAJOR. IS GOOD. OWN COULD USE A GOOD RESTAURANT- YES, HEMPHILL WOULD LIKE TO EXPAND & PUT THEIR WALLPAPER BUSINESS IN A & NAME BUSINESSES LIKE AT HELPED ITS SALES SEPARATE BUILDING. MALLS. DON'T CONSIDER THEMSELVES IN M)OWNTOWN" MP. OWN DO NOT NEED MORE RETAIL INDIFFERENT. VERY HAPPY IN CURRENT LOCATION, HAVE BEEN THERE 10 YEARS. OR RESTAURANTS. AREA IS WOULD NOT CONSIDER MOVING OR RELOCATING. SATURATED. AWHTOWN BUSINESS SURVEY JUNT PROSPECT, ILLINOIS DOING BUSINESS IN DOWNTOWN MOUNT PROSPECT OW11 OR BUSINESSES i IMPROVEMENTS WOULD LIKE TO SEE EMPLOYEES SOURCE OF BUSINESS LEASE NEEDED IN DOWNTOWN MOUNT PROSPECT INVENTORY OF RESIDENTIAL IN DOWNTOWN J NTS NAME OF BUSINESS IPART IFULL I CUSTOMERS I GROWTH ISEST ASPECTS JWDRST ASPECTS I PREMISES ITO IMPROVE RESPONDENT'S BUSINESS JINCREASED 12 W. NORTHWEST HWY. VANTI INTERIORS 1 2 30% MP SAME TRAFFIC ON VILLAGE DOES NOT LEASE MORE WOMEN -ORIENTED BUSINESSES YES, WOULD HELP. WOULD RATHER BE NEAR RAND RD. AMD MORE HIGH TRAFFIC. IKE LIMA 70% AH, OP, BG NORTHWEST HWY. PROMOTE DOWNTOWN i SIGNAGE MORE RESTAURANTS i MORE RETAIL 08-253-6955 EGV, PALATINE 1S GOOD. ORDINANCES ARE TOWN. 26 E. NORTHWEST HWY. ICHAEL KAUTZ 2 3 35% MP EXPANDING LOCATION'S NOT ENOUGH OTHER OWN NEED MORE BUSINESSES YES, WOULD MEAN WOULD LIKE TO SEE MORE TRAFFIC ON NORTHWEST HWY. ARPETS i DESIGNS 65% NW SUBURBS EASY ACCES 8 BUSINESSES. AND RETAIL. MORE CUSTOMERS ICHAEL KAUTZ FRIENDLINESS OF CITY'S ENGINEERING 08-394-8200 PEOPLE. DEPARTMENT. 30 E. NORTHWEST HWY. UND ENTERPRISES 3 1 1% MP EXPANDING LOCATION'S NOTHING OWN LIKE IT THE WAY IT IS. NO, CUSTOMERS HAS OWNED HIS BUILDING SINCE 1953. BUSINESS IS MAKING MODEL SHIPS i US KAUFNAN `08-577-8044 99X ALL OVER EASY ACCESS ARE FROM ALL i IT WON'T HELP BOATS. ONLY SHOP OF ITS KIND IN HIS BUSINESS THE MIDWEST. 18 E. NORTHWEST HWY. COUNT PROSPECT 2 11 60% MP SAME PEOPLE ARE WARM NOTHING OWN MORE RESTAURANTS. LIKED THE YES, BUT IT WON'T ENROLLMENT IS 80 CHILDREN PAYING APPROX. S1OO/WK. rURSERY SCHOOL i CONCERNED. FRUIT i VEGETABLE STORE BUT ADD FAMILIES WITH CHILDREN TO HELP LIKES LOCATION AT THE DAY CARE IT WENT OUT OF BUSINESS. HER BUSINESS. EDGE OF DOWNTOWN: PLENTY :ATT BEATON OF PARKING i OUT OF CONGESTION. '08-253-5877 X06 E. NORTHWEST HWY. JUTLH TRADING NONE 2 ALL OVER EXPANDING WALK-IN BUSINESS NOTHING LEASE DOESN'T REALLY KNOW. YES. WOULD LIKE TO EXPAND FROM 550 SF TO SF :OMPANY MIDWEST IS GOOD. BUSINESS ISSBBAASEBALL CARDS. JOHN O'NEILL LOCATION ON ID8-253-3035 NORTHWEST HWY. 104 E. NORTHWEST HWY. �ARENTI-RAFFELLI 2 148 8OX EXPANDING ACCESS TO TRAIN, NOTHING OWN LIKE IT THE WAY IT IS, NO, WOULD NOT CONSIDERING EXPANSION. IDEAL LOCATION WOULD BE IN AN INDUSTRIAL 20N PARENTI CHICAGO AREA LUNCH PLACES, i IMPACT HIS COMPANY EITHER WAY. PARK BUT THIS IS MORE 708-253-5550 RETAIL. CONVENIENT FOR EMPLOYEES. ?15 E. PROSPECT AVE. SAFETY i CONVENIENCE 4OUNT PROSPECT 4 NONE MP,AH,DP SAME LIKE C(YMUNITY NO OPINION LEASE WOULD LIKE TO SEE A COMMUNITY NO, APTS i CONDOS HAVE BEEN ON PROSPECT FOR 31 YEARS i HAS NO INTEREST 'EDIATRIC ASSOC. t LOCATION BUT TRAIN TRACKS CENTER; ROSEMONT HORIZON HAS DON'T MEAN CHILDREN IN MOVING. MEDICAL PROFESSIONALS )R. MARIANNE BUDZEIKA ARE PROBLEMATIC TERRIBLE ACOUSTICS. A ARE ESTABLISHED ON PROSPECT AVENUE. 708-259-2123 IN THE AFTERNOON CULTURAL CENTER WOULD HELP 501 W. CENTRAL ATTRACT YOUNG PROFESSIONALS TO TO THE COMMUNITY. lit jai I �so I a isms on Zia 0 um e♦ nil1 ■ ■ inall's REaE THE VILLAGE 1j a VELO—ENT P-1 FOR OF (MOUNT PROSPECT = ILLINOIS i _oEn, e 0 ■ i � t CIVIC I ■ t RPSZD4,TIAL as t ` all Il■= `�� 1 low REaE THE VILLAGE 1j a VELO—ENT P-1 FOR OF (MOUNT PROSPECT = ILLINOIS i _oEn, e 0 ■ i � t CIVIC I ■ t RPSZD4,TIAL as t ` all 1 low