2200-2400 East Devon Avenue, Des Plaines, IL 60018
Friedman Real Estate Group and RealINSIGHT Marketplace are pleased to offer for sale, The O’Hare Lake Mixed-Use Development offering, a conceptual plan that creates a destination place featuring Live-Work-Play amenities while creating its own diverse economy within. The current plan calls for five (5) residential towers, four (4) office towers, two (2) hotel towers, a regional mall, restaurants, and retail shops throughout the development. In total, the proposed plan calls for over 6.2 million square feet to be constructed, all within one (1) mile of the O’Hare International Airport.
The site is centrally located near multiple major demand generators including the O’Hare Airport, Rivers Casino and The Rosemont Central Business District. The property is accessible by three Major Highways: I-294 connecting Wisconsin to Indiana, I-90 which connects downtown Chicago to O’Hare Airport and the northwest suburbs, and I-190 which connects O’Hare Airport to I-90. The site also sits in walking distance to the Chicago Transit Authority Rosemont Stop, and the Metra Rail O’Hare Transfer stop, both connecting passengers to downtown Chicago.
The C-7 District zoning, unique to this site, permits high-density residential, office, hotel, and retail, giving a developer flexibility to adjust the final project. The O’Hare Lake Mixed-Use Development is particularly rare because of the existing cash flowing assets located on the site. An investor can capitalize on existing the office properties to provide income while finalizing plans, and funding before breaking ground.
Three existing office buildings are located on the site (2200, 2250, and 2400), totaling ±353,500 SF of office space. At 47% occupancy, the buildings are generating over $1,100,000 in NOI. Notable tenants include the US Marine Corps, US Department of Agriculture, AmeriCashLoans.Net, and various other national, regional, and local tenants. The existing office offers investors the capability to generate additional value through lease-up of ±187,000 SF of existing space.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
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c/o Fisher Auction Company Inc.