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Chicago Riverwalk

investment memorandum
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Table of Contents
Investment Opportunity 5.
Chicago Overview 9.
Guiding Principles 31.
Development Opportunities 37.
Structure Overview 55.
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Investment Opportunity
The City of Chicago (City) is pleased to offer
an exciting investment opportunity available
in the downtown Chicago submarket. The
City advances a commercial development,
operations, and management opportunity for
partnership on the Chicago Riverwalk.
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Investment Opportunity
Request for Proposals
The information enclosed provides some of the
details necessary for you and/or your partners to
put forth a proposal to respond to the Request
for Proposals (RFP) issued by the City of
Chicago on August 6, 2014, Bid Specification
number 126330, Requisition number 92533.
This Investment Memorandum, which contains
brief, select information pertaining to the
business and affairs of the Property, has been
prepared by the City of Chicago in collaboration
with World Business Chicago (WBC). This
Investment Memorandum does not purport to be
all-inclusive or to contain all of the information
a prospective partner may desire. Neither
the City nor WBC, nor any of their officers,
employees, or agents makes any representation
or warranty, express or implied, as to the
accuracy or completeness of the Investment
Memorandum or any of its contents and no
legal liability is assumed or shall be implied with
respect thereto. The City expressly reserves
the right, at its sole discretion; to reject any or
all expressions of interest or offers to partner
on the Chicago Riverwalk unless and until a
contract has been fully executed and delivered.
The structure of the Partnership identified in
the RFP issued is that Partners may propose a
management agreement or a long term lease
with an upfront payment so as to meet the Citys
project finance requirements. Respondents may
propose an alternative structure that meets the
project finance requirements of the Riverwalk.
The Partner is responsible for the development
of the commercial retail on the Riverwalk,
the programming of the Riverwalk, and the
operations and maintenance of the entire
Riverwalk.
This Investment Memorandum shall not be
deemed to represent the state of affairs of the
Property or constitute an indication that there
has been no change in the state of affairs of
the Property since the date the Investment
Memorandum was prepared.
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Investment Opportunity
Chicago Riverwalk Investment Highlights
Photo cc Chris Smith on Flickr
Potent|a| to be a top
enterta|nment and
recreat|on dest|nat|on
for res|dents and tour|sts
alike
Opportun|ty to partner on
a Wor|d-C|ass m|xed use
asset
Opt|on to deve|op
commerc|a| reta|| |n a
h|gh barr|er to entry
market, Over 100,000 SF
of potent|a| deve|opab|e
space |nc|ud|ng vert|ca|
construct|on
Potent|a| to dr|ve rough|y
$3 b||||on do||ars |n net
new spend|ng |n the
Ch|cago economy over 35
years
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Chicago Overview
Chicago has one of the world's largest and
most diversified economies, with more than
four million employees and generating an
annual gross regional product (GRP) of over
$500 billion. The City is an efficient economic
powerhouse that is home to more than 400
major corporate headquarters, including 31
Fortune 500 headquarters.
Centrally located and with a population of
9.5 million people and 4.4 million employees,
Chicago is home to an unrivaled workforce,
economy, and quality of life. The Economist
Intelligence Unit ranked Chicago among the
worlds top 10 most competitive cities for
business.
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Chicago Overview
The Population
City of Chicago
2,718,782
Total Chicago MSA Population
9,537,289
LargestCentralized Metro in theU.S.
withAbundant Talent Pipeline in One of
theWorlds LargestEconomies
Chicago is the heart of
a majormetropolitan
areacomprised of:
9.5m||||on res|dents, a
growth of 4% (+380,000
peop|e|s|nce2000
Over$500 b||||on annua|
gross reg|ona| product
4.4m||||on emp|oyees
The Chicago's city center is
home to 2.7 million residents
and 1.2 million employees,
a significant number of
whom are young and college
educated a major selling
point for companies looking to
attract the best and brightest
in the region.
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Chicago Overview
The Economy
3
JAPAN
$5,960
21
CHICAGO
$531
2
CHINA
$8,358
8
RUSSIA
$2,015
20
SWITZERLAND
$632
13
SPAIN
$1,349
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ITALY
$2,013
6
U.K.
$2,435
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SWEDEN
$526
7
BRAZIL
$2,253
5
FRANCE
$2,613
CC
$
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CANADA
$1,821
10
INDIA
$1,842
1
UNITED STATES
$15,685
14
MEXICO
$1,178
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AUSTRALIA
$1,521
15
KOREA
$1,130
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NETHERLANDS
$772
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POLAND
$490
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INDONESIA
$878
4
GERMANY
$3,400
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BELGIUM
$484
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SAUDI ARABIA
$711
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TURKEY
$789
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NORWAY
$500
Source: World Bank (2012), Moodys Analytics (2012), WBC (9/23/13)
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#1 Metrofor New &
Expand|ng Compan|es-
S|te Se|ect|on magaz|ne,
2014
Amongthe top 10C|t|es
of Opportun|ty-PwC,
2014
Among the top10G|oba|
C|t|esof today -A.T.
Kearney, 2014
Among the top 10 g|oba|
bus|ness hotspotsof
2025 -The Econom|st
Inte|||gence Un|t,2013
$531BEconomyRivalsNations
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Chicago Overview
Key Industries
RankedTop 5among 350+ metro areasnationwide forGross
Regional Product (GRP)/ Outputin:
Business& ProfessionalServices: 736,600 employees;
$85 billionGRP
FinancialServices: 287,100employees; $123 billion GRP
Manufacturing: 413,800employees; $68 billion GRP
Transportation&Warehousing: 184,000employees; $19
billion GRP
HealthServices: 527,500employees; $36 billion GRP
Photo cc Chris Smith on Flickr
Chicago Overview
Access to the Countrys Brightest Minds
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Tremendous Talent Pipeline
The CCChicagoLoop isthe largest
college town in Illinois,withmore
than 65,000students
Morethan145,000 college
degrees conferred every yearbby
neeearly150 Chicago area collegeees
anduniversities,including 25,0000000
bbachelorsdegrees, 18,000 masters
dddegrees,and 4,000 doctoral degrees
in the cityalone
Home to Kellogg School of
Management at Northwessteern
University and The Univerrsiity of
Chicago Booth School off Buuusiness,
two of the top graduate business
schools in the world
Photo cc Simon Goncalves on Flickr
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Chicago Overview
Accessibility
Only dual-hub airport system in North America
handling 1,400+ daily departures and 90 million
passengers annually
Non-stop service to more
than 200 domestic and
international destinations
Source: Innovata (April 2014), Chicago Department of Aviation (2014), WBC (4/4/14)
Best-ConnectedAirport in theU.S.
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Chicago Overview
The Economy
95
96
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99
100
108
115
121
130
140
140
162
220
0 50 100 150 200 250
Atlanta
Detroit
Dallas
Houston
U.S. Average
Miami
Chicago
Philadelphia
Los Angeles
Boston
Washington, D.C.
San Francisco
New York (Manhattan)
Source: C2ER Cost of Living Index (2013), WBC (6/4/14)
Cost of Living = Best ValueCity
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Navy Pier
Millennium Park
Buckingham Fountain
Union Station
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48.4 million visitors in 2013, up
from 39.3 million in 2010
55.0 million visitors by 2020
TripAdvisor Users Rank
Chicago #2 for Top U.S.
Destination after NYC
85% May 2014 Hotel
Occupancy
$227.59 Average Hotel Rate
The George Lucas Museum of
Narrative Art will call Chicago
home
The City of Chicago issued
an RFP for the Concept
Design for a city-wide lighting
framework plan in May which
will incorporate the River
Chicago Tourism
A Snapshot
Photo Courtesy of Gensler
The dots in the image represent the quantity of photos taken by tourists.
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History of the River
Chicagos phenomenal growth into a major
urban center is due, in large part, to its strategic
location on the Chicago River and Lake
Michigan. As early as the 1600s the river and
the lake were major trade routes. By the Citys
incorporation in 1837, the river had already been
established as a desirable location for industrial
development.
The first meat packing plant adjacent to the river
opened in 1829 and the first lumber mill in 1833.
These two industries were located just north
of Wolf Point at the confluence of the north
and south branches of the Chicago River. The
completion of the Illinois and Michigan Canal in
1848 linked Lake Michigan with the Mississippi
River, dramatically increasing river traffic. By
the 1860s, the river had become the focus of
industrial development with an emphasis on
meat packing and lumber.
In the citys early history the river was also
used as a sewage outlet. Waste flowed east
to Lake Michigan, the citys drinking water
source, resulting in frequent outbreaks of water-
borne diseases. In the 1890s, work began on
the Sanitary and Ship Canal to protect the
water supply and to provide greater shipping
capacity. The construction of the Canal and
its locks reversed the flow of the river, sending
pollution away from Lake Michigan and into the
Mississippi River system.
The Sanitary and Ship Canal also became
the main materials transportation artery,
replacing the obsolete Illinois and Michigan
Canal which was eventually filled in. Chicagos
industrial legacy will likely remain a strong
feature of development along the Chicago
River, particularly along the South Branch
and the Sanitary and Ship Canal. However,
public demand for access and recreational
amenities continues to grow, ensuring that
future development will include a diverse mix
of industrial, commercial, residential, and
recreational uses.
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Riverwalk Infrastructure Plan
The Chicago Riverwalk extension (the Project) is
part of the larger Wacker Drive Reconstruction
Project. Wacker Drive is a multi-level major
thoroughfare through downtown Chicago (the
City) that runs adjacent to the Chicago River
from Lake Shore Drive to the Eisenhower
Expressway.
The Wacker Drive Reconstruction Project,
consists of 3 phases, East-West, North-
South, and the Riverwalk. The intention of the
Riverwalk Project was to complement the new
roadway and bring residents and visitors down
to the river level. Portions of the Riverwalk,
including East of Michigan were completed in
the 90s. The Vietnam Memorial was dedicated
in 2005.
The original Phase I portion of the Riverwalk
was completed in 2009 and runs west from
Michigan Avenue to the east side of the State
Street Bridge. This segment includes the
Vietnam Veterans Memorial as well as a limited
number of restaurants and vendors.
The Riverwalk Extension, known as Riverwalk
Phases II and III, is underway and is planned
for a six-block section of Lower Wacker Drive
along the southern bank of the Chicago River,
running west from State Street and curving
south to Lake Street. The project is envisioned
as an alternative pedestrian pathway that will
include recreational, educational, retail and
restaurant opportunities. Currently, there is not a
continuous walkway along the river.
Through Federal assistance by the
Transportation Infrastructure Finance
Innovation Act (TIFIA), the City has invested in
infrastructure build-out of the marine sea wall
and public amenities and seeks a commercial
development partner for the commercial
component of the Riverwalk.
Photo cc Simon Lutman on Flickr
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Riverwalk Location & Map
The Chicago Riverwalk is situated between the Chicago Loop to
the south and its River North, Magnificent Mile, and Streeterville
neighborhoods to its north.
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O'Hare International Airport
Midway International Airport
LAKE MICHIGAN
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Riverwalk Visitors
BBased on ccuurrrent estimaattiioons, there are
aboouutt 1.555 millioonn uuseers of the Riverwalk.
42000,,,000000 RRRiivveerwwwalk ttooouur bboaattt pppaatrrooonns
98,,,0000000 cuuusssttoommmeerrs offf eexissstttiiinnggg retaiil
and serviceee vendorrs
1,033366,0000 sighhttssseeeeiinng visitooorrrsss
These numbers do nooot iinncluudde joggggers
anddd wwalkers alrready usinngg thhe ppaatthh..
With a fully activated and cccoonnttiguous
Riveerrwwalk, thee user base wwwiilll grow
sigggniificccantly.
Photo cc Hi Tricia on Flickr
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Planned Development
Wolf Point
At the confluence of the Main
Branch, South Branch and
North Branch of the Chicago
River, Wolf Point is a $1.0+
Billion development project
with three planned towers
of over 3 million square feet
apartment, office, and mixed-
use space. The project plan
is to include 2.3 acres of park
and pedestrian areas.
Photo Provided by Magellan
Planned Development
River Point
Across from Wolf Point, River Point,
a 52-story office tower, including
a 1.5 acre public park and new
riverwalk, is being developed over
the railroad tracks on the Riverfront.
At the Rivers confluence, Room 6
of the Riverwalk Project, Wolf Point,
and River Point will anchor the
three land banks.
Photo provided by Hines
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Area Development
One Eleven
Photos Provided by Related
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Delivered by Related Rentals
and situated at 111 W. Wacker
across from the Chicago River,
a 60-story apartment tower
with 504 apartments, opened
to its first residents in July.
Photo cc John Tolva on Flickr
Photo cc John Tolva on Flickr
Area Trends
Technology Submarket
222 W. Merchandise Mart
Plaza
Located on the River at 222
W Merchandise Mart Plaza,
the Mart is the countrys
largest commercial building.
The Mart has emerged as
one of the hottest downtown
buildings for technology
offices in Chicago. The
Merchandise Mart houses
1871 (Chicagos digital startup
hub), Matter (health related
technology hub), Potbellys,
Motorola Mobility, Allscripts,
and Publicis.
Other Digital News
$468 million has been raised
in 2014 through June by
digital startups, an 128%
increase year over year.
Notable exits by startups in
2014 include the Fieldglass
acquisition by SAP for $1
billion and Apartments.com
acquisition by CoStar for $585
million.
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Area Trends
Entertainment District
River North has become the
go-to district for patrons who
appreciate fine art and design.
The momentum behind the
latest trendsetting dining,
lounge, and club openings
continues to build and the late
night energy swells as River
North is becoming the hot
spot for fine dining and drinks.
Just about every type of
cuisine is covered in this mix
of award-winning restaurants
and local favorites.
As Chicago gains recognition
as a top culinary destination,
the City will host the 2015
James Beard Awards - the
first time hosted outside
of NYC since the awards
inception.
More than 7,300
restaurants
25 M|che||n-starred
restaurants
Four restaurants earned
F|ve-Star rat|ngs from the
2014 Forbes Trave| Gu|de
and four earned four stars
Seven Ch|cago
restaurants earned AAA
F|ve-D|amond rat|ngs
from the trave| |ndustry
organ|zat|on, F|fteen
restaurants earned Four-
D|amond rat|ngs
Two |arge-sca|e food
fest|va|s ce|ebrate
Ch|cago's cu||nary scene:
the Taste of Ch|cago
|n Ju|y and Ch|cago
Gourmet |n September
In the warmer months
Ch|cago's Farmer's
Markets are |n over 30
ne|ghborhoods
Over 125 non-profess|ona|
cook|ng schoo|s
Photo Credit: Cesar Russ Photography, Choose Chicago
Photo cc J. from Flickr
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550,000 employees or 41% of the Citys workforce
Population growth of residents has grown 40% since 2010
The highest percentage of any category in consumer spending
is on Food and Alcohol (25%)
37.7 average age, $113k average household income
Demographics
Within one mile of the Riverwalk
Photo cc Elvis Pepin on Flickr
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Retail
Strong Retail Market around the Chicago River
Submarket
Vacancy Rate
Q1 2014
Average Quoted
Rental Rates (NNN)
Chicago Metro Total 8.5% $38.90
Greater North
Michigan Avenue
11.9% $68.47
River North 2.6% $28.31
Chicago Loop 7.9% $49.67
Photo cc Terence Faircloth on Flickr
Photo cc John Gevers on Flickr
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Current Conditions
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Active constructtion betwweeen Dearborn
Street and Wabbbashh SStreeettt withh thee State
SSStreet Bridge raiseeeddd.
Guiding Principles
The City of Chicago has defined four
guiding principles for the Chicago
Riverwalk:Access, Activation, Authenticity and
Sustainability.These themes are core to the
belief thatthis project is creatinga world-class
public waterfront reunitingcitizens withthe
river that gave Chicago life.
These principles will be woven into every
aspect of the completed Riverwalk. The
Principles should be considered and revisited
up to completion. And most importantly
throughout the Riverwalks life the principles
should carry as critical amenity to the residents
and visitors of Chicago.
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Photo cc JD Medina on Flickr
Cities have historically been built along rivers because they were
indispensable resources for transportation and commerce. Chicago's
earliest settlement began along the Chicago River and it served as
Chicago's harbor until the early 20th century; it has always been a
social and economic hub.
While the Chicago River is still an important part of local and regional
industry, it is also Chicagos second coastline, connecting Chicagos
most recognizable landmarks and destinations. The Riverwalk project
will provide unprecedented access to the River, giving Chicagoans
and visitors a dynamic pathway to experience Chicago and connect to
the city's many cultural, natural, and commercial assets.
1. Bring people to the water
Maintain a continuous public walkway
Improve vertical circulation
Easy to locate and navigate
2. Establish connections
Promote as vibrant, active link to the lakefront and other Chicago
landmarks
Establish the Riverwalk as a connecting thread that runs through
the City
3. Access for everyone
ADA compliant
Improve perceived and actual safety
A neighborhood amenity for all to enjoy
Access
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Photo cc Chris Oakley on Flickr
Making the River easier to access will have a
profound effect on the number of annual visitors.
Seasonal programming, unique gathering spaces to
host events, and leasable space for restaurants and
retail will bring activity and life to the River and will
bring a strong sense of place to an already historic
space.
1. Bring life to the River
Provide more seasonal public river uses
Ensure year round program and activity
Increase recreational and commercial boating
2. Create space for civic gathering & diverse events
Promote the space for groups and entertainment
functions
Invest in placemaking, creating unique places on
the river
3. Economic activation
Developing new opportunities along the Chicago
River
Improve commercial functions and maximize
leasable opportunities
Support commercial boating activity
Activation

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Photo cc Chris Smith on Flickr
The Chicago River has shaped the city and remains an important
part of the downtown urbanscape. It is important that the
Riverwalk work in harmony with the existing context of the
city. The River is authentic Chicago, it should not feel overly
manicured or scripted, but always retain a strong feeling of
nature, history, and community.
1. Weave the life of the River in the urban fabric of the City
Work in dialogue with existing urban context
Maintain a sense of unpredictability and encourage the
unexpected
2. Embrace the history of the River
Honor and showcase history
Celebrate the rivers uniqueness of its buildings, bridges,
bridge houses, skyscrapers, and architecture
3. Enhance community life
Outreach to residents of Downtown and River North
Utilize green and open spaces for fitness, wellness, and
educational programming
Feature public art from local artists
3. Balance local pride with tourist intrigue
Promote the Riverwalk as a neighborhood amenity for all
Chicagoans to enjoy
Sell the Riverwalk to visitors as a connection point that
weaves together all the best of downtown Chicago
Authenticity

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The Riverwalk Guiding Principles are built upon a platform of
sustainability. Many steps have been taken to ensure that the
Riverwalk project will have a positive effect on the environment
and take steps to rebuild the natural habitat of the Chicago River.
The following list is a sampling of the some of the sustainable
practices used. To ensure continued success, there must be
a conscious effort to keep sustainability at the forefront of the
Riverwalk experience.
A variety of native plants will be reintroduced and used in
the landscaping, attracting native animals and minimizing
maintenance needs
A rainwater collection system will be tied into the irrigation
system to water sections of new landscaping
Existing architectural elements are being salvaged for future
use and to be reincorporated back into the project
Concrete and aggregate that are being removed will be
recycled and used to fill in other new areas
Elements of existing seawall will be incorporated into the
structural stability of the new dock wall
Best management practices to promote sustainability in the
operations and on-going daily maintenance of the Riverwalk
Sustainability

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Development Opportunities
With over 100,000 square feet of commercial
development opportunity, the Chicago Riverwalk
is a great example of how successfully creating
land will capture future value.
The Chicago Riverwalk is a transformative
placemaking opportunity to activate the
historically significant Chicago River year-round
for both residents and tourists.
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The Riverwalk
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L A K E S T
PHASE 2 PHASE 3
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PHASE 1
2009 DEVELOPMENT
(COMPLETE)
PEDESTRIAN AND BIKE PATHS
Active Phases
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PHASE 2:
STATE TO LASALLE
COMPLETION DECEMBER 2014
PHASE 3:
LASALLE TO LAKE
COMPLETION ANTICIPATED 2016
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Development Opportunities
The areas included in this
section are a suggestion,
and the City will entertain
proposals that suggest
additional concepts and
opportunities to maximize
the potential of the entire
Riverwalk footprint.
The City is particularly
interested in proposals
that ensure the year
round activation of the
Riverwalk. In climates with
weather uncertainty, some
architectural designs that are
becoming popular include
tenting, retractable roofing,
patio enclosures, and
adaptable awnings. Examples
are shown below as illustrative
examples of opportunity for
the Riverwalk.
Retractable Roof At I/O Urban Roofscape, The Godfrey Hotel Chicago
Retractable Roof At I/O Urban Roofscape, The Godfrey Hotel Chicago Photo cc Boris Mitendorf on Flickr
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Phase One
Wabash Plaza - Parcel One
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Location
45 Chicago Riverwalk, In the Current OBriens Space
directly east of Wabash
Uses Restaurant, caf, etc.
Completion Date: 2009
Gross Leasable Area (SF)
11,315 SF of Total Developable Area
5,258 SF of interior area
6,057 SF of exterior area with option to enclose,
Option to build 2 levels
Vertical Build-out Maximum
(Floors)
Main Riverwalk Level and Upper Wacker Drive (2)
Back of House Back of House Location 1
Boat Docking N/A
Other Delivery Options:
Off Peak Truck delivery on Upper Wacker Drive
(12am 6am)
Utilities
Electrical, water, sanitary and storm drainage utility
infrastructure available; gas lines available at nearby
bridgehouse
Development Constraints
City will entertain optional proposals that the ramp be
demolished to allow for a two-story structure. However,
any such proposal must, at minimum, provide for very
significantly increased revenue for the City and adequate
emergency access.
Photo cc Multisanti on Flickr
Phase One
Wabash Plaza - Parcel Two
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Location
Chicago Riverwalk, Space directly west of Wabash and
next to Vietnam Memorial
Uses Restaurant, caf, etc.
Completion Date: 2009
Gross Leasable Area (SF)
6,113 SF of Total
Developable Area
6,113 SF of interior area
0 SF of exterior area
Vertical Build-out Maximum
(Floors)
Main Riverwalk Level (1)
Back of House Back of House Location 1
Boat Docking N/A
Other Delivery Options:
Off Peak Truck delivery on Upper Wacker Drive
(12am 6am)
Utilities
Electrical, water, sanitary and storm drainage utility
infrastructure available; gas lines available at nearby
bridgehouse
Development Constraints N/A
Photo cc Tony on Flickr
Phase One
East of Michigan
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Location
Chicago Riverwalk, Riverwalk space directly east of
Michigan Avenue to Columbus Ave.
Uses Retail, Commercial boat docks, cafes, food trucks, etc.
Completion Date: 2009
Gross Leasable Area (SF) To be determined by developer
Vertical Build-out Maximum
(Floors)
Main Riverwalk Level
Back of House
Lowest Level Wacker at Columbus possible depending
on proposal to activate the space
Boat Docking Sites east of Columbus to be considered
Other Delivery Options
Off Peak Truck delivery on Upper Wacker Drive
(12am 6am)
Utilities Utilities would need to be brought to the site
Development Constraints N/A
SOM rendering 2009; For Illustrative purposes only
Phase Two
The Marina Plaza
Location
Chicago Riverwalk, between State
and Dearborn Streets
Uses Retail, Restaurant, Recreational Boat Docking etc.
Completion Date: December 2014
Gross Leasable Area (SF)
6,450 SF of Total Developable Area
1,750 SF of interior area
4,700 SF of exterior area with
option to enclose
Vertical Build-out Maximum
(Floors)
Main Riverwalk Level only (1)
Back of House Back of House Location 1
Boat Docking LF 325 Linear Feet, Recreational docking
Other Delivery Options
Off Peak Truck delivery on Upper Wacker Drive
(12am 6am)
Utilities
Electrical, water, sanitary and storm drainage utility,
gas infrastructure available and brought to site: Actual
connections will be responsibility of Developer
lnLerlor Area
LxLerlor Area
45
Phase Two
The Cove
Location Chicago Riverwalk, between Dearborn and Clark Streets
Uses Retail, Caf, Bakery, Coffee Shop, etc.
Completion Date: December 2014
Gross Leasable Area (SF)
1,750 SF of Total Developable Area
1,750 SF of interior area
Vertical Build-out Maximum
(Floors)
Main Riverwalk Level only (1)
Back of House Back of House Location 1
Boat Docking LF 0 Linear Feet, Human powered water craft
Other Delivery Options
Off Peak Truck delivery on Upper Wacker Drive
(12am 6am)
Utilities
Electrical, water, sanitary and storm drainage utility,
gas infrastructure available and brought to site: Actual
connections will be responsibility of Developer
A
46
Location
Chicago Riverwalk, between Clark
and Lasalle Streets
Uses
Kiosks, Concerts, Water Taxi, Charter Boats, Theater
performances, Boat Rental
Completion Date: December 2014
Gross Leasable Area (SF)
0 SF of Total Developable Area
0 SF of interior area
Vertical Build-out Maximum
(Floors)
Main Riverwalk Level only (1)
Back of House Back of House Location 1
Boat Docking LF
90 Linear Feet for Water Taxis
or Charter Boats
Other Delivery Options
Off Peak Truck delivery on Upper Wacker Drive
(12am 6am)
Utilities
Electrical: Actual connections will be responsibility of
Developer
Phase Two
The River Theater
47
Phase Three
The Water Plaza
48
Location
Chicago Riverwalk, between Lasalle
and Wells Streets
Uses Family-friendly restaurant or retail
Completion Date: December 2014
Gross Leasable Area (SF)
5,765 SF of Total Developable Area
950 SF of interior area
4,815 SF Total Exterior Area with option to enclose
Vertical Build-out Maximum
(Floors)
Main Riverwalk Level only (1)
Back of House Back of House Location 2
Boat Docking LF
270 Linear Feet for Recreational
Boat Docking
Other Delivery Options
Off Peak Truck delivery on Upper Wacker Drive
(12am 6am)
Utilities
Electrical, water, sanitary and storm drainage utility, gas
infrastructure available and brought to site:
Development Constraints
The current design includes a water element of a zero-
depth fountain; Options to build around it or incorporate
it into the design are available
lnLerlor Area
LxLerlor Area
Phase Three
The Jetty
Location
Chicago Riverwalk, between Wells
and Franklin Streets
Uses
Kiosks; The Arcade space in the Jetty is not architectur-
ally enclosed and is intended to be used for educational
programming (daytime) and leasable uses (evenings).
Ideas for other programming are optional.
Completion Date: December 2016
Gross Leasable Area (SF)
2,200 SF of Total Developable Area
2,200 SF of interior area (see uses above for
restrictions)
Vertical Build-out Maximum
(Floors)
Main Riverwalk Level only (1)
Back of House Back of House Location 2
Boat Docking LF 0 Linear Feet
Other Delivery Options
Off Peak Truck delivery on Upper Wacker Drive
(12am 6am)
Utilities
Electrical, water, sanitary and storm drainage utility,
gas infrastructure available and brought to site: Actual
connections will be responsibility of Developer
Development Constraints
A development plan that deviates from the suggested
use would have to have significant economic benefit
A
49
Phase Three
Room 6
50
Location
Chicago Riverwalk, between Franklin
and Lake Streets
Uses Retail, Restaurant, Event space, conference space, etc.
Completion Date: December 2016
Gross Leasable Area (SF)
Sea wall will be built out 50 feet
creating a 22,000 SF footprint with
option to build multi-story.
Vertical Build-out Maximum
(Floors)
Main Riverwalk Level and multi-story development (5)
Back of House Back of House Location 2 / TBD
Boat Docking LF 0 Linear Feet
Other Delivery Options
Off Peak Truck delivery on Upper Wacker Drive
(12am 6am)
Utilities
Electrical, water, sanitary and storm drainage utility,
gas infrastructure available and brought to site: Actual
connections will be responsibility of Developer
Development Constraints N/A
SOM rendering 2009; For illustrative purposes only
Back of House Location #1
51
LOCATION 1
Access to this location is from west bound Lower Wacker Drive.
WEST ON LOWER WACKER, APPROACHING ACCESS POINT
1
LOADING AREA
WEST ON LOWER WACKER, ACCESS POINT
2
4
ENTRY TO LOADING AREA
3
Back of House Location #2
52
LOCATION 2
WEST ON LOWER WACKER, APPROACHING WEST ACCESS POINT
EAST ACCESS POINT
1
WEST ON LOWER WACKER, WEST ACCESS POINT
2
4
WEST ACCESS POINT
3
Vertical Connection
53
VERTICAL CONNECTION - ADA ACCESS RAMPS BETWEEN RIVERWALK AND UPPER WACKER DRIVE
ADA VERTICAL ACCESS POINTS ARE SHOWN AT 3 LOCATIONS. IN ADDITION, THERE ARE TWO SETS OF
STAIRS PER BLOCK AT EACH BRIDGE.
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VERTICAL
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VERTICAL
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VERTICAL
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Before and After
54
Pre-Construction 2013 Construction 2014 Complete 2015
Investment Structure and Overview
The structure of the Partnership identified in the RFP
issued is that Partners may propose a management
agreement with incentive payments, a long term lease
with an upfront payment, or an alternative structure
that meets the Citys requirements for a long term
partnership based on the project finance structure
identified in the RFP. Respondents may propose an
alternative structure that meets the project finance
requirements of the Riverwalk.
The Partner is responsible for the development of
the commercial retail on the Riverwalk, management,
programming, operations and maintenance of the
entire Riverwalk.
55
56
intentionally left blank
Cash Flow of Funds Structure
57
Retail &
Concession
Revenue
Riverwalk
Excess
Funds
Tour Boat,
Sponsorship,
Ad revenue
TIFIA
Debt Service
Operating Structure
58
Group Roles/ Responsibilities
City Council Approval of Developer / Partner
2FM
Asset management over Riverwalk
Annual capital budget for infrastructure
Sponsorship opportunities
Tenant approval for all spaces in the
Riverwalk
DCASE
Cultural event planning as part of larger
cultural affairs
CDOT
Construction management
Existing tour boat docks and fee
collection
Finance
TIFIA Loan payment and TIFIA program
overview
Budget
Evaluates the efficiency the Riverwalk,
and drives management reforms that
enhance the financial condition and
increase taxpayer value
Friends of the River
Volunteer organization working to
improve the health of the Chicago River
system for the benefit of people and
wildlife
Developer/Partner
Develop commercial components
Operate and manage entire Riverwalk
Collect retail and concessions revenue
Annual capital budget for commercial
components
Fleet &
Facility
Management
(2FM)
City of Chicago City Council
Friends of
the River
Developer
Department
of Cultural
Affairs &
Special Events
(DCASE)
Department
Transportation
(CDOT)
Finance/
Budget
This Investment Memo was compiled from the following sources:
Hunden Partners, World Business Chicago, Bureau of Labor Statistics,
World Bank, Moodys Analytics, Choose Chicago, Innovata, Chicago
Department of Aviation, C2ER Cost of Living Index, Chicago River
Corridor Development Plan, Magellan Development Group, Hines,
Related, BuiltInChicago.com, Crains Chicago Business, CoStar, Oxford
Capital Group, Chicago Sister Cities International.
Please visit http://www.cityofchicago.org/city/en/depts/dps/
provdrs/contract/svcs/current_bid_opportunities.html Reference Bid
Specification number 126330, Requisition number 92533.
Back Cover Image Provided by Choose Chicago