BRONZEVILLE LAKEFRONT

Land Sale Agreement

Committee on Housing and Real Estate

July 20, 2021

Project
Site

McCormick Place

Dunbar Park

Lake Meadows
Neighborhood
Context South Commons McCormick
Condominiums Place

Prairie Shores
Apartments

Singer
Pavilion

MPEA Marshalling
Yards
 Project and Engagement Timeline
Input from Alderman and Michael Reese Advisory Committee (MRAC)

2016 2017 2018 2019 2020 2021

Selection MRAC MRAC MRAC MRAC MRAC

MRAC Exec. MRAC MRAC
Committee 6/13 9/12 2/7 5/15 Over 20
9/13 Committee 10/7 3/3
4/26 6/21 9/25 2/16 8/7 meetings with
10/3 1/15 4/1
5/2 2/20 8/14 GRIT held
Exec.
5/3 2/21 Exec. from July to
Committee
Committee February
12/13
7/30

Oct 2016 Dec 2016 July Jan Feb Feb April April AUG 2019 Oct May June 2020 Oct Feb May 2021
RFP Issued Community 2017 2018 2018 2018 2018 2019 Project Intent 2019 2020 PD Filed 2020 2021 CDC
Meeting Developer Town Town Community Community Community Finalized Community Community Finalized Community CPC Review
Selected Hall Hall Meeting Meeting Meeting Meeting Meeting Meeting

Selection Executive
Community
Key Event Committee MRAC Meeting Committee
Meeting
Meeting Meeting
Site Development
Full Build 2021-2035
14-Year Development

1.46 M
Net Area SF

7.09 M
Allowable GFA

4.85
Average Site FAR

5
Economic
Impacts

$3.0 B $3.1 B
Total Investment in Bronzeville Direct Economic Impact

9,900 9,100
Estimated Full-Time Jobs Estimated Construction Jobs

6
Community
Benefits

40,000 SF $25 M
Community Space Educational Payment
$0.50/SF CAM

20% 10%
On Site Affordable Housing Retail Space for Local Businesses
Up to 1,017 Units At 20% Below Market Rents

7
Additional Community Benefits
Minority Participation
o GRIT will achieve 30% MBE & 10% WBE participation on all construction
o GRIT will aspire to achieve 65% minority participation on all construction

Vocational and Professional Training

o GRIT to provide 10 annual internships
o 12.5% of union apprenticeship hours reserved for local residents

Open Space
o ±5 acres publicly-owned parks
o ±5 acres privately-owned open space

8
Financial Structure

$96.9 M BASE PRICE OF DEVELOPMENT PARCELS

○ The property will be purchased on a parcel-by-

parcel basis with the price of each parcel
determined by its entitled FAR.
○ The price of each unpurchased parcel will escalate
by 2% annually.
○ GRIT will provide the City with a $20 million option
payment upon closing of the first parcel.

9
Direct Benefit to City
$96.9 M Base Land Payment

$25.0 M Education Contribution Payment

$10.0 M Community Center Contribution

$131.9 M Total Payments from GRIT

10
Performance Protections

Financing Secured Building Permit or Flip Provision True Up Payment Timeliness

Prior to Closing Part II Review Protection
Approval

11
Development Timeline
Performance protections in place to ensure development proceeds in a timely manner

2021 2023 2025 2027 2029 2031 2033 2035

z z z z z z

City completes GRIT must provide GRIT must GRIT must GRIT provides the GRIT must
Carnotite $20 M option complete purchase at least City with any purchase all parcels
remediation payment and infrastructure $30M of property required true-up within 14 years of
purchase first construction within within eight years of payment after 3.5 closing
parcel within two three years of closing million sq. ft. of
years of closing closing development

12
Phase 1
2021-2026 Data Center
±1,700,000 SF

Singer Pavilion
ARC Innovation Center
Bronzeville Community Center
31st Street Park
Net Land Area: 14 acres
Max. Allowed Height: 350’

Proposed Uses
31st Street Park
ARC Innovation Center
Bronzeville Welcoming Center
Data Center
Retail Senior Housing
Senior Housing
Singer Pavilion
13
Bronzeville
Lakefront

14
BRONZEVILLE LAKEFRONT
Land Sale Agreement

Committee on Housing and Real Estate

July 20, 2021