ÿþ<html><head> <meta content="MSHTML 5.50.4522.1801" name="GENERATOR"> <meta name="MSSmartTagsPreventParsing" content="TRUE"> <meta http-equiv="Content-Type" content="text/html; charset=ISO-8859-1"><title>Our commercial construction projects include building and leasing retail shopping centers in the Chicago loop and Chicagoland area including the all new Shops at Shoemaker Square on Avondale/Logon Square neighborhood.</title> <meta name="description" content="Dubin Commercial focuses on commercial and retail center construction, buildings and shopping centers in mostly the residential neighborhoods of Chicago and the Chicagoland area. Dubin Commercial has had about 10 years of commercial construction and commercial property experience while the most notable commercial property in Chicago that Dubin enterprise owns is the Shops at Shoemaker Square, a commercial retail center built adjacent to the Shoemaker Lofts residential condominiums at the historic famous Floreshiem Shoe factory site in the Avondale / Logon square neighborhood in the north side of Chicago at the intersection of Belmont avenue and Pulaski avenue. "> <meta name="keywords" content="Shopping centers, retail centers, retail leasing, commercial leasing, commercial, retail, Chicago retail, Chicago commercial, new Chicago commercial, new Chicago retail, new commercial construction, ready to move in commercial, commercial ready to occupy commercial, retail centers currently leasing, Chicago leasing, commercial and retail, retail and commercial, "> <link type="text/css" rel="stylesheet" href="developments_files/dubin.css"> <link rel="SHORTCUT ICON" href="http://www.dubincommercial.com/site/assets/favicon.ico"> <script src="developments_files/functions.js" language="javascript" type="text/javascript"></script> <script src="developments_files/rollover.js" language="javascript" type="text/javascript"></script> <script src="developments_files/newwindow.js" language="javascript" type="text/javascript"></script> </head> <body class="tab18575" id="item18575" style="background: #8c8c8c url(images/dubin_css.gif) repeat-x"" leftmargin="0" topmargin="0" marginwidth="0" marginheight="0" > <br> <table align="center" border="0" cellpadding="0" cellspacing="0" width="760"> <tbody><tr> <td> <table border="0" cellpadding="0" cellspacing="0" width="760"> <tbody><tr> <td colspan="9" style="background-color:#758cbc">&nbsp; 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Tel 773.427.2400 &#8226; Fax 773.427.241" border="0"></td> </tr> </tbody></table> </td> <td valign="top" width="610"> <table background="developments_files/breadcrumbs_bg.htm" border="0" cellpadding="0" cellspacing="0" width="610"> <tbody><tr> <!--<td width="10">&nbsp;</td>--> <td> <table class="breadcrumbtable" align="center" border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr> <td><a class="breadcrumbs" href="http://www.dubincommercial.com/">Home</a> <span class="breadcrumbs-arrow"> &gt; Bridgeport Project Summary</span></td> <td width="170"><table align="center" border="0" cellpadding="0" cellspacing="0" width="170"> <tbody><tr> <td height="20" width="85"><a href="javascript:printPage()"><img src="developments_files/printer.gif" border="0" height="15" width="85"></a></td> <td height="20" width="85"><a href="javascript:emailPage2('/site/epage/user_email_to_a_friend.exc?cmd=view_send_email_to_a_friend&co_id=482&item_id=19957&page_name=Developments')"><img src="developments_files/email.gif" border="0" height="15" width="85"></a></td> </tr> </tbody></table></td> </tr> </tbody></table> </td> <!--<td width="10">&nbsp;</td>--> </tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" width="610"> <tbody><tr> <td width="10">&nbsp;</td> <td width="590"><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr> <td>Bridgeport Project Summary<span class="title-text">&nbsp;</span> </td><td width="200"><div align="right"> </div></td> <td width="10">&nbsp;</td> <td width="10">&nbsp;</td> </tr> </tbody></table> <br></td> <td width="10">&nbsp;</td> </tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" width="610"> <tbody><tr> <td width="10">&nbsp;</td> <td width="590"> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr> <td width="10">&nbsp;</td> <td valign="top" width="580"><p><font color="#990000">&nbsp;</font><span style="mso-bidi-font-size:10.0pt;line-height:115%; font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-bidi-font-weight:bold">As a developer for over two decades, I have witnessed the American Dream of owning a home turn into a nightmare. <span style="mso-spacerun:yes">&nbsp;</span>Unfortunately, this is one nightmare that we cannot wake up from.<span style="mso-spacerun:yes">&nbsp; </span>The fact is that most people have spent too much of their earning on housing, and just like eating one more piece of cake every night, after 10 years, you&#8217;ve gained 20 pounds.<span style="mso-spacerun:yes">&nbsp; </span>For the most part, quality <span style="mso-spacerun:yes">&nbsp;</span>attainable<span style="mso-spacerun:yes">&nbsp; </span>new Work Force housing for families<span style="mso-spacerun:yes">&nbsp; </span>to rent has not been developed in the same neighborhoods where the new condos where built.<span style="mso-spacerun:yes">&nbsp; </span>The loss of construction jobs has been devastating and for the most part, does not show any sign of returning.<span style="mso-spacerun:yes">&nbsp; </span>Most &#8220;for-Sale&#8221; developers, for whatever reason have not moved forward and realized that times have changed, most likely for years to come.<span style="mso-spacerun:yes">&nbsp; </span>What hasn&#8217;t changed is that, now more than ever, economic development and quality rental<span style="mso-spacerun:yes">&nbsp; </span>housing in the Chicago neighborhoods, are needed more than ever.<span style="mso-spacerun:yes">&nbsp; </span>In fact, Illinois Governor Quinn has voiced that the State must increase its rental housing stock for working class families and creates badly needed construction jobs. This has also been the goal of IHDA chief Gloria Materre, in which she desires to help to increase rental housing construction and move forward more risk share projects.<o:p></o:p></span></p> <p class="MsoNormal"> <span style="mso-bidi-font-size:10.0pt;line-height:115%; font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-bidi-font-weight:bold"> Affordability is more than your rent payment.n:yes">&nbsp; </span>Affordability is enhanced by locating residential units that have been thoughtfully planned to lessen urban sprawl in mixed use developments that are Transit Orientated (TOD) near shopping, work and that residents benefit from using transit for mobility. These residents own fewer cars, drive them shorter distances, thus, reducing environmental impacts and lowing their cost of living as well as creating a better quality of life. <span style="mso-spacerun:yes">&nbsp;</span>In fact, the State of Illinois has recently enacted legislation that encourages just that.<span style="mso-spacerun:yes">&nbsp; </span>In light of the above, we present the following.<span style="mso-spacerun:yes">&nbsp; </span><o:p></o:p> </span> </p> <p class="MsoNormal"> <span style="mso-bidi-font-size:10.0pt;line-height:115%; font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-bidi-font-weight:bold">The adaptive reuse/preservation of this vacant 250,000 square foot building will provide 60,000 sf of <span style="mso-spacerun:yes">&nbsp;&nbsp;</span>attainable commercial and retail space 158 units of quality work force rental housing will be located floors 2  5. <span style="mso-spacerun:yes">&nbsp;&nbsp;</span>The residential portion will be financed using Federal Section 42 Tax Credits,<span style="mso-spacerun:yes">&nbsp; &nbsp;&nbsp;&nbsp;</span>Home Funds, Cook County and City of Chicago Class L Property Tax Exemption Permit Fee Waiver and Energy Grants. <span style="mso-spacerun:yes">&nbsp;</span>The commercial portion including the parking structure will use Federal New Markets Tax Credits (NMTC).<span style="mso-spacerun:yes">&nbsp; </span>Both residential and commercial in the Spiegel building will use Historic Tax Credits (HTC), Preservation Easements and Cook County and Chicago <span style="mso-spacerun:yes">&nbsp;</span>Class L property tax relief and building permit waivers.<span style="mso-spacerun:yes">&nbsp; </span>The project has received Part The project has received Part 2 approval from the National Parks Service as well as full zoning approval and support from the City of Chicago and the local Alderman (see Plan Commission Transcript attached). <o:p></o:p></span> </p> <span style="font-size:11.0pt;mso-bidi-font-size:10.0pt;line-height:115%; font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-fareast-font-family:Calibri; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA; mso-bidi-font-weight:bold">This unique urban center will have mass appeal for a myriad of business uses and the middle working class that needs great, high quality rental housing. <span style="mso-spacerun:yes">&nbsp;</span>These include the general public, civil servants, health care providers, police, firefighters, EMT&#8217;s, teachers, senior citizens and United States Veterans.<span style="mso-spacerun:yes">&nbsp; </span>The building is located in the Bridgeport Arts District and will provide affordable live/work and artists housing.<span style="mso-spacerun:yes">&nbsp; </span>The buildings Transit Oriented Development location will provide sustainable and convenient transportation so that tenants can be less than 30 minutes away from downtown Chicago, many wonderful universities, medical centers, as well as local neighborhoods.<span style="mso-spacerun:yes">&nbsp; </span>This also allows urban job seekers to be less than 30 minutes from a place of employment.<span style="mso-spacerun:yes">&nbsp; </span>The new Metra Station just to the east will make public transit even more convenient. <p class="MsoNormal"> <span style="mso-bidi-font-size:10.0pt;line-height:115%; font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-bidi-font-weight:bold">The attainable commercial spaces provide opportunities for medical offices, health club facilities, full service veterinary emergency services, daycare, full service restaurants, healthy grocery providers, and much more. In addition to having retail on the main floor, due to the wonderful views, and available light, we have chosen the top floor for office use.<span style="mso-spacerun:yes">&nbsp;&nbsp; </span>Roof deck availability with breath taking views gives our building a competitive advantage to entice dining establishments to consider our building. The roof deck availability also gives Day Care Providers the opportunity to have outside space for their customers &#8211; (for children or <u>senior adults</u>).<span style="mso-spacerun:yes">&nbsp; </span>Outdoor space is necessary for Day Care providers and is hard to come by in a dense, urban environment. <span style="mso-spacerun:yes">&nbsp;&nbsp;</span>In addition to the obvious competitive advantage that this will give our building, <span style="mso-spacerun:yes">&nbsp;</span>Day care <span style="mso-spacerun:yes">&nbsp;</span>is something that is badly needed in the area ( for both children and Seniors) and will have a positive public benefit.<span style="mso-spacerun:yes">&nbsp; </span> With the availability of NMTC, commercial users will also have access to funds not available in other areas. <span style="mso-spacerun:yes">&nbsp;&nbsp;&nbsp;</span><o:p></o:p></span></p> <p class="MsoNormal"> <span style="mso-bidi-font-size:10.0pt;line-height:115%; font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-bidi-font-weight:bold">Our commercial space will appeal to those businesses that are currently located in other City neighborhoods or even more distant suburban locations.<span style="mso-spacerun:yes">&nbsp; </span>Without the customer parking, many of these business owners would not consider an urban location.<span style="mso-spacerun:yes">&nbsp; </span>Our additional benefit will be easy access to the local, Chicago employee pool.<o:p></o:p></span></p> <p class="MsoNormal"> <span style="mso-bidi-font-size: 10.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-bidi-font-weight: bold">Construction is scheduled to commence in Fall/Winter 2010 and occupancies will begin in Spring 2012.<o:p></o:p></span></p> <p class="MsoNormal"> <span style="mso-bidi-font-size:10.0pt;line-height:115%; font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-bidi-font-weight:bold">Our experienced management team has demonstrated the capability to lead and adapt to the ever-changing requirements of the real estate markets.<span style="mso-spacerun:yes">&nbsp; </span>The sponsors Dubin Residential has had extensive work force housing development experience in the last decade and is a consistent provider of affordable homes under the Chicago Partnership for Affordable Neighborhoods (CPAN) in Chicago. The Dubin team has won many awards for its efforts, most recently gaining broader recognition with the Landmark Award from the City of Chicago and the Good Neighbor Award from the Chicago Association of Realtors.<span style="mso-spacerun:yes">&nbsp; </span><o:p></o:p> </span> </p> </span> <p>&nbsp;&nbsp;Conti...&gt; <a href=bridgeportsummary2.htm> 2 </a> </p> <p>&nbsp;&nbsp;<a href=jobsjobsjobs.htm> JOBS JOBS JOBS!!! </a> </p> <p>&nbsp;</p></td> <td width="10">&nbsp;</td> </tr> </tbody></table> <br></td> <td width="10">&nbsp;</td> </tr> </tbody></table> </td> </tr> </tbody></table> <table align="center" border="0" cellpadding="0" cellspacing="0" width="760"> <tbody><tr> <td colspan="2" height="33" valign="top" width="760"> <img src="developments_files/footer.gif" border="0"></td> </tr> <tr> <td colspan="2" height="25" valign="top" width="760"> <div align="center"><a class="epc-text" href="http://www.dubincommercial.com/">Powered by Dubin Commercial/table> <script type="text/javascript" src="developments_files/fixit.js"></script> <script src="developments_files/trackingcode.js" language="javascript" type="text/javascript"></script><img src="developments_files/statistics.gif" border="0" height="1" hspace="0" vspace="0" width="1"> <noscript> <img border=0 hspace=0 vspace=0 width=1 height=1 alt="" src="http://loc1.hitsprocessor.com/stats-ns.asp?acct=dubin&amp;v=1&pl=1&amp;s=14"> </noscript> <script src="http://www.google-analytics.com/urchin.js" type="text/javascript"> </script> <script type="text/javascript"> _uacct = "UA-3655392-3"; urchinTracker(); </script> </body></html>