JOHN P. O’BRIEN SCAD - MA HISTORIC PRESERVATION

SPRING 2016 - FINAL PROJECT PROFESSOR CONNIE PINKERTON

Historic Rehabilitation Project Adaptive Re-use

Marshall Field and Co. Department Store Oak Park IL

“Hotel Fields” Boutique Hotel and Hospitality Center

SCAD HISTORIC PRESERVATION-MA

PROJECT

DATE CLIENTSPRING 2016OAK PARK IL

TABLE OF CONTENTS1. Proposal2. Phase I Discovery3. Phase II Market Analysis4. Phase III Financial Analysis5. Phase IV Certificate of Appropriateness6. Conclusion7. Questions?8. Bibliography

THE PROPOSALMy proposal with this building is to provide an architecturally appropriate adaptive rehabilitation of this former “carriage trade” department store to a historic “Boutique Hotel”. The ground floor has access from three locations, Harlem Ave, Lake St. and a motor entrance just off Harlem. Because of the remaining first floor grand architecture and 14’-0” ceiling height, I plan on locating the lobby, check in and concierge as well as a business center on this floor. I am dedicating the Southwest corner to a restaurant, well suited because of its entrance on Lake St., where most of the other local retailers and restaurants are located. The basement can house banquette rooms and a fitness center, a possible Spa if a tenant could be found who will take the space. Floors 2-5 will be all hotel rooms. My plan is to try and get between 20-25 rooms per floor. Each floor has approximately 12,000 sq. ft. This could allow for approximately 400-600 sq. ft rooms each (less circulation).

PHASE I DISCOVERY

MARSHALL FIELD I - THE MANMarshall Field 1 retail history began in 1856 as a salesman for Cooley, Wadsworth and Co., and within eight years managed to achieve a partnership in the firm Farwell, Field and Co. By the end of the civil war, Potter Palmer, who in 1852 had established “the city’s finest dry goods store” sold his successful dry goods company in order to focus on his real estate ventures. He sold the majority stake in his firm to Marshall Field 1 and his book keeper and partner Levi Z. Leiter. The new firm, Field, Palmer and Leiter had a short shelf life when Palmer pulled out. The resulting firm, the Field, Leiter and Co., was the forerunner to Marshall Field and Co. Eventually they parted ways and in 1881 the firm became known as Marshall Field and Co. This name remained until the acquisition by Macy’s in 2005. Two of his most notable contributions were the “money back guarantee” for merchandise purchased in the store and the commitment to “find and deliver” any product a customer wanted but wasn’t housed in the store. He was obsessed with customer satisfaction at all costs. This became the motto for the store coined as “Give the Lady what she wants.”

MARSHALL FIELD STATE STREET - HISTORYAfter Fields’ death in 1906, John G. Shedd took over the firm and was responsible for the development of the grand department store that sits on one full block of State Street still today, designed by the former D.H. Burnham, predecessor to Graham, Anderson, Probst, and White.

State Street Flagship

MARSHALL FIELD - OAK PARK - HISTORYAfter Shedd’s retirement in 1923, James Simpson took control of the retail and wholesale company. He was the individual responsible for the expansion to the suburbs with the Oak Park store first, followed by the Evanston and Lake Forest stores. Oak Park saw a large expansion in population between the years 1910 and 1920, with city residents seeking relief from the overcrowded city conditions and housing shortages in Chicago experienced before and after WW1. Oak Park benefitted from excellent transportation with trains and eventually the automobile. The corner of Lake St. and Harlem (current location of the Oak Park MF and Co. store) was the hub of commuter lines serving Oak Park and neighboring River Forest, also a very affluent western suburb of Chicago. Several characteristics from the main flagship store are repeated such as the Lake St, marquee and trademark Marshall Fields clock.

Oak Park Store

MARSHALL FIELD - OAK PARK - HISTORY Both Oak Park and Evanston were to be sister stores in design and layout. The only adjustments were site related. Simpson used the Field’s preferred architectural firm Graham, Anderson, Probst and White to design both Oak Park and Evanston. Marshall Fields location in Oak Park was hugely successful and popular with the local residents and within a short period other DT retailers joined as neighbors. This western suburb became the first major shopping center in the area.

Evanston Store

MARSHALL FIELD - OAK PARK - TODAYMarshall Field and Co. (Now under the Macy’s banner) located at 1144 W. Lake St., Oak Park, IL, designed by Graham, Probst, White and Anderson and built by Van Sickle-Wertz at a cost of $750,000 was added to the National Register of Historic Places on June 21, 1988. A facade easement was donated to the Landmarks Preservation Council in 1987. The building served as a Marshall Fields Department Store until 1986, when the parent company, BATUS Inc. closed it because it was deemed out of date and too costly to operate. The building subsequently housed a Borders Book Store, until all Borders locations were closed in 2011. The first level and basement where Borders resided is still empty today. The floors 2-5 currently house office spaces.

MARSHALL FIELD - OAK PARK - TODAYThe building is a steel frame with fireproof clay tile cladding and reinforced concrete floor construction. The exterior walls are brick construction with a stone veneer. Its eastern wall is built adjacent to the other structures on the block and therefor has no exterior exposure.The low base of the building is polished back granite that also frames the display windows flanking both entrances. The first floor is clad in Tennessee marble with the second through fourth floors in smooth faced limestone. The fifth floor is a straight sided slate tile mansard roof. The color contrast typical of Art Deco style is provided by green-oxidized roof cresting and red marble transom panels above the first floor entrances. There is an extensive use of low-relief, bronze ornamentation around the display windows.

MARSHALL FIELD - ADDITION (EXISTING)A latter addition to the building that encased a former northern neighbor (a local retailer) and its open air front portion was taken over by the store prior to 1987 (exact date unknown). The original stone columns that surrounded the open air portion were kept and the area remaining, enclosed with glass walls and a glass atrium ceiling. The history behind this addition is unknown but will prove to be a welcoming motor entrance and secondary lobby. The architect who performed this work did an excellent job of matching exterior finishes and colorations to the main building. The bronze hanging sconces at each limestone column resemble the bronze wall sconces from the original structure. This addition is adjacent to the 750 parking space structure to the north of this proposed Motor Entrance and drop off driveway. The interior will require quite a bit of work but affords a perfect solution to vehicular drop offs.

MARSHALL FIELD INTERIORS - EXISTINGThe interior entry vestibules have the original terrazzo floors. The walls are paneled with red marble and have trim and grilles of bronze. The woodwork is walnut, typical of the time. There is an ornamental bronze stair on the east end of the building adjacent to the elevators that transfers through all the floors starting with the basement. The original five over five and two over two flanking wood sash windows have been replaced with muntin-less metal sash operable versions.The four original elevators remain in place except the original ornamental bronze doors. At some point they were replaced with plain ones that are still in tact today. The walnut paneled facades and the interior cabs remain as well as the interior overhead light panels that once announced (by floor) all the selling departments.

VILLAGE OF OAK PARK - CONTRIBUTIONOak Park is also the home of Frank Lloyd Wright who relocated his DT Chicago practice to his home there in 1898. His goal with this move was to bring his work and family closer together. A plus to this move was the majority of his work at the time were commissions in Oak Park and neighboring River Forest. As Wrights family grew he was forced to abandon the original home studio space for additional bedrooms. Fortunately, his practice grew as well and he was forced to expand the main house with a studio addition. This studio became the design aesthetic and laboratory for his design development for the next ten years. The outcome of this “design lab” became known as “prairie style”, a name given because of the reference to the land around Chicago. A fine example of that is the Thomas House located ion Oak Park. Wright was also commissioned public building in the village. The Unity Temple was such a project. Wright donated his services as an obligation to his faith of Unitarian. This building was unique because it consisted of only one building material, reinforced concrete.

Wright Studio

Unity Temple

Thomas House

PHASE II MARKET ANALYSIS

HOTEL FIELDSAs mentioned in the Project Statement my intention is to propose an adaptive re-use rehabilitation from what was once a grand Chicago Department Store into a Historic Boutique Hotel. The building currently affords retail space (now vacant) on the lower and main level with office space on floors 2-5. It is owned by American National Bank and Trust of Chicago and managed by Water Tower Realty Management. The overall encompassing proposal involves hotel, restaurant and banquette facilities on the designated floors.

View of Proposed Hotel at Lake St and Harlem Ave. Existing Marshall Fields

Proposed Logo for the Hotel

HOTEL FIELDSThe building contains 5 levels plus a basement with approx.12,000 sq. ft. per floor, the main floor is slightly larger as it contains receiving, the loading dock and the motor entrance as extensions to the building. The building contains four large elevators and a freight elevator accessible to the loading dock area.The mechanical systems are all up to date including the electrical service and HVAC. Data and Security have been updated as well including the addition of Wi-Fi. The building amenities include a 750+ car public covered parking lot linked via double sky bridge to the building. Ceiling heights are noted as 14’-0” maximum height and each floor includes new fully accessible thermo-insulted windows. To serve the now vacant Borders Book store on the main and lower levels, an additional elevator and stairwell servicing just those two floors was installed.

My plan is to extend these two elements up to the fifth floor and add a full column bay skylight. This will serve as additional daylighting for the interior guest rooms.

The addition to the north of the building will serve as the motor entrance taking advantage of the side drive and access to the parking garage.

HOTEL FIELDS - MAIN FLOORThe main floor which serves all three entrances, Lake St., Harlem Ave. and the Motor entrance will be reserved for the lobby, check-in and concierge as well as a business center for guests. The Southwest corner will be leased to an “up scale” restaurant with kitchen. This will be ideal for guests to dine in as well as room service. It will also be the preparatory service for the banquette rooms. A dumbwaiter will need to be installed between the two functions which fortunately lands over one another in plan. This floor has the tallest of ceilings and the most in tact architectural elements and is therefor ideal for the intended purpose.

HOTEL FIELDS - LOWER LEVELThe Lower Level will contain three Banquette facilities, space for a fitness center and possibly a Spa. The floor is currently served by existing elevators and stair towers. There was an additional elevator and stair tower added for the lower level Borders Book store (currently vacant), which I plan to expand to the fifth floor. Existing restrooms are located on this floor as well, which will serve the public spaces on this and the main floor above. Additional rooms for storage and maintenance exist today and will be maintained.

HOTEL FIELDS - FLOORS 2-4The nineteen guest suites ea. on floors 2-4 will mostly be identical as the floor plates match. I am proposing extending the central stairwell and elevator up through the fifth floor. This will require demolishing the floor plates between the center four columns on these floors as well as adding a skylight on the roof. The intention behind this is to add a light well which will serve the upper guest suite interior rooms. The center stairwell and extended elevator are just a bonus to the transportation options but not required. If this proves cost prohibitive I will not extend the stairwell or elevator but I must keep the light well to serve the interior guest suites which are needed to be able to get close to the original room count of 80-100 rooms.

HOTEL FIELDS - FLOOR 5The top seventeen guest suites on floor (5) I am calling the penthouse level as I am envisioning these to be a bit larger and a bit more architectural as they need to follow the mansard roof lines. This is also a slightly smaller floor with two less rooms. The four guest suite floors will also house operations and maintenance needs for each floor. The penthouse also has restrooms which will be reserved for employees.

HOTEL FIELDS - OAK PARK FACTS AND FIGURESOAK PARK

POPULATION : 52K INCREASING AT A .08% PER ANNUM MATURE AGE BRACKET AVG HOUSEHOLD SIZE - 3

OWNER OCCUPIED HOMES - 53% MEDIAN HOME VALUE - 335K AVERAGE HOME VALUE - 378K

MEDIAN HOUSEHOLD INCOME - 74K AVERAGE HOUSEHOLD INCOME - 104K, INCREASING ANNUALLY AT 3.3% PER CAPITA INCOME - 46K OAK PARK INCOME INCREASING .54% OVER PER CAPITA

OAK PARK ACCOMMODATIONS AND FOOD SERVICE SALES 86M AVG. *REVPAR 76%, INCREASING 1% PER ANNUM AVG. *ADR 68%, INCREASING .5% PER ANNUM

* REVPAR = REVENUE PER AVAILABLE ROOM *ADR = AVERAGE DAILY RATE

HOTEL FIELDS - HOTEL FACTS AND FIGURES

HOTEL FIELDS - HOTEL FACTS AND FIGURESWith only three hotels currently in Oak Park I have extended my research on average hotel room rates and vacancy/occupancy ratios to the general Chicago area. I feel comfortable with this as Oak Park is located just outside of the western boundaries of Chicago and accessible by commuter and Metra trains to the city center. As noted in the previous slide, the ADR (Average Daily Rate), RevPar (Revenue per Available Room) and the occupancy index ratios show a steady incline from 2016 until 2018.For my analysis I will be using the means average of $202.40 ADR (Average Daily Rate) and 75.75% occupancy average for my project. These numbers represent the average from 2015 noted in table to the right. With these two figures I can generate $56,145.76 RevPar (Revenue per available room) x number of rooms (74) = $4,154,786.00 capital receipts from the lodging services only.

HOTEL FIELDS - FOOD AND BEVERAGE FACTS AND FIGURESBanquette facilities represent another source of revenue for the hotel. I’m using a comparable nearby hotel rate as a comparison number. I took the average sq. ft. of 1800 which should hold 75 people, added AV and continental breakfast, refreshments and lunch. There with a room rental rate of $600.00 for a full day which comes to a total of $2870.00 (incl. F&B) Using the same occupancy rate as the guest suites (76%) the RevPar per room = $796,138.00 x 3 rooms = $2,388,414.00. Because the F&B revenue will go to the restaurant lessee I will back this out of the hotel owners revenue but will include a percentage of sales returned to the hotel for additional revenue.

HOTEL FIELDS - FOOD AND BEVERAGE FACTS AND FIGURESFor the restaurant, included on the main level, my intention is to lease the space as an upscale restaurant that will serve the local community as well as provide room service to the hotel guests and food and beverage provisions to the banquette rooms on the lower level.

The restaurant will be approx. 4600 sq. ft. at $26.64 base rent, per sq. ft., annually should generate $122,544.00. Because this will also serve as the food prep and service for the hotel guests and the banquette rooms I would ask for a percent of their sales as well for the banquette and room service sales.

When researching the banquette room fees the food and beverage service ran $1800.00 per reservation, multiplying that times (3) and averaging 76% occupancy will generate approximately $1,497,960.00 in sales. Room service, on the other hand, has not been as lucrative as of late and dropped 25% in sales since 2007. The reported average is now $866.00 per room on an annual basis. This number times (74) rooms comes out to $64,084.00 annually. Lastly, the restaurant sales, using Darden Restaurants latest financial report the average sales per sq. ft. achieved is $534 sq. ft. At 4600 sq. ft. the restaurant should generate $2,456,400 annually.When adding this to the banquette and room service revenue of $1,562,044.00 the total revenue I would request as a percentage of sales is $4,018,444.00. In reviewing the previous chart, with the 30% of landlords that charge a percent of sales in addition to the base rent, the average paid is 7.0%. Using this number times the $4,018,444.00 would result in additional $281,291.08 revenue to the rent receipts.

HOTEL FIELDS - OPERATING EXPENSESLabor costs represent 32.3% of total revenue in operating a hotel. Labor is broken down into two components,

1) Salaries, wages and bonuses account for 70% while 2) Payroll related expenses or employee benefits account for the remains 30%. According to “Lodging Magazine” this breaks down to $13,150 PAR and $5,581 PAR respectively or $1,386,094 annually for the hotel portion only. Additionally there would be labor costs for marketing and sales, and food and beverage. Total labor costs would run $2,171,703 all inclusive for the hotel (excluding the restaurant which is leased).

Other expenses on a per occupied room category would be; General room maintenance expenses at 25%F&B expenses at 21% A&G (Administrative and General) expense at 9%Marketing expense at 8%General property maintenance at 5% This equates to 68% of RevPar. or $38,902 annually x 74 rooms = $2,878,795.

PHASE III FINANCIAL ANALYSIS

HOTEL FIELDS - CONSTRUCTION COSTS PART 1The constructions costs for this project is broken into two sections. The first is the FF&E cost. (Fixtures, Furnishings and Equipment) For the FF&E, I used the 2013 Hotel Estimating guide as prepared by JN&A and HVS Design. This guide serves the hotel industry by assisting in budgeting effectively for capital expenditures. This estimating guide provided detailed soft and full renovation cost for each area of the hotel. For my needs I used the full renovation costs vs. soft costs as the building currently does not serve this function and will be starting from the ground up as a hotel. It was extremely valuable because it included all the elements necessary by each area. The Grand Total for this portion came to $6,155,049.00.

Since this guide assumed the hard construction existed, I had to estimate the hard and soft costs by each area separately. For that exercise I used the 2015 National Renovation and Insurance Estimator guide. This provided all the unit costs by L.F. (lineal foot) or Sq.Ft. (square foot) for all the hard and soft constructions costs necessary to create the guest suites, private rooms and public spaces. The Grand Total for this portion came to $3,427,816.00.

HOTEL FIELDS - CONSTRUCTION COSTS PART 2

HOTEL FIELDS - CONSTRUCTION COSTS

Construction Costs Part 2 (con’t.)

HOTEL FIELDS - CONSTRUCTION COSTS PART 3The last portion of the estimating process involved the overall building costs related to vertical transportation, the new central atrium, exterior building restoration and improved accessibility. And lastly the direct and indirect costs associated with all construction projects. Direct costs include the architectural and engineering fees, construction companies fees, permitting and general overhead. The indirect fees are those mostly associated with the unknown so it is important to carry a contingency budget, especially for historic properties. The Grand Total for this portion came to $2,558,639.00.

GRAND TOTAL FOR ALL CONSTRUCTION COSTS IS $12,141,504.00

With construction costs completed, the most important part of the financial process is the Pro Forma. Pro Forma is a Latin term meaning “for the sake of form” or ”as a matter of form”. The purpose of this method of calculation is to place an emphasis on present and/or projected figures. For my need it will forecast my anticipated financial results taking into account the real estate transaction, construction costs to rehabilitation this once historic department store into a “boutique hotel”, projected revenue of the hotel and its associated accommodations, operating expenses, income taxes, tax credits including the historic tax credit available because of its standing as a NRHP (National Registered Historic Place).

HOTEL FIELDS - PRO FORMA

The first portion determines the total project cost which includes the purchase of the real estate and all the the costs related to the rehabilitation of the building. The next two sections focus on the hotel after it is in operation for one year and what the anticipated revenue and expenses will be. For the revenue I analyzed nearby properties as well as the Chicago Metro area for comparable properties and their reported revenues by function. I also relied on hospitality statistical information available through appropriate websites.

HOTEL FIELDS - PRO FORMA

HOTEL FIELDS - PRO FORMAA large portion of the annual expense is the cost associated with servicing the loan (P&I, property taxes and casualty insurance). This loan amount the purchase price plus the construction costs. In reality these will most likely be two different types of financing opportunities (better decided by experts in the financial field). I chose to go with the straight forward all inclusive direction of combining the two costs together into one mortgage. The commercial rates I found seemed to be in alignment with residential mortgages I found at the time. For simplicity I went with a 60/40, 30 year loan mortgage at 4.3%. I opted for a 40% investment, 20% on the real-estate and 20% on the construction financing.

FIRST YEAR OPERATING LOSS OF $544K

FIRST YEAR FED. INCOME TAX CREDIT OF $55K ON TOTAL CREDIT OF $1.1M

HOTEL FIELDS - PRO FORMAWhile the hotel, less operating costs and income taxes, produced a net revenue of $68,000, the expense of the loan financing expenses ($661,768) reduced that to a loss of $593,658. With the rehabilitation tax credit of $54,620 I was able to reduce the income tax to $0 thus reducing the net loss to $543,775. Unfortunately, because of the first year loss, I was only able to take advantage of a small portion the Federal Historic Income Tax credit in year 1. The total credit comes to almost $1,092,404. This was calculated from the cost of “rehabilitation only” at $5,462,019. These are the costs associated with the items generally eligible for the federal income tax credit. This income tax credit can be carried forward for twenty (20) years so hopefully in a relatively short time the property will be able to take full advantage of that benefit. The State of Illinois also provides a similar historic tax credit for historic rehabilitation projects that can reduce local income taxes as well and freeze the property tax rate for 12 years.

HOTEL FIELDS - PRO FORMA (ALTERNATE)With this example of a 100% financing combination of investor and developer funding, the first year earnings before interest and taxes (EBIT) comes in at $649,621. The net revenue less federal and local income tax reduces that to $258,548. With the rehabilitation tax credit of $54,620 (the total credit comes to $1,092,404). This was calculated from the cost of “rehabilitation only” at $5,462,019. These are the costs associated with the items generally eligible for the federal income tax credit. This income tax credit can be carried forward for twenty (20) years. With the inclusion of the federal historic income tax credit, the total first year net revenue comes is at $313,168. This gives the investors and developer a ROI (return of investment) of 6.0%. The State of Illinois also provides a similar historic tax credit for historic rehabilitation projects that can reduce local income taxes as well and freeze the property tax rate for 12 years.

HOTEL FIELDS - PRO FORMA (ALTERNATE)

FIRST YEAR OPERATING INCOME OF $259K

FIRST YEAR FED. INCOME TAX CREDIT OF $55K ON TOTAL CREDIT OF $1.1M

PHASE IV CERTIFICATE OF APPROPRIATENESS

COMPLETED 2PP FORM FOR VILLAGE OF OAK PARK CERT. OF APPROPRIATENESS.

FILED AND WAITING FOR DATE TO BE PRESENTED FOR ACCEPTANCE - TBD.

HOTEL FIELDS - CERT. OF APPROPRIATENESS

FEASIBILITY OF PROJECT • NRHP 1988 • FACADE EASEMENT 1987 • HISTORIC DISTRICT LOCATION - 65% OF THE VILLAGE IS INCLUDED IN A HISTORIC DISTRICT • FRANK LLOYD WRIGHT SIGNIFICANCE • HISTORIC ARCHITECTURAL CONTEXT IN TACT • LOCALLY, NATIONALLY AND INTERNATIONALLY RECOGNIZED NAME • EXCELLENT LOCATION WITH PROXIMITY TO DT CHICAGO AND BOTH METRO AIRPORTS • LOCATED IN PRIME ‘VILLAGE OF OAK PARK’ COMMERCIAL DISTRICT • EASILY ACCESSIBLE FROM INTERSTATE AND METRO TRANSPORTATION • ONLY 4 STAR HOTEL WITHIN 7 MI RADIUS, ONLY 5 STAR WITHIN 8 MI RADIUS

ADAPTIVE RE-USE • (74) LUXURY GUEST SUITES (APPROX. 500-600 SQ. FT. EA.) ON 4 DEDICATED FLOORS • (3) ADJACENT BANQUETTE FACILITIES (EACH AT 1800 SQ. FT. AND 75 PER) • (1) UPSCALE RESTAURANT/BAR (APPROX. 5OOO SQ. FT.) LOCATED ON PROMINENT CORNER • EXISTING SUPPORT SYSTEMS FOR LOADING DOCK, RECEIVING, VERTICAL

TRANSPORTATION, EMERGENCY EGRESS SATISFACTORY FOR RE-USE • UPDATED MECHANICAL AND INFRASTRUCTURE TO SUPPORT CONVERSION FOR RE-USE

REVENUE VS. EXPENSES (ESTIMATE) • REVENUE - YR. 1 @ $5.4M NET NOT INCL. F&B SALES (LEASED) • EXPENSES - YR 1 @ $4.5M NOT INCL. F&B EXPENSES (LEASED) • FEDERAL INCOME TAX CREDIT - $1.1M

HOTEL FIELDS - CONCLUSION

QUESTIONS?THANKS YOU VERY MUCH.

HOTEL FIELDS - BIBLIOGRAPHYPhase I and II1. NPS, National Register of Historic Places Inventory-Nomination Form, NRIS 87002510,

Received on Dec. 22, 1987, Entered on January 21, 1988.2. Pridmore, Jay, Marshall Field’s, a building book from the Chicago Architectural

Foundation, Pomegranate Communications, Inc, 20023. O’Brien, John P., Marshall Field and Company, Oak Park IL., Candidacy Review,

Winter Qtr. 20154. National Trust for Historic Preservation - Preservation Leadership Forum, Preservation

Easements, preservation.org5. WTRM, Water Tower Realty Management, 1144 W. Lake St. Oak Park IL,

www.wtrm.comHotel News Now (STR HOST data), Upper-Scale Branded Hotels’ Operating Expense Trends, Nov. 23, 2009, www.str.com

6. Mandelbaum, Robert, Examining Hotel Labor Costs, Lodging Magazine, October 23, 2014, www.pkfc.com

7. Huebsch, Russell, Gross Margins of Hotels, Demand Media, October, 20108. Hotel Revenue Tools, Glossary of Terms, Copyright 2012, HotelRevenueTools.com9. Investing Answers, Revenue per Available Room (RevPar) What is it?, April 201610. Investing Answers, Occupancy Rate, What is the “Occupancy Rate”, Fidelity

Investment11. Ori, Ryan, City Hotel Occupancy, Rates Keep Rising, Crains Chicago, Copyright 2016,

Sept. 19, 201112. STR, Inc., Monthly Occupancy and ADR Rates - Chicago, 2013-Feb. 2016,

www.str.com13. U.S. Bureau of the Census, Economic Census 2012, Accommodations and Food

Service Sales (Sector 72), Crains Chicago14. PKF Hospitality Research, Top ADR Markets, Forecast 2015 and RevPar, Top and

Bottom Markets Q1 2015, CBRE Research - CBRE, Inc.15. Chicago Central Business District Hotel Performance, Historic and Projected Growth

for ADR, RevPar and Occupancy, Source:STR16. Hotel Supply Change, Forecast 2015, source PKF Hospitality Research, CBRE/STL

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Inn and Suites Chicago Downtown, The James Chicago, Fairfield Inn and Suites Chicago Downtown, Chicago Marriott O’Hare, April 2016

18. Meeting Space Search, Meeting/Banquette Space Calculator, April 201619. Crockett, Zachary, Why is Hotel Room Service so Expensive?, Priceconomics, March

6, 201420. U.S. Dept. of the Interior, NPS, The Secretary of the Interior’s Standards for

Rehabilitation and Guidelines of Rehabilitating Historic Buildings, www.nps.gov/tps/standards

Phase iii and IV1. Russell, Jonathan; 2015 National Renovation & Insurance Repair Estimator, Craftsman Book

Co., 20142. Swanke Hayden Connell Architects; Historic Preservation Project Planning & Estimating, R.S.

Means Co., 20003. Rypkema, Donovan D.; Feasibility Assessment Manual for Reusing Historic Buildings, National

Trust Publication, 20074. 2013 Hotel Cost Estimating Guide, JN&A and HVS Design, 7361 Calhoun Pl., Suite 310,

Rockville, Maryland 20855, www.hvsdesignservices.com5. Federal Income Tax Brackets for Year 2015, www.file.com6. Commercial Mortgage Calculator, www.mcnally-properites.com7. Commercial Real Estate Financing, www.commercialoanandirect.com8. Qualified Expenses-Technical Preservation Services, NPS, www.nps.gov9. Village of Oak Park, Cook County 2016 Tax year Property Information, Property Characteristics10.GIS Consortium, Mapoffice, 1144 Lake St., Oak Park, IL PIN 16-07-119-012-000011.Chen, Xun Yao; Darden analysis: Why Revenue per Square Foot is Essential, Nov. 1, 2013,

www.marketrealist.com12.Snodgras, Jason - CPA; Kroger Co. - Capital Planning, Tax Advisor and Consultant Application

for Certificate of Appropriateness, The Village of Oak Park, 123 Madison St., Oak Park, IL 60302, Historic Preservation Commission, village@oak-park.us

13.Building Permits for Historic Properties, Application and Review Process, The Village of Oak Park, 123 Madison St., Oak Park, IL 60302, Historic Preservation Commission, village@oak-park.us

14.Easement Program, Landmarks Illinois, 53 West Jackson Blvd., Suite 1315. Chicago, IL 60604, www.landmarks.org

15.Property Tax Assessment Freeze Program for Historic Residences - Illinois Fact Sheet, Local Government Service Coordinator, Illinois Historic Preservation Agency, Old State Capitol, Springfield, IL 62701, www.state.il.us/hpa

16.Historic Preservation Tax Credits - Illinois Fact Sheet, Local Government Service Coordinator, Illinois Historic Preservation Agency, Old State Capitol, Springfield, IL 62701, www.state.il.us/hpa

17.Class L Eligibility Bulletin, James M. Houlihan, Assessor, 118 North Clark St., Chicago, IL 60602, www.cookcountyassessor.com

18.Preservation Tax Incentives, Technical Preservation Services, NPS, 1849 C St., NW, Washington, DC 20240, www.nps.gov/history/hps/tps/tax

19.Schwartz, Harry K., State and Local Real Property Tax Incentives for Historic Preservation, Preservation Law Reporter (Reprint), 18 PLR 1105-19 (1999)