Weiss Properties is advancing plans on the extensive, multi-million-dollar redevelopment of 1 Salem Lake Drive, recently renamed The Reserve at Salem Lake, an expansive corporate campus property it acquired earlier this year in north suburban Long Grove, Illinois.
The Reserve at Salem Lake is the 37-acre property formerly developed in phases as a corporate headquarters campus by CF Industries. The property includes a two-story, 150,000-square-foot building as well as a three-level, 185-car parking garage and parking for an additional 235 spaces.
Skokie-based Weiss Properties, whose plans to acquire the property predate the stay-at-home order forced by the pandemic, is in the midst of an initiative that has begun with a gutting of the vast majority of the interior space ahead of a transformation of the property. The Reserve at Salem Lake, which has been vacant for more than 10 years will be marketed as a multi-tenant headquarters campus that could be occupied by tenants ranging from 10,000 to 25,000 square feet. The firm believes it could also be attractive to a single user.
“We are very excited about the opportunity to give this long-vacant single user property new life as a multi-tenant facility,” said Jake Weiss, founder, Weiss Properties. “Our focus since acquisition has been to create and begin the execution of our comprehensive redevelopment plan that will give new life to this long-overlooked asset.”
Weis explained that significant components of that process have included pre-redevelopment clean-up and demising of the vast majority of the interior space, planning and design schematics that will transform the building for multi-tenant uses and designing/engineering of various building systems that will upgrade those systems to modern standards and allow for “zoning” of HVAC systems.
“When completed, the extensively modernized and updated property will be an attractive option for corporate as well as entrepreneurial users,” Weiss said. “With a campus or resort-like environment including lakefront office suites, wrap-around balconies and access to outdoor space, The Reserve is an offering that can’t be duplicated.”
The firm expects interest from users that already are located in Lake and northern Cook Counties and want to remain there because of the attractive north suburban location. Interest is also expected from users that may now be located downtown but are refocusing and expanding site selection efforts on settings that can provide an added level of comfort and safety. First floor tenants will have dedicated outdoor spaces and second floor tenants will have wrap-around balconies, linking to the beautiful campus setting.
The range of amenities being planned for The Reserve at Salem Lake include a fully equipped fitness center with men’s and women’s locker room facilities, bike paths and walking trails; indoor and outdoor collaboration space that will include outdoor gazebos and patios; food service that could be an on-site cafeteria or food wagon concept and coffee house and a state-of-the-art auditorium and meeting spaces.
In addition to the campus environment and the like new construction, Weiss believes a major selling point for the property will be its attractive cost structure. In spite of spending millions on the renovation, the firm says the extremely low basis for the property will allow it to offer rental rates that could be as much as 50 percent lower than competitive properties in Lake County.
The Reserve at Salem Lake is being marketed for lease by Rawly Lantz, Justin Harris and David Conroy of Cawley Chicago.
“We’ll be able to give tenants a great campus environment with extensive amenities at a great price point,” said Avi Dimarsky, director of operations, Weiss Properties. “That’s a combination that provides ample opportunities for employees and a positive financial position for company executives.”