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Inland Real Estate to Redevelop, Expand Joliet Commons Shopping Center

23 Feb 2015, 8:27 pm

By Ioana Neamt, Associate Editor

Joliet Commons

Inland Real Estate Corp. recently announced plans to redevelop the Joliet Commons power shopping center in Joliet, Ill., and add both a DICK’s Sporting Goods store and a DSW Designer Shoe Warehouse at the location. According to a news release, Inland intends to build an additional, 65,000-square-foot building to house the two retailers, scheduled for completion in the fall of 2015.

“The redevelopment of Joliet Commons is an example of our commitment to continuously seek opportunities to enhance asset value by adding best-in-class retailers that promote shopping synergies and drive consumer traffic,” said Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corp. “The addition of DICK’s and DSW further strengthens the center’s position as a top shopping destination within the greater Joliet regional submarket and provides long-term benefits to the surrounding community,” Carr added.

In order to make room for the two new retailers, Inland plans to redevelop a former movie theater at the location into a new building for DICK’s and DSW. The theater is scheduled for demolition in February/March 2015, with groundbreaking on the new building set for April. Following this addition, Joliet Commons will comprise 229,000 square feet of retail space. Other tenants at the center include Old Navy, PetSmart, and Famous Footwear.

Image courtesy of Inland Real Estate Corporation


Hyatt Centric The Loop Chicago Heads for April Debut

19 Feb 2015, 5:28 am

By Ioana Neamt, Associate Editor

100 W Monroe St

Hyatt Hotels Corp. recently announced that the first two hotels under the new Hyatt Centric brand will open in April 2015 in Chicago and Miami. Hyatt Centric The Loop Chicago and Hyatt Centric South Beach Miami are the first of a series of more than 15 new hotels slated for opening in 2015, and both are adaptive reuse projects.

The Hyatt Centric brand is Hyatt’s latest full-service lifestyle brand, meant to attract “Modern Explorers”– business and leisure travelers who view their hotel as more than just a place to stay.

“By working with owners to test and perfect the Hyatt Centric experience in real hotels in real time, we were able to strategically build the brand,” said Kristine Rose, vice president of brands at Hyatt. “Now, with two hotels opening soon, we are confident that we will be able to fulfill today’s savvy travelers’ needs for an uncomplicated, cosmopolitan experience in a way that has never been done before.”

Located at 100 W. Monroe St., Hyatt Centric The Loop Chicago is conveniently situated in the city’s financial district, within walking distance of Millennium Park, the McCormick Place Expo Center, the Theater District, State Street, Grant Park and the Greek Town and Italian neighborhoods. The new hotel is also in close proximity to Hyatt’s current global headquarters at 200 W. Monroe St., though the company intends to move into a new location in 2017.

Chicago’s new hotel will feature 257 guest rooms and 13 suites, six meeting rooms totaling 2,540 square feet, a state-of-the-art fitness center, complimentary wireless Internet access throughout the property and Bluetooth-enabled TV systems in all guest rooms. Hyatt Centric The Loop Chicago will also feature a variety of dining options, such as the French bistro Cochon Volant, a full French bakery and a 5,500-square-foot rooftop bar.

Image courtesy of Hyatt Hotels Corp.

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Colliers International Tapped by RPAI to Market Zurich Towers Office Complex in Schaumburg

9 Feb 2015, 3:04 pm

By Ioana Neamt, Associate Editor

Zurich Towers

Oak Brook, IL-based Retail Properties of America, Inc. (RPAI) has chosen Colliers International to market the iconic Zurich Towers office complex in suburban Chicago. According to a news release, Colliers principals David W. Florent, Steven W. Kling, and Francis R. Prock have been selected to market and sale the 895,400-square-foot property.

“Colliers International has a solid track record of rebranding single tenant centers throughout Illinois and we are excited to be working with them on this incredible repositioning project,” said Gerald Wright, senior vice president and director of asset management for RPAI. “We believe that this property represents one of the best large block office locations in the Chicago suburban market and we are eager to unveil our vision for the space in collaboration with the Colliers team.”

Located at 1400 American Lane in Schaumburg, Zurich Towers is ideally situated adjacent to Woodfield Mall, the country’s tenth largest enclosed mall. The two-building office complex also offers easy access to I-290, I-90 and I-355.

Zurich Insurance Co., the primary occupant of Zurich Towers since its completion in 1986, plans to relocate its headquarters in 2016 to a new build-to-suit facility developed and designed by Clayco. The new building is located on 38.8 acres of unused land on the Motorola Solutions campus, according to the Daily Herald.

Image courtesy of the Idex Financial Group

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HFF Lines Up $220M in Financing for New Google Midwest HQ

5 Feb 2015, 8:47 pm

By Ioana Neamt, Associate Editor

1000 W Fulton

Working on behalf of Chicago-based developer Sterling Bay Cos., HFF has recently secured $220 million in financing for 1KFulton, a 550,000-square-foot mixed-use development to be anchored by Google Inc. in Chicago’s West Loop. The floating-rate loan was placed with Los Angeles-based Mesa West Capital, according to a news release.

Located at 1000 W. Fulton in Chicago’s historic Fulton Market area, 1KFulton is a 10-story building developed as a cold-storage warehouse in 1923. The property has been redeveloped into a Class A, LEED Gold-certified office-and-retail building that will house tech giant Google’s 357,928-square-foot regional headquarters.

Designed by Hartshorne Plunkard Architects and Perkins+Will, 1KFulton features an on-site fitness center, rooftop deck, secure bike room, on-site bicycle detailing/repair center, underground parking garage, as well as on-site ZipCars. Committed tenants also include bike components manufacturer SRAM, Sandbox Industries and BOKA Restaurant Group.

The HFF team representing the developer was led by Senior Managing Director Mike Kavanau, Managing Director Timothy Joyce and Real Estate Analyst Christopher Knight.

“1KFulton is a truly transformative asset for the West Loop,” said Kavanau. “Google’s significant commitment to the location was noted in nearly every offering memorandum and committee presentation in the past couple of years.”

Image courtesy of Sterling Bay Cos.

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Amtrak to Begin $12M Rehabilitation of Chicago’s Iconic Union Station

2 Feb 2015, 1:28 am

By Ioana Neamt, Associate Editor

Union Station Chicago

Mayor Rahm Emanuel recently announced that Amtrak plans to invest $12 million into much-needed rehabilitation work at Chicago’s Union Station. The 90-year-old building will undergo extensive renovation work, including a redesign of the overcrowded passenger concourse, safety improvements, enhanced temperature controls and repairs to the building’s exterior façade.

Over the following months, the City of Chicago will work closely with the state of Illinois, the federal government, Amtrak and Metra in order to facilitate the rehabilitation work of the building. According to a news release, the project will require a $500 million investment.

“By bringing Union Station into the 21st century, we will bring more economic opportunities to residents all throughout the City of Chicago,” said Mayor Emanuel. “With this investment in the future of Union Station we will provide a more reliable link between downtown and our neighborhoods, connecting residents to work and keeping Chicago on the move.”

Located on the west side of the Chicago River at 225 S. Canal St., Chicago’s Union Station is the third busiest terminal in the United States, after Grand Central Terminal and Penn Station in New York City. The terminal serves roughly 120,000 passengers daily and is currently the only intercity rail terminal in the city.

The rehabilitation of Union Station will be supported by other projects already under way, such as the development of the Union Station Transportation Center and a new Chicago Transit Authority (CTA) bus terminal.

Image courtesy of Dewitz Photography

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One Response to Chicago Archive

  1. Joselyn Overley

    Sep. 26, 2011 at 12:58 pm

    I just think it’s too hard for small businesses to try to purchase a property, renting or leasing is their only real option

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