Peak Campus, Avison Young Land Target as Retail Anchor for Vue53
- Mar 22, 2016
Chicago—Vue53, the latest mixed-use development from Peak Campus and Avison Young, has landed its first retail lease commitment from none other than Target. Construction on the $75 million development began last May, when the property owner, the University of Chicago, chose the two developers for the project, as well as Blue Vista Capital Management to be a financial partner for the project.
Vue53 is a collaboration between the University, the City of Chicago and the Hyde Park community to create a mixed-use district on 53rd street, which will bring more products and services to the Hyde Park and Kenwood neighborhoods.
“Vue53 is a critical link in the development of 53rd Street as a walkable, live/work/play destination on the south side of Chicago,” James Hanson, principal at Avison Young, told MHN. He added that the University of Chicago has led the redevelopment of the street by adding 150,000 square feet of administrative office space to the recently completed Harper Court mixed-use development and opening the Chicago Innovation Exchange technology hub on the street.
Peak Campus’ Jeff Githens, president of development, also explained why Chicago is a particularly attractive market for student-related housing: “There has not been meaningful residential development in the community in decades. The area immediately surrounding the University is very urban and densely developed, so large sites are extremely rare. The ability to acquire a large site which could accommodate a sophisticated mixed-use development was an opportunity to introduce the best new product into a supply-constrained market,” Githens told MHN.
Located at 1330 E. 53rd St., the community is just a few blocks from the University and Nichols Park, and will offer 267 apartments, about 28,000 square feet of ground-level retail and 230 parking spaces. The Hyde Park Target store will take up a hefty amount of that retail space, about 21,000 square feet, and is expected to open late fall 2016 or early spring 2017. The store will be one of Target’s smaller, “flexible-format” stores.
“From the beginning of our work with the Hyde Park and Kenwood communities on the concept for Vue53, a wider range of shopping options was identified as a clear desire by local residents,” Hanson said.
Residents of Vue53, which are expected to be able to move in to the residential component of the project in September, will be able to choose from studio, one- and two-bedroom units with in-unit washers and dryers and views of downtown Chicago and the U of C campus. Community amenities will include a clubhouse with Wi-Fi, a 24-hour desk attendant and fitness center, study/conference lounges, an outdoor terrace and a rooftop sundeck.
Vue53 will also offer some affordable units, starting at $746 per month for a studio, while market-rate units will run $1,400 per month for a studio and up to $2,630 per month for a 800-square-foot two bedroom on the top floor, according to DNAinfo.
“Vue53 will bring much-needed modern apartment stock to 53rd Street, along with new retail offerings, anchored by an Express Target store,” Hanson said. “The apartments will offer a comparable level of amenities, services and conveniences to the finest new apartments in Chicago’s CBD, so that people will not need to leave Hyde Park in order to have a Class A housing option.”
Rendering courtesy of Peak Campus