This is an increasing trend that we've been seeing across the neighborhood (and other places throughout the city) and obviously isn't good for developers. Crain's has this great map of South Loop developments and how many units are either leased or under contract for newly built buildings.
For us, the most interesting news in the article was the talk about the retail at Roosevelt Collection:
The Roosevelt Collection project also is struggling on the retail front. The more than 400,000 square feet of retail space planned there is now slated to open in summer or fall 2010 rather than later this year, although an executive of the Kerasotes cinema chain confirms that a 16-screen movie theater is to open around November or December.At least we will finally have a place in the neighborhood to watch a movie!
Not good, not good at all. The new rental buildings right near Roosevelt Collection (AMLI and Burnham Pointe)are SO empty. I know AMLI says in the Crain's article they are 60% leased, but I'm just not seeing it...no lights on at night, no cars in their huge ugly parking garage. Could have something to do with the prices they are charging...$$$! And it doesn't seem like they are budging on these prices at all.
ReplyDeleteI'm definitely more concerned about the commercial space slowing down. Was really looking forward to getting some stores down there. But like you said, at least we have the movie theater!
Yeah, it's not an ideal situation for Roosevelt Collection...but eventually I think it will be ok (not sure when though).
ReplyDeleteThe retail space might not be full, but eventually we will get some good shops there!
The lenders supposedly met yesterday and should have made a decision. I can't get any information out of the sales office; does anyone know what they're going to do?
ReplyDeleteIf you are a buyer at the Roosevelt Collection and have concerns or questions regarding your contract, please send your contact information to Rebecca Hawkinson at rhawkinson@centrumproperties.com and the appropriate person will respond.
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