Unnamed sources tell Crain's that McCaffery and Canyon Capital Realty Advisors have agreed to buy Roosevelt Collection, the suburban-style apartment-retail development, for somewhere in the neighborhood of $160 to $175 million - roughly half what it cost to build. The main question remaining for South Loop residents is whether McCaffery will be able to do what Centrum Properties failed at: leasing the 398,324 square feet of retail space.
This has got to be considered a good thing for the neighborhood. It became clear that Centrum lost momentum with the project and even though the rental units appeared to be leased, there was absolutely no visible movement on the retail front.
Hopefully this sale brings some fresh blood into the project and a group that is motivated to see the development live up to its potential. Speaking of the new blood, we did a quick google search on Canyon Capital Realty Advisors and found out that they're the group that developed State Place.
For Sloopers who aren't familiar with that name, you definitely know their property, which is the huge development that starts at Roosevelt and State and goes all the way north to 11th street (see pic). Retail tenants within this property include Walgreens, Fitness Formula Club, Verizon, HR Block, Hair Cutery and Kriser's Pet Shop. Let's hope they get moving on the retail front...we love the property but want this place to progress.Hopefully this is a good sign! What do you think, please sound off.
For more background on Roosevelt
Collection click here.
12 comments:
Isn't Roosevelt Collection the property with the Icon Showplace in it and not the place on state street? Or do they have the same names?
I think the writer was referring to the developers of the State Street complex because they're the new owners of the Roosevelt Collection. Perhaps their experience and neighborhood knowledge will encourage more retail now.
Umm...yeah.
Ahhhh thank you. That is what happens when you post before your morning coffee.
Their tenants along state street are less than stellar and it scares me to think that these are the types of places (walgreens, hair cuttery, cell phone stores, etc.) that will occupy the "high end retail" spots that the RC has been promising for years.
It would be better than vacant storefronts.
I think the poster should have had a picture of the Roosevelt Collection instead of this other development. Can be confusing to some... since most skim through.
Canyon Capital was involved as a partner for the State Street property, but it was developed by the now gone Northern Realty Group, Ltd.
I doubt the same tenants will be in R Collection as at the State Street property.
Northern Realty is now CB Richard Ellis Inc..
But I could be mistaken, but thought the State Street project had the typical layers of LLC's and shenanagens behind the scenes 'veiling' some of the true money behind that project. Not sure if Allison Davis or the Russland group was involved.
I live in the Roosevelt Collection and hope to see the following stores open: a bakery (that sells wonderful breads, scones, bagels, desserts,and such), a nice casual restaurant/pub, kitchen store (Williams Sonoma, Sur la Table), a good Chinese restaurant (can't find one anywhere in the neighborhood), and a newsstand.
What about it, fellow readers? What would you like to see?
2nd Annual South Loop Movie Festival is April 28th at ICON. You need to go to Whole Foods South Loop and buy from Customer Service. You can wait and buy from the door on 28th, but there are only 100 seats. $10. Went last year and it was great to see about 15 5-10 minute movies, get free goodies and ask the moviemakers questions.
good chinese restuarant?? HELLO, walk 12 blocks south to china town
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