On Monday we had a post about Roosevelt Collection's new owners (which includes Mr. Magic Johnson) and some of their plans for the development. Yesterday we read a random article on real estate website, globest.com, following-up on the story.Of interest to some might be the image of the new courtyard that would replace the buildings in the middle of Roosevelt Collection (image on the right).
The other thing we found interesting/encouraging was the bullish stance the new owners have on the South Loop and this property:
Rich Holly, managing director at Canyon (which is the new owner), tells globeSt.com that he isn’t worried about purchasing a mostly vacant retail property. The venture said it believes it can secure a mix of clothing, home furnishings and electronics retailers, as well as enhanced restaurant opportunities. “We see great potential in the South Loop market, and fundamentals continue to improve in Chicago overall,” he says. “Our investors like urban areas like this where there is an opportunity to create vibrant retail. We believe this area is underserved.”Although it's not surprising to hear this from a company that just invested $170 million in a South Loop building, it is good to here a positive spin. It seems like the investors have had a lot of success, so hopefully this is a good sign.
Stay tuned...
(image from: globest.com)
8 comments:
I posted this on your FB page concernig the other Roosevelt Collection article, but aggain, why redvelop the front when you have the area that was intended for outdoor space vacant in the rear of the complex. As Slooping states, there is no lack of traffic in the movie theater. Oh, well seems like a waste of money to me and a road to a BIG FAIL with respect to the asthetic of the complex. If you make it look to 'parky' in the front I don't think folks will be as eager to live in the residential space.
that looks like an old image. They spent so much money putting in the intersection lights on Roosevelt that it would be a huge waste of money to redesign it without the entrance road from the street. I see two little roads hugging each side of the building but those would require two intersection lights or moving the current intersection east or west on the street ...i say very unlikely
"hear," not "here."
I hope the owners get the show on the road and get some retail in there this year with our without the green space.
"As Slooping states, there is no lack of traffic in the movie theater. Oh, well seems like a waste of money to me and a road to a BIG FAIL with respect to the asthetic of the complex."
Yea, the area is so successful that not a single retail space has been filled, except the theater which had to because of their contract.
The way it is right now sucks, after I'm done watching a movie I don't want to spend any time there, it's a car focused piece of crap. A nice park area with a couple good dining options would be great here.
I'm still not entirely convinced though that they can overcome their location problem and lack of foot traffic.
I love how these armchair commenters can look at one image and make these ridiculous conclusions. Stick to accounts payable, Dad.
Someone put a leash on Antunovich. A park space on Roosevelt rd? Sounds peaceful. The current plan calls for a 2 acre park, appropriately located north of the theatre. The place feels cold because it's vacant. Good, bad or otherwise, that condition will change now that the property is free from the shackles of it's construction loan. The property will ultimately be very successful.
So would the parking garage access be limited to the north entrance only? I never thought the complex was too car oriented in the first place. The buildings in the middle area were supposed to be restaurants and I imagined lots of people eating outside and mingling around. I'm not a fan of the look of the redesign but if it brings in retail its a good thing.
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