chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 14 Jun 2011 10:03 pm

New Owners Plan To Make Lofts At Roosevelt Retail Space More Friendly

June 14, 2011 - Ever since switching to rental, the Lofts at Roosevelt Collection has had a lot of success filling up its 342 units. In fact, right now this Chicago real estate development is over 90% leased. But the 398,324 square feet of retail space is another story. Originally billed as the Shoppes at Roosevelt, the commercial space was supposed to house more than 40 retailers. As of today, the only tenant is the Kerasotes ShowPlace Theatre. That leaves around 300,000 square feet that is still empty. But according to a recent Crain’s article, that is going to change soon.

McCaffery Interests of Chicago and Canyon-Johnson Urban Funds of Los Angeles purchased the Lofts at Roosevelt from Centrum Properties for somewhere between $160 to $175 million. That is around half of the cost of the development. But it may not be such a bargin if the new owners can’t rent the retail space. They have a plan though, according to the article, and that is to take down some of the buildings in the center of the development and convert it to a landscaped green space that will include a public plaza, water features and playgrounds for kids.

Developer Dan McCaffery was quoted in the article as saying that, “In its present condition, it’s not very inviting. It’s not very pedestrian-oriented and it doesn’t strike you as a place to quote-unquote gather. If we can do things that make it more of a place to gather, there is a market for that down there.”

McCaffery and Canyon-Johnson are supposedly trying to get about $150 million in debt financing for Roosevelt, with a payback term of three to five years, according to the article.

As we said, there are still a few units left for rent at the Lofts at Roosevelt. You can also find some other nice Chicago lofts for lease if you don’t care for all the upcoming demolition and construction at Roosevelt.

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