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.