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.
(image from: globest.com)