Thursday, June 6, 2013

The Maxwell Development Gets $53 Million in Financing

Rendering of the Maxwell (via Chicago Real Estate Daily)
Big box retailers are apparently lining up to come to the Roosevelt Road shopping area.  While news and progress on the Maxwell has been steady since early 2012, a big financial hurdle seems to have been cleared for the massive retail project (via Chicago Real Estate Daily):
At time when many lenders are still skittish about retail real estate, a venture led by developer Rob Bond has landed $53.4 million in construction financing for a proposed South Loop shopping center anchored by Dick's Sporting Goods.
BMO Harris N.A. and PrivateBank & Trust Co. have agreed to split equally the financing for the Maxwell, a 230,000-square-foot center near Roosevelt Road and Canal Street, said Mr. Bond, who is developing the two-story project in a joint venture with Bucksbaum Retail Properties LLC.
Construction has started, with the project expected to open in September 2014.
Regardless of how you feel about national big box retailers, it's hard to deny that their is some solid momentum for the retail scene in the Sloop.

Beyond the news of the financing, a couple other interesting points from the article:

  • Burlington Coat Factory and Potbelly are reportedly opening up shop at the Maxwell (which would be in addition to Nordstrom Rack and Dick's Sporting Goods)
  • TJ Maxx is also mentioned as a potential tenant (without confirmation)
  • There is either 70 (or 90%) of the property already leased.  The article says both, but regardless it sounds like their is a lot of interest in the building
So what do you think?  Good sign for the Sloop?  Do you hate big box?

(Hat tip:  AR!)

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