Thursday, December 19, 2013

Another Developer Eyeing Roosevelt for Retail Build-out

Marathon at 1113 S. Jefferson (from CRED)
Retail continues to be a major story in 2013 and yesterday Chicago Real Estate Daily reported that another developer is eyeing the "Roosevelt Corridor" for a build-out:
With one big retail development under construction near the Roosevelt Road shopping strip, Chicago-based investor JRG Capital Partners LLC plans another on a site across the street. 
A JRG venture paid $7.5 million earlier this month for the property at 1113 S. Jefferson St., immediately west of the Maxwell, a 230,000-square-foot shopping center being built by a venture including the Bond Cos., a Chicago-based developer, Cook County records show. 
JRG, headed by brothers Harry and Charles Huzenis, has hired a broker to seek retail tenants for a development on the site, currently home to a Marathon gas station and garage, said Cheri Grossman, the firm's senior acquisitions officer.

Plans are in the early stages, but it's clear that this area is of extreme interest for developers and retailers.  A money quote from the article:
“I think there are plenty of guys that want to be in that corridor,” said Jason Gustaveson, vice-president at Stone Real Estate Corp., a Chicago-based retail broker. “There's nobody down in the South Loop on Roosevelt who's not doing well.”
Seems like a pretty bold statement, but it does seems that the stores on Roosevelt are usually pretty packed (maybe with the exception of the newly opened Roosevelt Collection shops).

Should be an interesting 2014 for the "Roosevelt Corridor".

(Hat tip:  BS & KM!)

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