Industry News

Downtown Evanston luxury rental projects to move forward

EvanstonReviewEVANSTON — Two large residential high-rise projects slated for downtown are moving forward again, nearly a half dozen years after they got caught in the economic downturn.

Evanston City Council members on Monday approved amended planned developments for 1881 Oak Ave. and 1890 Maple Ave.

Dating back to 2005, developer Robert King had planned to build 165 residential condominium units at the Oak address while Maple was planned as a mixed-use building with rental and commercial space.

The developer put the projects on hold in the economic downturn.

Under the amended proposal, King and partner Steve Fifield are planning a luxury rental development, footing the bill for infrastructure improvements and seeking no subsidy from the city.

The proposal calls for an increase in the number of units at the two buildings from 342 to no more than 368. Retail will be substantially lower, falling from 21,040 to 4,000 square feet. King’s original proposal called for a grocery store.

An excited King said Tuesday that the developers are hoping to begin construction in summer or fall of this year.

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Carroll Properties & Next Realty plan 457,000sf retail center

BELLWOOD, IL — A joint venture between Next Realty Development, based in McLean, VA, and Chicago-based Carroll Properties is planning a 457,000-sf regional retail center1, here. Bellwood Station will be developed on a 41-acre site along the Eisenhower Expressway at 25th Avenue. The estimated cost for the project is nearly $90 million, says Robert King, president of Carroll Properties.

The development is expected to have two “big box” anchor retailers, three junior anchors, three out-parcels and about six inline retail spaces, he says. King said they are in talks with national retailers who are “household names” but could not disclose which retailers. Wal-Mart, Home Depot and a Burlington Coat Factory are reportedly some of the possible tenants. The development will be leased by Tracy Harnisch with Next Realty LLC, of whlch Next Realty Development is an affiliate. Lease rates have not been determined yet, King says. Average asking rates are around $18.12 per sf, according to a recent Marcus & Millichap report.

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Boost for Bellwood

GROWTH OFF I-290 Big-box stores, new housing eyed in once-faded suburb

by SANDRA GUY sguy@suntimes.com

(Chicago Sun-Times) – A Wal-Mart supercenter is a possible anchor store at a 41-acre retail center planned just north of the Eisenhower Expy. at 25th Avenue in west suburban Bellwood. A spokeswoman for Wal-Mart confirmed that the nation’s largest retailer is looking at the site, where two big-box retailers will sit alongside six smaller tenants.

The future Bellwood Station retail center is expected to generate $4 million in sales tax and real estate tax revenues each year and give residents the long-awaited chance to shop close to home, said Mayor Frank A. Pasquale.

The retail project is expected to take two years to complete, cost more than $90 million and require the village to buy 19 parcels at the site. The developers are Next Realty and Carroll Properties.

Other possible tenants include Home Depot and Burlington Coat Factory, according to sources close to the negotiations. A Home Depot spokeswoman denied the Atlanta-based retailer’s interest, and a spokesman for Burlington Coat Factory could not be reached for comment.

The retail center is one of three redevelopments that ambitious village leaders are planning for the largely blue-collar community, whose population is 70 percent African-American and 8 percent Latino. The others are:

A new Metra train station a half mile east of the existing Bellwood platform, with 400 parking spaces, 250,000 square feet of retail and commercial space, and access to eastbound and westbound Union Pacific tracks. The station, which would straddle the Bellwood-Melrose Park line, would be surrounded by 900 new housing units ranging from apartments to independent-living condos to single-family homes. The station and the housing would be built in the next two to five years, with tax incentives offered to developers.

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