Regency Centers Corporation Breaks Ground on $50M First Phase of Shops on Main

By Gabriel Circiog, Associate Editor

Regency Centers Corporation has broken ground on the first phase of Shops on Main—a 147,851-square-foot community shopping center in Schererville, Ind. The shopping center is located at the intersection of two main arterial roads, U.S. Route 41 and Main Street, in the regional retail hub 25 miles southeast of Chicago. The first phase will cost $50 million, and some of anchors are scheduled to open in spring 2014.

“We appreciate the support of the town of Schererville, which is a proven retail market based upon historical sales,” said Nick Wibbenmeyer, vice president and regional officer for Regency Centers. “We’re excited to become an active member of the community by helping to create jobs. Shops on Main will reflect the key attributes that define a Regency center: market-leading anchors, prime location and enjoyable shopping environment.”

Anchored by leading fashion, footwear and home furnishing retailers, the center will include Gordmans (50,079 square feet), Ross Dress for Less (25,069 square feet), HomeGoods (23,969 square feet) and DSW Designer Shoe Warehouse (18,361 square feet).

In other local real estate news, The Chicago Tribune reports Cedar Street Co. has acquired a three-property industrial and retail portfolio in suburban Downers Grove. The portfolio was purchased for $16.2 million and includes Meadowbrook Shopping Center at 63rd & Woodward Downers Grove, University Plaza Mall at 1201-1213 Butterfield Rd., and 1400 Center Circle Drive.

The portfolio was purchased as part of the Qualteq Inc. bankruptcy case. University Plaza Mall and Meadowbrook Shopping Center will be placed on a long-term commercial mortgage-backed securities loan and primed for future development. On the other hand, 1400 Center Circle Drive has a triple net lease from a strong nationally recognized tenant positioned to secure long-term cash flow opportunities.

New $251M State-of-the-Art Malcolm X College Campus Plans Revealed

By Gabriel Circiog, Associate Editor

Mayor Rahm Emanuel and City Colleges of Chicago Chancellor Cheryl Hyman recently announced plans for the new Malcolm X College campus, a major investment in Chicago’s west side. The state-of-the-art learning facility aims to provide Chicago’s students access to the tools that will enable them to succeed in fast-growing fields, such as health sciences. The Chicago Sun-Times reports the $251 million Malcolm X College will also feature a 1,500 space parking garage.

“Providing our students with a cutting-edge education requires facilities that are up to the task. This investment in Malcolm X is critical to the success of our students in the healthcare careers of tomorrow,” said Mayor Emanuel. “And we are proud that this project will add to the vitality and economic development of the west side as a major investment in our communities.”

The investment is part of a five-year capital plan that supports City Colleges of Chicago’s College to Careers initiative and will create 950 construction jobs through 2016. CCC is also launching a community jobs program that designates up to 120 of the construction jobs for qualified applicants from the community around the new college.

In addition, CCC is also guaranteeing, through City Colleges’ Dawson Technical Institute of Kennedy-King College, 50 free slots in construction training programs for applicants without previous training who live in the communities surrounding the new campus. City Colleges has partnered with HACIA and the Chicago Urban League to recruit all applicants and work with union officials, ensuring minority and female participation in the project.

The nation’s largest African American-owned architectural firm, Moody Nolan, has been contracted by City Colleges to serve as the architect of record on the project. The firm’s Chicago office will be expanded from nine to 14 staff member and will become the largest African American-owned architectural firm in Chicago.

Located in the Eisenhower Corridor, the project is part of Mayor Emanuel’s Chicago Neighborhoods now initiative. The city is leveraging $330 million in public funding with $2.6 billion in private funding to facilitate new economic development and housing, improving the quality of life in seven sections of Chicago. The new college is expected to open in January 2016.

Rendering Courtesy of: www.ccc.edu

KBS REIT II and Hines Announce LEED Platinum Certification of 300 North LaSalle Office Tower

By Gabriel Circiog, Associate Editor

KBS REIT II and Hines recently announced that 300 North LaSalle in Chicago has been awarded Platinum certification under the U.S. Green Building Council’s LEED for Existing Buildings category. The tower had previously received a Gold certification under the LEED for Core & Shell Rating System. Developed by Hines, 300 North LaSalle was completed in 2009 and purchased by KBS REIT II in 2010. The company continues to manage the tower.

Located on the north bank of the Chicago River between the River North District and the Central Business District, the 57-story tower offers 200 feet of frontage along the river, including a large waterfront café and an outdoor plaza with seating. Standing tall at 775 feet, the 1.3 million-square-foot building is amongst the tallest buildings in Chicago.

The 57-story energy efficient office tower was designed by Pickard Chilton and features a façade clad in articulated glass and stainless steel that maximizes the introduction of daylight but also minimizes solar gain.

In order to achieve the goal of Platinum certification, green features including river-water intakes for denser water; a recycling program for paper, glass, aluminum and plastic; a green roof to reduce heat island effect; low-flow water fixtures across the building; and light switches with motion detectors had to be implemented at the property. Hines also offers its Green Office for Tenants program, which assists in giving tenants options to reduce their carbon footprint.

The office building is currently 99 percent leased, and major tenants include The Boston Consulting Group, GTCR, Kirkland & Ellis LLP and Quarles & Brady LLP.

“300 North LaSalle achieving LEED Platinum demonstrates our commitment to the environment, as well as our sustainability efforts to our tenants and community. This tower adds stature and prominence to Chicago’s great skyline while respecting our mission in sustainable design,” said Hines Vice President of Property Management Lance Knez.

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NY Developer Plans Boutique Gay-Friendly Hotel in Boystown

By Gabriel Circiog, Associate Editor

New York-based Parkview Developers LLC plans to open a gay-friendly hotel in the heart of Boystown. The approximately 112-room hotel would be located on the 3300 block of North Halsted Street and would be called Out Chicago, according to Ian Reisner, managing partner of the development firm.

ChicagoRealEstateDaily.com reports the new hotel would be modeled after the Out NYC, which opened just over a year ago in New York, and would include an enclosed atrium that would feature event space, a spa and gym, a rooftop bar, restaurant and retail space.

The scope of the project is to offer an environment where members of the lesbian, gay, bisexual and transgender community, as well as their friends and family, can feel at home when visiting Chicago. Mr. Reisner, for the same source, said the project was pitched to Alderman Tom Tunney last summer and that he now plans to deliberate with the community residents at a Triangle Neighbors Association meeting.

This information has been confirmed by John Becvar, vice president of the association, who posted an announcement of the proposal on the neighborhood association’s Facebook page: “There’s a proposal for a very large development on the 3300 N. block of Halsted to build ‘The Out Chicago’ that will include 100-plus hotel rooms. The developer is trying to rush this through and hasn’t attended Triangle meetings but is having a joint neighborhood meeting on Thursday, April 11th at 7PM at the 19th District Police Station Community Room. Everyone should definitely attend.”

Ian Reisner said his company is negotiating to acquire the land for the project across from Roscoe’s Tavern and that the firm could partner with Minibar for a bar concept in the hotel. The hotel, which would cater to members of the LGBT community, does not market itself as a gay hotel but more as a straight-friendly urban resort, with straight guests representing almost a third of the hotel business at the New York location.

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Illustration Courtesy of John Becvar via Facebook.

Loews Hotels & Resorts Breaks Ground on 400-room Hotel

By Gabriel Circiog, Associate Editor

Loews Hotels & Resorts recently held a groundbreaking ceremony on the site where it will open the Loews Chicago Hotel in 2015. Company officials, including Chairman Jonathan M. Tisch and President and CEO Paul Whetsell, were joined by Donald R. Wilson, Jr.— founder and CEO of DRW Trading Group—and Mayor of Chicago Rahm Emanuel at the ceremony.

“Even with Chicago’s hotel occupancy at a record high last year, companies continue to build more hotel stock as more and more tourists, business travelers and conventions are flocking to Chicago,” said Mayor Emanuel. “I am pleased to see this hotel rise from the ground, creating hundreds of jobs and setting up Chicago to continue its growth as one of the premiere destinations in the entire United States.”

Designed by the architectural firm Solomon Cordwell Buenz and developed by DRW, the Loews Chicago Hotel will be part of a 52-story tower that will also include 398 luxury residential apartments. The hotel will feature 400 guestrooms, including 36 suites. The new construction will also include a signature restaurant, over 25,000 square feet of meeting space, outdoor terraces, an outdoor rooftop including a swimming pool, and a spa/fitness center.

Donald R. Wilson, Jr. said: “We are excited to partner with Loews in designing and delivering a hotel and residential product. The apartment and hotel combination will be a benefit to one another, offering amenities to residents that set us apart from the current market.”

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Photo Courtesy of: Loews Hotels & Resorts via Facebook.