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Chicago’s South Loop is about to change for the better.
The Roosevelt Collection, a mixed-use residential and retail development owned by McCaffery Interests, will bring an exciting new shopping experience to Roosevelt Road in early 2013.
It’s been a long journey for the Roosevelt Collection project, which was acquired by McCaffery, a leading development, retail leasing and property management firm, as a short sale in 2011. It was built by Centrum Properties in 2007, but the retail portion was never leased.
Before leasing and moving retail tenants into the plaza area that will anchor the Roosevelt Collection’s public space, McCaffery completely revamped the area between the shops, which is also home to the ShowPlace ICON theatre, consistently ranked as one of the nation’s top movie houses. McCaffery tore down buildings that had previously been centered in the middle of the plaza, creating a more dynamic, open air space that feels like the perfect place to forge community connections.
At a recent Institute of Real Estate Management (Chicago chapter) event, 140 IREM members enjoyed food and beverages in one of the ShowPlace’s private VIP lounges, where moviegoers can enjoy snacks and drinks while they watch the latest blockbuster film. A bar and restaurant are also contained within the theater.
Then the group moved on to a tour of the Roosevelt Collection space, which includes green features like a living wall in the Roosevelt Lofts lobby, common gathering areas, creative landscaping, and 340,000 square feet of retail space. There is a 1,500 space parking garage on site that will be shared between the retail and residential property.
Though retail tenants haven’t yet been announced, Yvonne A. Jones, CPM, CCIM, Managing Director of Asset and Property Management for McCaffery, told us that the project is nearing its completion and retail tenant announcements will be made later this year.
The Lofts at Roosevelt Collection, which features 342 residential units, are 97 percent occupied. Designed as condominiums, the units are rented as apartment lofts, providing residents with an exciting Class-A living experience near the heart of Chicago’s downtown.
As McCaffery’s Digital Marketing Manager, Peter Lillis, puts it: “It’s as close to the heart of the city as you can be without actually being it.” The resident base for the Lofts at Roosevelt is extremely diverse, including professionals who work within walking distance, and people of all ages and walks of life. Public transit is nearby and convenient, making a carless lifestyle easy.
For Chicago residents at large, there will be many other reasons to journey to the Roosevelt Collection – in addition to the ShowPlace ICON – starting very soon. It will be the South Loop’s only shopping center to include small space, soft good retailers with specialty clothing and other products, complementing the offerings of stores like Target, Whole Foods and Home Depot nearby.
“Roosevelt Collection is really the only opportunity in that corridor for that type of occupancy to take place,” Jones said. “It’s really a unique opportunity and as has been proven already by the other big box retailers in the area, there’s a lot of buying power in that immediate market.”
Look for store openings starting next year.
More information about the property, which has a fully developed social media platform, can be found on these channels: Property Website – Blog – Facebook – Twitter – YouTube –Time lapse – FourSquare – Pinterest or you may also reach Yvonne Jones at [email protected]
