This location is the logical progression of the burgeoning retail market moving south from the fully occupied North Avenue. That transition has been solidly demonstrated by the proven successes of REI and Whole Foods.
Chicago (PRWEB) February 07, 2012
Structured Development has signed leases with Petsmart and Buy Buy Baby to occupy 45,000 square feet at 1415 N. Kingsbury St. on Chicago’s North Side. The 2.3-acre retail center just south of North Avenue and one block west of Halsted Street will also offer an 8,500-square-foot retail space for lease. The development will break ground in early 2012.
"The two tenants recognized the unique opportunity to locate at an easily accessible site, convenient to the fully improved Kingsbury Street with east west access to the newly planned Schiller Street joining Halsted with Clybourn,” said J. Michael Drew, principal of Structured Development. “This location is the logical progression of the burgeoning retail market moving south from the fully occupied North Avenue. That transition has been solidly demonstrated by the proven successes of REI and Whole Foods."
The remaining end cap is ideal for complementary uses that would benefit from the demographics of the Buy Buy and Petsmart shopper as well as the 700 parents of the British School students located directly across the street. Those tenants at 1415 N. Kingsbury St. include fashion, sporting attire, and high quality fast casual dining.
Structured Development remains active in the Halsted Triangle neighborhood and is a leader in the Halsted Triangle Owners Association (HTOA) which is committed to advancing the development and interests of the entire area. “There are exciting plans that include improved bicycle and pedestrian flow, the $6 million Kingsbury reconstruction, potential water taxi stations, improved access to the river, and continued investment in the neighborhood with the goal of enhancing the Triangle's identity as a desired place to work, shop, dine, live and attend school,” Drew noted.
Structured advanced the development of the site after its partner, Commonfund of Wilton, Connecticut, withdrew from the LLC. Structured Development paid off the existing PNC loan through a refinancing provided by The Private Bank in the amount of $14 million. “Structured is grateful to Private Bank for sharing its vision as to what Kingsbury Center could be, and for showing its faith in Structured's abilities to bring that to fruition,” Drew said.
Structured Development was formed in January 2002 to pursue unique real estate development opportunities. Leveraging its vast experience in the real estate market, Structured Development engages in complex real estate transactions which include large mixed-use centers, urban infill, and historic renovation projects.
Paula Widholm, pwidholm(at)taylorjohnson.(dot)com, 773-788-0831
Emily Johnson, ejohnson(at)taylorjohnson(dot)com, 312-267-4522