Construction has begun on an eight-story building, which will include 70,000 sf of Class A office space on the top four floors as well as a four-level, 130,000-sf retail complex expected to include Gap, J Crew, Victoria's Secret, Banana Republic, California Pizza Kitchen and a yet-to-be named, "high-end" health club that will occupy the third and fourth floors. There also will be a covered parking facility with 350 spaces. Completion is expected easrly next year.

"We're talking with medical, advertising, and high-technology firms that want prime office space in a hot location," says Howard Meyer, senior vice president of US Equities Realty, LLC, which is leasing the office space. "This is the only new, Class A office space in Lincoln Park so the interest has already been extremely strong."

The project actually is in the Near North community, but the Lincoln Park neighborhood officially begins on the north side of North Avenue, which already includes a Crate & Barrel, Restoration Hardware and Z Gallerie.

Lead developer and Centrum Properties principal Sol Barket suggests the two-year reconstruction of Wacker Drive will benefit office and retail tenants of a neighborhood center such as North Avenue Collection. The property, near the foot of the Clybourn Corridor, is served by a nearby Chicago Transit Authority "Red Line" stop.

Harry Weese Associates is the, project architect, Howard Hirsch Associates is a consultant and work is being done by W.E. O'Neil Construction. Financing was arranged through LaSalle Bank, U.S. Bank and Associated Bank.

Krista Rossman and Barry Laskov of Blatteis Realty are retail leasing agents for North Avenue Collection.Chicago-based Centrum has developed the nearby Riverpoint Shopping Center in Lincoln Park.

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Hot Neighborhood Getting $50-Mil Project

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