CHICAGO-The new owners of the Presidential Towers apartment complex plan to renovate the retail of the 2,346-unit development. The complex consists of four 50-story towers located on 5.8 acres bordered by Madison, Clinton, Monroe and Des Plaines streets. Waterton Associates LLC, based here, in a joint venture with the California State Teachers Retirement System acquired the property in April for $470 million, as previously reported by

Northern Realty Group Ltd., based here, has been chosen as the retail consultant and developer as well as the leasing agent for the project. Bruce Kaplan and Leslie Mader will lead the development. Valerio Dewalt Train will be the architect for the project and Lyons Realty Advisors will assist with studies, concept development and plan execution.

The four-building development has approximately 110,000 sf of retail space on the ground and second levels. The retail space will be reconfigured and expanded to between 140,000 sf and 150,000 sf, says Bruce Kaplan, president of Northern. Specifically, a “modest-sized” health club may more than double in size to about 55,000 sf, Kaplan says. The property owners have been contacted by a couple of “name-brand operators” of health clubs that would like to be tenants and see the health club expanded. Kaplan said that he could not disclose the identities of the health club operators at this time. The health club has a large outdoor deck area that has a running path and basketball court. The outdoor area may be enclosed with the expansion of the aerobics area, and an indoor running path and basketball court, he says. The amount of retail space will also be slightly increased by having the retail face outward and by turning the internal corridors into rentable space.

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