Roundy's Supermarkets Inc., based in Milwaukee, has a signed alease for 80,000 sf and will anchor the retail. The term of thelease is 15 years. Roundy's is expected to open "early tomid-2010," Berta says. The grocery store chain has 153 stores inWisconsin and Minnesota. The development will have approximately440,000 sf of retail space, Berta says. Only about 20% of the spaceis currently leased, but the venture is in talks with a fitnesscenter, a couple of restaurants and a "couple of national soft goodretailers," he tells "Unfortunately, we cannotannounce any particular names at this time," he says. The askinglease rate for the retail is between $50 per sf and $60 per sftriple net for ground floor space and $35 per sf triple net forsecond floor space, Berta says. RKF Retail Property Advisors, basedin New York City, and Chicago-based Mid-America Real Estate Group,are the brokers for the development.


NewCity is being developed on an 8.5-acre site. Along with thetwo-floor space, NewCity will have a residential tower, with retailon the lower floors, which will have up to 27 stories. Theresidential units will have a mix of one- and two-bedroom units aswell as penthouses with three or more bedrooms. It has not beendecided yet if the residential units will be apartments orcondominiums, he says. The average size of the units is expected tobe approximately 1,000 sf. If the units are rented, the rental rateis expected to be between $2.30 per sf and $2.50 per sf and, if theunits are sold, the sales price is expected to be approximately$400 per sf, Berta says. Ten percent of the units will bedesignated for people of low-income and 10% will be designatedaffordable housing.


The venture was planning on approximately 490 residential units,but are now planning on reducing that number because of the currenthousing market, Berta says. "We are looking at possibly having someother uses," he says. A hotel "is one option we are considering,"he confirmed. There will be underground parking for the residentialunits and a total of 900 parking spaces in a six-story parkinggarage for people visiting the retail. OKW Architects, based here,is designing the project. Construction is expected to begin in thelate summer or early fall, although utility work is currentlyunderway.

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