which had beenestimated

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The partnership expects to break ground early next year on thedevelopment. The project includes about 1.7 million sf of retail,including big-box stores, restaurants and upscale small shops. Thecenter will additionally have a 75,000-sf Regal Cinemas, aspreviously reported by GlobeSt.com. Regal Entertainment Group,based in Knoxville, TN, has a long-term lease for the property witha term between 15 to 20 years for a movie theater with between 16to 18 screens and at least 3,000 seats, Safady says.

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Regal is the only tenant the partnership is announcing at thistime, but approximately 70% of the space is committed and thepartnership is in negotiations with two department stores, he tellsGlobeSt.com. The asking lease rate range for the retail is between$30 per sf and $80 per sf, Safady says. The center is expected toopen in 2010. The Chicago office of CB Richard Ellis, O&SHoldings and Strategic Retail Development are handling the retailleasing.

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The site, at the intersection of two highways and a mainthoroughfare, is unique in that there is not a large shoppingcenter or major retailers for about 15 miles. "There is very few,if any, cannibalization on existing stores," he says. Approximately250,000 cars drive past the site each day on Interstates 55 and 80,Safady says. "The city of Joliet and the surrounding area is one ofthe fastest growing areas in the US," he says.

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Bridge Street Town Centre will also have 96,000-sf, includingsome office space above retail. About 15 acres will be an officepark constructed by a developer the partnership is currently innegotiations with, he says. About 800 residential units are plannedfor the development. Another developer will create 20 acres ofmultifamily, and between 25 and 35 acres of single family homes andtownhomes.

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The mixed-use development is also expected to have two hotels,Safady says. One of the hotels is expected to have about 150 roomsand a conference center, with the other hotel expected to havebetween 100 and 150 rooms, he says. The mixed-use development isestimated to generate $407 million in tax revenue during the next20 to 30 years and create more than 4,700 jobs, according to areleased statement on the project from O&S Holdings.Development Design Group, based in Baltimore, is designing theproject. OWP/P, based in Chicago, is the architect and engineer ofrecord and the Joliet office of Jacob Hefner Associates Inc. isproviding civil engineer and survey services.

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