$1 billion mixed-usedevelopment here

|

Von Maur agreed to a long-term lease for 150,000 sf, says GarySafady, managing partner of O&S Holdings. "There is no othersite that can offer them the traffic, visibility and exposure thatthe (Interstates) 55 and 80 can.," Safady says. "It is a superregional site."

|

The retailer will have a two-story department store, which willbe its seventh in the state. Von Maur currently has 22 locations inthe Midwest with locations expected to open in the fall in bothDayton, OH and Overland Park, KS. "As one of the fastest-growingcities in the country, Joliet – and the entire south suburbanChicago area – represents an area of significant opportunity forus," Von Maur president Jim von Maur said in a statement.

|

Co-anchoring the development will be Regal Cinema, which willhave an 18-screen theater. Regal Entertainment Group, based inKnoxville, TN, has a long-term lease, with a term of between15-to-20 years, for 75,000 sf, as previously reported byGlobeSt.com. The Chicago office of CB Richard Ellis, O&SHoldings and Strategic Retail Development are handling the retailleasing.

|

Bridge Street Town Centre will have nearly four million sf ofretail, restaurant, residential, office and hotel space, Safadytells GlobeSt.com. Approximately 1.7 million sf will be retail andrestaurant space with about 96,000 sf of office space. Thepartnership expects to break ground on the development in early2009 with completion in 2010. "At least 70%" of the space iscommitted at this time, he says. The asking lease rate range forthe retail is between $30 per sf and $80 per sf, net, Safadysays.

|

The mixed-use development is expected to have two hotels. Theventure is currently in negotiations for a hotel with 150 rooms anda conference center, Safady tells GlobeSt.com. The other hotel isexpected to have between 100 and 150 rooms. About 15 acres of thedevelopment will be an office park constructed by a developer thepartnership is currently in negotiations with. About 800residential units are planned for the development. Anotherdeveloper will create 20 acres of multifamily, and between 25 and35 acres of single family-homes and townhomes.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.