CHICAGO—In the last few years, TuckerDevelopment has concentrated on developing a set ofhigh-profile mixed-use properties in New Jersey. ButRichard Tucker, the chief executive officer, tellsGlobeSt.com that with projects like Hudson Lightsin suburban Fort Lee well underway, the Highland Park, IL-basedcompany is ready to refocus on Chicagoland.
And although the company is best known here for retail projectslike South Loop Marketplace andMarketplace at Six Corners in Chicago, andCountry Club Plaza, a 450,000-square-foot center in suburban Country ClubHills, Tucker says he hopes to soon launch mixed-use projects withboth retail and luxury rental, similar to their recent New Jerseyefforts.
Adding luxury rental to these projects makes a great deal ofsense, he says, since the modest and belated increase in rents forretail properties remains below the hike in construction costs.“It's really something we believe in; the retail and luxury rentalcomponents, which people are finding have pretty strong occupancyrates, can feed off of one another.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
