Jewel-Osco is set to move into a 64,565-sf anchor spot next month, completing the 180,000-sf first phase of the $110-million de-malling of Brickyard Mall. The second phase, set to open in October, includes Target and Lowe's in 143,000-sf spaces, along with a 30,000-sf Marshalls, a 20,015-sf Office Max, a 10,800-sf Pier 1 Imports and a 10,000-sf Dress Barn.
While the remaining tenants were displaced in 2002 when their leases were terminated before demolition of the indoor mall, some are returning to The Brickyard. "We are pleased that the existing stores did sign new leases," Spinnell says. "The retailers in general have been very enthusiastic about the redevelopment plan."
The city is kicking in $26.5 million in tax increment financing for the project, which is located on the site of a former quarry at the southwest corner of Diversey and Narragansett avenues. The site originally had been land filled with debris from the construction of Chicago's expressways before the Brickyard Mall was built. The city hopes to collect an additional $2.5 million a year in sales tax revenue as a result of the redevelopment, says 36th Ward Ald. William J.P. Banks.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.