Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EVANSTON-Land acquisition for the proposed Sherman Plaza mixed-use is complete, at a cost of $14.5 million. However, the 250,000-sf retail development with a 196-unit multifamily tower aimed at the senior market is expected to be a $100-million development.

The land purchases were made by the city of Evanston and Sherman Plaza Venture LLC, a partnership that includes James Klutznick, whose family developed the Water Tower Place, Old Orchard and Oakbrook shopping centers.

Demolition of the block bounded by Sherman Avenue, Benson, Church and Davis streets is expected to begin by the beginning of 2002, with a 1,400-car parking garage expected to be completed by November 2002. The retail development is targeted for a spring 2003 completion, with the multifamily tower expected to follow later in the year.

The Downtown redevelopment project has been talked about for years, and appeared to have suffered a serious setback when Hoffman Estates, IL-based Sears Roebuck & Co. dropped out earlier this year. However, the developers now hope to attract a health club as one of the main retail tenants.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.