Breaking will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Archon Group LP, a subsidiary of the Goldman Sachs Group Inc., in conjunction with Monroe Investment Partners LLC, a local private partnership, acquired a 50-acre site on Chicago’s South Side for the joint venture development of a new 420,000-sf retail power center to be called Chatham Market.

The project, which will be built on the Ryerson steel plant site at 83rd Street and Stewart Avenue near the Dan Ryan Expressway, is moving forward immediately, says Curt Bailey, director of retail investments at the Chicago regional office of Archon. The development is expected to cost nearly $120 million, but is expected to receive more than $30 million in tax increment financing.

Thus far, Archon has signed home improvement retailer Lowe’s to anchor the center, which will utilize 130,000 sf. The project is designed to accommodate two big-box anchors and by a mix of other category-leading retailers ranging from 15,000 sf to 45,000 sf, plus specialty shops.

Bailey says that while center will bring a much-needed economic boost to the area, the South Side region offers a dense and mature consumer base. According to his figures, the median income for the area is $50,000. “I think there is a dearth of 50-acre retail sites available in the City of Chicago, especially with an established retail node and outstanding density,” Bailey tells “The fact is that this area is under retailed.”

Archon is also heading up Poplar Creek Crossing, a 400,000-sf retail center anchored by a 124,000-sf Target under construction in suburban Hoffman Estates. It also was a joint venture partner in the redevelopment of the 550,000-sf Brickyard Mall on Chicago’s Northwest Side, which re-opened in 2004.

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 Spring 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 now!

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

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