CHICAGO-Structured Development LLC, based here, has snagged thefirst downtown Chicago REI outdoor gear store for its BlackhawkHalsted development. The two-acre mixed-use development, at thecorner of West Blackhawk and North Halsted streets, has anestimated cost of $77 million. Structured secured a $70 millionconstruction loan from Maverick Commercial Mortgage Inc. earlierthis year.

REI has signed a lease for 28,000-sf on two stories at 1460 N.Halsted. The term of the lease is 10 years. REI has 91 storesnationwide, including in Northbrook, IL and Oakbrook Terrace, IL,but “this is their first major store located in downtown Chicago,”says J. Michael Drew, a principal with Structured. “It reallyvalidates the appeal of the North-Clybourn shopping district. REIhad been looking for a location for quite some time,” Drewsays.

The four-story building will have a total of 140,000 sf. Othertenants in the building will include Town & Country Pediatrics,Pine Dental and Advocate Health Care, which is relocating for afacility at Fullerton and Sheffield. The terms for all of theleases are at least 10 years, Drew says. Construction is underwayand is expected to be ready for occupancy in the middle of nextyear. Mid America Realty is the leasing broker for thedevelopment.