X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAK BROOK, IL-Kerasotes ShowPlace Theatres has signed on to open at the 600,000-sf Clearwater mixed-use development being developed by Chicago-based John Buck Co. and San Francisco-based McMorgan & Co. The 29-acre development, at the intersection of 22nd Street and York Road, will also have an aloft Hotel, about 130,000 sf of retail and restaurant space, office space and a condominium building. An estimated cost for the project was not disclosed.

Kerasotes will open a 14-screen movie theater adjacent to an office building already constructed at 2001 York Rd. Construction on the 100,000-sf movie theater facility is expected to begin in the first half of next year, pending approval by the village of Oak Brook. The theater is expected to open in the first half of 2009. John Buck Co. vice president Matt Means said Kerasotes has a “long-term lease” but would not disclose further details.

A 139-room aloft Hotel, part of Starwoods Hotels & Resorts Worldwide Inc.’s W Hotels brand is scheduled to open in the fall of 2009. Construction on the approximately 70,000 sf hotel is expected to begin next quarter with demolition expected to begin soon an existing office and warehouse building, Means says.

The approximate 150,000-sf condominium building will be 13 stories and have 77 units. The units will vary in size and be approximately between 1,800 sf and 1,900 sf. The condominiums are expected to be available for occupancy by the end of 2009 or beginning of 2010. Sales prices for the units are not being disclosed until a sales office opens in January, says John Buck Co. senior vice president Susan Hammersley. The development will have “both national and local retailers” but Hammersley said she could not disclose retailers at this time or asking lease rates.

There will also be a 50,000-sf health club but Means said they could not yet disclose the name of the company. The retail is expected to open in the late summer or fall of 2009.

An 184,000-sf, five-story office building constructed by John Buck Co. in 2000 at 2001 York Rd. and an existing Class B 120,000-sf three-story office building are also part of the development. The 184,000-sf office building is 100% leased, with the major tenant being Comcast, and the 120,000-sf building is more than 90% leased, Hammersley says.

Asking lease rates were not disclosed. A 150,000-sf office building may also be constructed at the development, Means says. John Buck Co. acquired the property about 10 years ago and initially had plans for a one-million-sf office park at the site but “the dynamics of the office market has changed,” Hammersley says. The site was chosen because “it is considered the premier suburb to do business in” and the location has a daytime population of 100,000 people, she says. The development is also near Oakbrook Center and is near all of the major express ways including Interstates 294, 290 and 88.

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?

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
 

GlobeSt

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.