X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HINSDALE-Foxford Development has recently announced plans for a 20-acre mixed-use development here. The Hinsdale Club project, more than three years in the works, will include 60,000 sf of retail space, in addition to office, residential and hotel components. The Ogden Avenue property, one block west of Interstate 294, previously housed the Hinsdale Office Park.

The development company has begun demolishing the office park buildings, and is anticipating delivery to retail tenants in summer 2009. Negotiations are already in progress with several “high profile” tenants, according to VP Claire Bitautas and senior associate Anne Callard, of NAI Hiffman’s Retail Services Group, who will act as leasing agents for the property. Bitautas says interest is already strong in the project, even in its preliminary stages.

“It’s situated directly off the tollway on Ogden Avenue,” Bitautas says. “The site will pull from a very upscale demographic.”

Phase one of the project involves development of the retail segment of the development, with construction on the other components beginning shortly thereafter, Bitautas says. The size in sf of the office, residential and hotel segments of the development is not yet decided, though previous plans had included 271 multifamily units and 25,000 sf of office. Leasing agents have not yet been contracted for the office, residential, and hotel segments of the project, Bitautas says.

“This is really an exciting project for that area,” Bitautas tells GlobeSt.com. “Hinsdale has not had a new development in years. It’s an exciting opportunity for retailers that want to be located in the Hinsdale-Oak Brook area and want to be part of a brand new, high end, upscale development.”

According to Grubb & Ellis research, the average overall occupancy rates for office buildings in the I-88 East suburban submarket are around 81%. The average asking lease rates for office buildings in that area range from $21 to $26 per sf, the research said.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.