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NAPERVILLE, IL-CityGate Centre has recently signed nearly 37,000 sf in new leases with retail and office tenants for the 31-acre mixed use development. The development is expected to cost around $300 million and offer one million sf of office space, 150,000 sf of retail, and the 144-room Hotel Arista. The project, at the Interstate 88-Route 59 interchange, is being developed by Calamos Real Estate LLC.

Recently, executive office space provider Amata Office Suites leased nearly 27,000 sf in the office portion of the development at 2135 CityGate Lane. The first phase of the office, called CityGate Centre I, is about 20% leased. The asking lease rate for office space in the development is $19.75 per sf net. J.F. McKinney and Associates is acting as leasing agent for the office portion.

Construction was finished this spring on the 57,000-sf Shops at CityGate Centre, the first phase of the retail portion in the development. Construction on the 60,000-sf second phase is expected to begin by year’s end, with delivery expected in summer 2009. The development is also planned to have a 700-seat entertainment center.

Recent retail leases include more than 1,500 sf to Tacone Flavor Grill and about 8,300 sf to Memor Spa, which will serve as the spa component of Hotel Arista. The two tenants are expected to occupy their space, both at 2155 CityGate Lane, beginning this winter. The new leases will join Smith Barney, which is on the ground floor of the retail. The asking lease rates for the retail space ranges from $32 per sf to $35 per sf net for the first floor, and between $19 per sf and $21 per sf net for the second floor retail space. Gem Commercial Real Estate is acting as leasing agent for the retail portion of the development.

“CityGate Centre offers retailers the opportunity to be part of a dynamic urban environment – but in Naperville, without the drive downtown. So many suburban customers are craving a more walkable, mixed-use experience,” said Martha Winter, managing principal of Gem. “CityGate has built-in customers from the office buildings, and will also attract people from the surrounding community, through its modern, upscale atmosphere attractive to the sophisticated consumer.”

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