X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Loyola University Chicago has teamed up with J.B. Realty Inc. to develop a $9 million classroom and retail building at 20-24 E. Chicago Ave. The five-story, 35,000-square-foot building will offer two floors of retail and three floors of classrooms that will connect to the college’s neighboring Water Tower Campus, at 25 E. Pearson.

The property has been owned for three years by J.B. Realty, primarily a retail developer, who decided to collaborate with Loyola to maximize the site’s potential.

“It works well for J.B. because they’re able to get some money from us and get more value out of the land by building more than just a two-story retail building,” Wayne Magdziarz, head of capital planning for Loyola, tells GlobeSt.com. “For us, it was a great opportunity to add 15 new classrooms and integrate those classrooms into our already existing academic building. We’re going to do this in a way that’s seamless for students and we’re confident it will be easy for students to access.”

Construction on the site, which will include demolition of an existing building, will begin in the coming months Magdziarz says, with completion slated for summer 2010. Loyola is sinking about $9 million into the project, about $3 million of which will buy J.B. out so the university will own floors three through five of the development, to house 20,000 square feet of classroom space. J.B. will contribute $3 million to the development and maintain ownership of the ground and second floors, which will offer 15,000 square feet of retail.

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

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.