CHICAGO-The leaders of both Canyon Capital RealtyAdvisors and McCaffery Interests, whorecently formed a joint venture to purchase the RooseveltCollection property on the South Side, both tellGlobeSt.com that they can fill the mostly vacant400,000-square-foot retail portion. The only tenant in theproperty, which was owned by Centrum until the$285 million loan couldn’t be paid, is a 16-screen movietheater.

The property also includes 342 apartments, and this portion isdoing well at 90% leased. Dan McCaffery, chairmanand CEO of his self-named firm, tells GlobeSt.com that there’s nodoubt the multifamily portion is solid. “We definitely think thatwe can bring energy to the property. We’re modestly changing thedesign, and this is fitting into a time when there’s increasedactivity by retailers as they’re rolling out new stores. Things arefalling in line for this property, and we’re going to maximize onthat opportunity,” he says.

The venture, which includes NBA star Earvin Johnson’sMagic Johnson Enterprises, reportedly purchasedthe 12-acre site for between $160 million to $175 million. Theventure said in a statement that it plans to remove the centermedian and the included small retail buildings, and open up theproperty to include green landscaped areas, water featureschildren’s play areas and wider sidewalks.