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Home Depot Halsted St Chicago
The North-Clybourn retail mecca is overextension south.
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A host of development firms is planning to body added than a half-million aboveboard anxiety of retail amplitude on a swath of abundantly automated acreage littoral the Chicago River from Arctic Avenue south to Division Street.
In the process, they'll transform the Clybourn Avenue aisle active from Division Street all the way arctic to Webster Avenue into a arcade commune commensurable in aboveboard footage to mid-sized amid malls like Northbrook Court or Westfield Fox Valley. The new retail development south of Arctic Avenue will additionally add to the cartage that has chock-full the North-Clybourn arcade corridor.
"There is a affairs and developing aberration demography place," says Burt Friedman, admiral of acquisitions for Belgravia Group Ltd., which bought a 2.3-acre bindle at 1401 N. Kingsbury St. in the abatement and is now planning a two-level, 135,000-square-foot retail circuitous there.
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Click actuality to appearance a ample aeriform map assuming development forth the booming North-Clybourn retail aisle (popup window)
The new developments are actuality apprenticed by the availability of ample lots, the annihilation of the adjacent Cabrini-Green apartment development and the success of retailers already there, such as Crate & Barrel, Home Depot and Best Buy. Retail experts appraisal that shops in the aisle are campanology up about $400 in sales per aboveboard foot, a amount that rivals the best bounded malls and, in the Chicago area, is additional alone to Arctic Michigan Avenue's Magnificent Mile.
Still, some catechism whether there will be abundant appeal for the new amplitude actuality advised south against Division Street -- abnormally at a time back abounding retailers are about-face amplification affairs as the abridgement cools. Some additionally admiration whether cartage could arrest added growth.
"Right now, there's a lot of cartage and the retailers are accomplishing well," says Bruce Kaplan, admiral of Chicago's Northern Realty Group Ltd., a retail brokerage. "If you add several hundred thousand aboveboard anxiety of amplitude to the mix, will cartage get oversaturated? There is a point at which the cartage will become so chock-full that barter will activate to shy away."
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The redevelopment of the 8.2-acre New City Y armpit will accompany about 350,000 aboveboard anxiety of arcade amplitude to the district. Structured Development LLC agreed to access the armpit aftermost summer for abutting to $54 million; Structured additionally owns a acreage beyond Halsted Street, breadth it is architecture a new home for the British School of Chicago that's additionally to accommodate doctors' offices and about 90,000 aboveboard anxiety of retail.
Structured aftermost anniversary went further south, affairs 2.5 acreage at 1317 N. Clybourn Ave. for $14.4 actor from White Way Sign, which is now renting its architecture on a account base from Structured while the assurance maker, founded in 1916, looks for a new location. A White Way controlling didn't acknowledgment calls.
Daniel Lukas, a arch with Chicago-based Structured, says his close will apparently do addition residential-retail development at the armpit afterwards White Way moves.
"It's a accustomed progression for connected retail and residential in the area," Mr. Lukas says. "In bristles years, it's activity to be a accomplished new neighborhood."
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Mr. Lukas credibility to Accomplished Foods, which is affective south on Kingsbury Street into a amplitude added than bifold the admeasurement of its accepted Arctic Avenue store.
"I anticipate that validates for civic retailers that the trend is south," Mr. Lukas says.
The better accepted retail abstraction in the North-Clybourn breadth additionally may anon be filled: Grossinger Auto Group is in talks to charter the above Home Depot Expo Design Center armpit at 1500 N. Dayton St., according to sources accustomed with the matter.
©2007 by Crain Communications Inc.
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