Purchased in late 1999, redeveloped, and sold in October 2006 – Investor IRR =46%
140,000 SF redevelopment of Chicago’s first shopping center (1950).
Portions of the Center were demolished and reconfigured to include Borders, Fifth Third Bank, Panera, Starbucks, amongst many others.
A portion of the property under long term lease to Metropolitan Water Reclamation district was re-zoned to accommodate a senior housing project.
Negotiated and secured a $5.5M TIF note which was sold with the property.