Magellan Breaks Ground for 105,000 S.F.
Retail Center at Lakeshore East
Magellan Development Group has broken ground for a 105,000 square foot retail center at the southwest corner of the 28-acre Lakeshore East mixed-use development rising just northeast of Millennium Park near the confluence of the Chicago River and Lake Michigan.
The three-story Village Market Center will house an eclectic group of tenants anchored by a 55,000-square-foot bi-level Roundy’s Supermarket, a leading Midwest grocery chain, reports Brian Gordon, Magellan vice president of development “Roundy’s will not only be our first retail tenant in the Village Market, it will be the first large-scale grocery store in the emerging New East Side neighborhood,” observed Gordon. “This will be an enormous convenience for people making their home at Lakeshore East and for our residential and commercial neighbors as well. We view this as a significant step forward in realizing our vision of Lakeshore East as a village within the city.”
Designed for silver LEED certification, the contemporary Village Market will include a green roof, outdoor café and pedestrian promenades that reflect the architecture of the area.
A host of environmentally-sensitive ‘green features’ of the structure includes:
*More than 15,000 square feet of un-irrigated green roof
*The entire market will be a non-smoking structure
*A recycling program in-place to encourage retail tenant use and education
*Storage space for public and staff bicycles to reduce auto use
*Preferred parking for fuel-efficient and alternative-fuel vehicles
*All parking will be within or under the building. This eliminates impervious roof surfaces that are common in surface lots and roof-occupied parking garages.
*High-efficiency window systems *Low-volume, high-efficiency plumbing fixtures
*A shower and changing room for all full-time employees
The site is situated in close proximity to public transportation and bike paths, further reducing auto usage and carbon dioxide emission. Similarly, the Village Market’s proximity to such community services as banks, restaurants, places of worship and recreation (a block from Millennium Park) is also expected to limit the need for vehicle usage.
Gordon reports that two restaurants have also signed leases for the Village Market. lll Forks, which operates restaurants in Austin, Boca Raton, Dallas and Palm Beach, has leased 12,941 square feet for its first restaurant in Chicago while a breakfast restaurant has taken 2,128 square feet.
Roundy’s is a leading grocer in the Midwest with nearly $4 billion in sales and 20,000 employees. Founded in Milwaukee in 1872, it operates 151 retail grocery stores under the Pick’n Save, Copps, Rainbow and Metro Market banners in Wisconsin and Minnesota. For more information about Roundy’s, visit the company website at www.roundys.com.
“We are excited about opening new stores in the city of Chicago,” said Robert Mariano, Roundy’s chairman and CEO. “We look forward to serving customers at Lakeshore East and the surrounding neighborhood.”
Gordon expects the Village Market, which will house additional restaurants and service providers, to be completed within one-year from the start of construction. McHugh Construction Co. is the general contractor. Other retail tenants at Lakeshore East include the recently opened 12,000-square-foot CVS/pharmacy that anchors a 37,000-thousand square-foot retail component on the ground level of the unique 82-story Aqua at Lakeshore East and a Caffe Rom located at The Shoreham. A Fifth Third Bank is also situated in The Shoreham.
The highly-acclaimed and multiple-award-winning Lakeshore East community incorporates all the elements of a traditional city neighborhood. It is a lifestyle center that includes homes, retail, recreational opportunities and community amenities such as a lush public park and a planned elementary school.
Its master plan recently captured a highly-esteemed Prix d’Excellence International Design Award from (FIABCI), the International Real Estate Federation representing more than 60 nations. It previously earned a National Honor Award for excellence in urban design from the American Institute of Architects (AIA).
Lakeshore East, which has already evolved as a neighborhood with some 6,000 residents, is regarded as a preview of the future, a mixed-use development where people can live, work, shop, eat and pursue their interests without having to get into a car.
The plan that completes the ambitious Illinois Center development allows for the construction of up to 4,950 residences, a magnificent 6-acre public park, 2.2 million gross square feet of commercial space, 1,500 hotel rooms, 770,000 square feet of retail space and a proposed elementary school.
Residential developments at Lakeshore East currently include six completed and occupied buildings. Construction of the highly-acclaimed 82-story Aqua, the first high-rise in the city designed uniquely to combine condominiums, rental apartments, hotel and retail spaces, is nearing completion. Emporis recently named Aqua the 2009 International Skyscraper of the Year. The first phase of The Parkhomes at Lakeshore East, an enclave of 25 gracious townhomes, is also under construction and nearing completion.
For additional information on the Village Market Center, please telephone Brian Gordon or Jim Loewenberg at 312-642-8869 or visit the Website, www.MagellanDevelopment.com. For additional residential information, please telephone Leila Zammatta of Magellan Realty at (312) 493-8200.
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