Bond Cos. Plans Mixed-Use Project for Roosevelt Road
- Feb 01, 2012
The Bond Cos., a Chicago-based developer, plans to build a mixed-use project between Canal and Clinton streets just north of Roosevelt Road, according to ChicagoRealEstateDaily.com. The plan calls for around 200,000 square feet of retail space and up to 460 apartments.
Although retail development along the shopping strip on Roosevelt Road has stalled since the recession and real estate crash, many believe it is only a matter of time before the area begins to rival the busy North and Clybourn retail district near Lincoln Park.
The development will undoubtedly face competition from Roosevelt Collection, a development located at Roosevelt and Clark Street. Owned by a joint venture, which includes Chicago-based McCaffery Interests, Inc., the 398,000-square-foot development was finalized in 2010 and is currently 75% vacant.
Retail broker Allen Joffe, principal at Baum Realty Group in Chicago, reckons that the developer may be able to offer good deals on rent due to the purchase of the Roosevelt Collection at a low price. McCaffery also has space available immediately, which represents another competitive advantage.
On the other hand, Robert J. Bond, co-founder and president of the Bond Cos., highlighted that his project will be connected to the local street grid. The site is across the street from a Whole Foods-anchored shopping center and is surrounded by additional retail. It also offers respective stores direct street access.
The project will be developed on the site of the former headquarters and warehouse of Chernin’s Shoes, Inc. Bond plans to demolish the building and seek a zoning change from the city. As a consequence, the firm has limited the height of the project to six stories for the residential segment and two stories for retail.
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