JV Buys Mixed-Use Project
- Jun 14, 2011
June 14, 2011
By Allison Landa, News Editor
Canyon-Johnson Urban Funds and McCaffery Interests have joined forces to acquire and reposition the Roosevelt Collection, a mixed-use project in Chicago’s South Loop submarket.
Over the next year and a half, the team will work to transform the property’s 400,000-square-foot retail component, with plans calling for demolition of the center median to create more retail space as well as a new public plaza.
Remaining will be the existing 16-screen Kerasotes ShowPlace ICON theater as well as 342 residential units that are more than 90 percent occupied, as well as a parking garage, vacant land for a public park and rights to develop additional multi-family units.
According to Canyon managing partner Bobby Turner, the South Loop has come into its own as a Chicago destination and the revitalized property will bring more life to the area.