Rebuilding Chicago’s Lincoln Avenue, and why transit agencies are the new players in real estate
Aug 1, 2014
Here are the news stories you might have missed this week:
Crain’s Chicago Business: Investor aims to level, rebuild Lincoln Ave. block
A Chicago retail investment and development firm threw down $3.5 million to acquire several buildings on Chicago’s Lincoln Avenue just to tear them down. The North Side neighborhood, known for its shops and restaurants, will soon be demolished and rebuilt to add an additional 21,500 square feet of new retail space to the region. The deal is yet another example of how retail firms are increasingly creating and shaping new shopping districts in some of America’s largest cities. Learn more about the trend at ChicagoBusiness.com.
The Philadelphia Inquirer: Mall developer Macerich Co. to invest $106.8M in Gallery revival effort
Who said malls are just for suburbanites? Macerich Co. and Pennsylvania Real Estate Investment Trust (PREIT) announced a joint venture to redevelop the Gallery at Market East, an urban mall in Center City Philadelphia. The revival effort hopes to bring accessible luxury retailing to Philly, with Century 21, a New York fashion chain that resells designer apparel, signing on as the mall’s first anchor store. To learn more about the Gallery’s facelift, hop over to Philly.com.
The Wall Street Journal: Transit agencies get creative
Cash-strapped transit agencies hoping to expand rail lines are entering into a new business: real estate development. Transit authorities in cities such as Atlanta, San Francisco, and Washington D.C. are all purchasing underused properties and parking lots near train stops and transforming them into revenue-raising mixed-use properties. A 2013 study found that property values within walking distance of transit stops were 41.6% higher than other properties in the same region. The phenomenon is due to an increase in rail ridership as people continue to forgo cars and flock to urban centers. By capitalizing on these unwanted spaces, transit agencies are pocketing a hefty pay check to use for rail expansion projects. Jump to WSJ.com for more.
The New York Times: Brooks Sports moves new home closer to trails
Running shoe and apparel retailer Brooks Sports ditched the traditional downtown office for a custom-built property in Seattle’s quirky Fremont neighborhood. The move came as part of Brooks’ efforts to differentiate its brand, accommodate its growing team, and recruit top talent to the company. The new global headquarters is located north of Downtown Seattle, aptly positioned near some of Seattle’s best running trails. Aside from a number of distinct features that align with the active and outdoor lifestyle that Brooks promotes, such as showers for “human-powered” commuters and incredible views of Lake Union, the building is also equipped with innovative sustainability features, including a hydronic heating and cooling system and dashboards that broadcast real-time statistics about energy consumption. Read more about Brooks’ move at NYTimes.com.
Author: Raymond T. Cirz