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Developer Looking To Sell Roosevelt Collection in the South Loop

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For Sale: 342 apartments, 398,000 square feet of (mostly) unleased retail, and a 1,482-space underground parking garage. When Centrum Properties drew up plans for a hybrid shopping mall-condo development on the old rail yards just north of Roosevelt Road towards the end of the boom years, it looked like a winner, but bit by bit, that suburban fantasy has crumbled. First, the residential portion of the development went rental when the condos wouldn't sell. The developer had no problem renting the apartments, but they did have trouble filling the retail space. Now, Centrum is looking to wash their hands of the whole development, offering to sell the different components separately or as one packaged deal. The Crain's story predicts that Centrum will have to take a big loss on the development, which cost $350 million to build.
· Big loss likely as Roosevelt Collection goes on the block [Crain's]