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A Big Plan to Bring 460 Apartments, New Retail to South Loop

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Roosevelt Collection, you're about to get some significant new competition for retail tenants. Per this morning's report from Crain's, Bond Companies, who brought us Bucktown's PAC Lofts and the Center on Halsted, is moving to initiate its plan for a 460-unit mixed use development between Canal & Clinton, just north of Roosevelt. The first two floors will offer 200,000 sf of retail space. Reacting to anticipated objections and sensitive to the need for a zoning change, Bond co-founder and president Robert J. Bond tells Crain's that they've capped the height at eight stories. “We are connected to the street grid. We are part of the fabric of the neighborhood,” he appeals further. The 3.9 acre site across from the Whole Foods plaza was formerly home to Chernin Shoes' headquarters and warehouse. The 225,000 sf warehouse still stands and was the past target of a retail rehab effort. Bond apparently has no interest in keeping it around.

Roosevelt Road has gotten pretty big-boxy in recent years, with supermarkets and value stores galore. East of the river, though, at Roosevelt Collection, smaller retail spaces sit largely vacant— 75% vacant, according to Crain's. When McCafferty Interests assumed the mantle at Roosevelt Collection, they began searching for ways to lure retail. The latest we've heard is a planned re-do of the plaza, subtracting three mid-court retail structures and adding greenery. And there may or may not be a tower in the works.

Looking at Bond Cos' rendering above, the apartments are organized in staggered blocks, connected by the retail space. This does help combat the monolithic scale of such a project, even if it doesn't afford much diversity. Similar in overall size to Roosevelt Collection and with the same retail-housing configuration, it's evident (from our single reference, at least) that this new plan is a lot less bulky and perhaps less insular than Roosevelt Collection. And we prefer the materials.
·Retail/Apartment project planned for Roosevelt Road [Crain's]
·Roosevelt Collection Coverage [Curbed Chicago]

Roosevelt Collection

150 W Roosevelt Road, Chicago, IL 60605