Magellan Breaks Ground on Chicago Retail Center
Magellan Development Group broke ground on March 1 for a 105,000-sq-ft retail center at the Lakeshore East master planned community in downtown Chicago. The three-story Village Market Center will be anchored by a 55,000-sq-ft, bi-level Roundy's Supermarket, a leading Midwest grocery chain, when it opens next year.
"Roundy's will not only be our first retail tenant in the Village Market, it will be the first large-scale grocery store in the emerging New East Side neighborhood," says Brian Gordon, Magellan's vice president of development.
The contemporary low-rise structure is designed by Chicago-based Loewenberg Architects for LEED Silver certification. Among the many environmentally sensitive features are: More than 15,000 sq ft of un-irrigated green roof; high-efficiency window systems; low-volume, high-efficiency plumbing fixtures, and preferred parking for fuel-efficient vehicles.
All parking will be within or under the building to eliminate impervious roof surfaces that create stormwater runoff issues. The general contractor is McHugh Construction Co. of Chicago.
Two restaurant tenants will join Roundy's at the Village Market: The III Forks steakhouse has leased 12,941 sq ft for its first Chicago restaurant, and a Magellan-developed breakfast cafe has taken 2,128 square feet.
"We were delayed because of what has been going on with the economy," says Gordon. "It took a long time to get the financing wrapped up and the tenants in place, but it all came together and we are proceeding."
Located at the confluence of the Chicago River and Lake Michigan, the $4 billion, 28-acre Lakeshore East is one of the largest downtown projects under development in the country. The mixed-use community includes 4,950 homes, 1,500 hotel rooms, 2.2 million gross sq ft of commercial space, recreational amenities, 6-acre botanical park and an elementary school. Magellan began the project in 2002 and is about 50 percent finished.
