http://www.newcommunities.org/news/a...p?objectID=673
Portfolio: Chicago Southwest ‘Neighborhub’
A Chicago Southwest Community group and a major developer partner want to build a different kind of shopping center on the site of a former factory. The project is part of the New Communities Program's Community Investment Portfolio. The Cannery Shopping Center will be a "neighborhub" that appeals to ethnic communities underserved by retailers.
The new center will anchor neighborhood redevelopment.
Photo: General Growth Properties
It will bring together stores, restaurants and other foot traffic generating uses to create a destination that appeals to a broad audience. General Growth Properties, one of the world's largest shopping center developers, is working with Greater Southwest Development Corporation to construct up to 375,000 sq. ft. of retail space.
BENEFITS Originally a can factory, the site was redeveloped in the 1980s for retail uses, but much of the land remains unused. The Cannery will anchor this intersection as a major retail destination. The catalytic effect already can be
The Jewel-Osco will be part of the mix.
Photo: Eric Young Smith
seen with a smaller retail center now being developed across the street.
SPONSORING ORGANIZATION Greater Southwest Development Corporation (GSDC) was founded in 1974 to hold banks accountable for community disinvestment. GSDC's mission has broadened and, with its partners, it has been responsible for $500 million invested or retained in the neighborhood. Projects include a Jewel-Osco grocery store that was key to keeping 63rd and Western a vibrant retail district (and of which GSDC owns ¹/³); retention of the Nabisco bakery, which makes 22 million Oreo cookies a day; and housing developments, single-family rehabs and foreclosure-prevention work.
A large population lives nearby.
Photo: Eric Young Smith
LOCATION
60th Street and Western Avenue
INVESTMENT OPPORTUNITY
$62 million for construction and mortgage financing; lease commitments
OVERALL PROJECT VALUE
$62 million
TIMELINE
Summer 2007 Break ground
Summer 2008 Completion
PARTNERS
General Growth Properties
The site includes ample vacant land.
Photo: Eric Young Smith
FOR MORE INFORMATION CONTACT
James Capraro
312.822.1388