Roosevelt’s rising: New development will put street in shopper’s maps

By Jennifer Geiger

The long vacant land on Roosevelt Road at Wells Street that continues north to 9th Street soon will have a new name and bustle with more retail activity than the South Loop has ever seen.

In March, Centrum Properties will break ground on the Roosevelt Collection, filling the 12-acre plot at 150 W. Roosevelt Rd. with what developers hope will be a viable community of lofts, stores, and parks—a development they said this corner of the South Loop needs badly.

The land previously was zoned for 20 million square feet of office space. The Roosevelt Collection will use 12 acres of it for 1,000 lofts and condos on top of an approximately 1,500-space underground parking garage surrounded by a 2.5-acre park, which architects envision being used for concerts, outdoor movies, and farmers' markets.

What sets this development apart from the many buildings replacing the South Loop’s surface parking lots is a “mixed-use urban marketplace” Centrum plans for below the lofts.

“You find mixed use developments like this sometimes in the suburbs of major cities, but to have it in the heart of a real densely populated urban area like this is… unique,” said Lisa Balis, Centrum’s vice president of retail development.

The plans include 400,000 square feet for 40-plus dining, apparel, grocery, and entertainment retailers, including a 16-screen movie theater, a bowling alley, and a health club. The neighborhood has lacked a movie theater since the Village Theater near 9th and State Streets closed two years ago.

These stores will join a growing list of new and future Roosevelt Road merchants such as Target, Whole Foods, DSW Shoes, and Home Depot.
 
“Roosevelt Road is really starting to emerge as the retail corridor for the South Side of Chicago and the South Loop," Balis said, noting the similarity "to how North Avenue and Clybourn Avenue have emerged over the last decade on the North Side.”

The Roosevelt Collection adds to a sea of new residential buildings in a community divided about many of them. Many residents oppose new condos planned for Polk and Clark Streets and a proposed 80-story condo building that will tower over Grant Park’s southwestern border. Centrum is betting neighbors will accept the Roosevelt Collection, however.

“What’s fantastic about it is that you have an opportunity to live, shop, and pretty much do everything you do on a day-to-day basis right at your fingertips,” said Jordan Cooper, the development’s sales manager.

Centrum estimates the Roosevelt Collection will cost around $900 million to build; it will offer studio and one- and two-bedroom lofts. Limited-time pre-construction studio prices start at $379,000. One-bedrooms are pre-construction priced starting at $269,000 and two-bedrooms begin at $402,000.

Phase one, directly west of Target, will consist of 324 lofts in mid-rise buildings plus retail space below and a pedestrian shopping plaza. North of phase one and bordering 9th Street, phase two consists of a 40-story tower with 676 condos leading out to the proposed park. While units will be mostly one-bedrooms, Cooper expects not just young single professionals will be interested.

“The market is wide open," Cooper said. "This is a…unique product that appeals to a wide variety of people from first-time homeowners, to people who want to move to the city from the suburbs, to people who already live in the South Loop and want a place to shop and meet.”

Many of those South Loop residents were on hand last month for a grand opening reception attended by more than 500 people. Based on the turnout, it appears the development does not need to go far very far to get community approval. Sales figures tell a similar story, with 20% of phase one sold already.

“So far everyone seems really happy and excited about it," Cooper said. "The location is…unique. We’re not blocking any views; we’re surrounded by the river. I think that we’re going to be a true added value to the overall community.”