New Roundy’s grocery and retail in Lakeshore East’s Village Market Center.
Posted by ChicagoismynewBlog! on May 26, 2009
Magellan Development Group hopes to break ground in about 90 days on this retail building in Lakeshore East, to be called Village Market Center. Roundy’s has leased 55,000 square feet in the building.
The Milwaukee-based grocer signed a lease this week for 55,000 square feet that Lakeshore East’s developer says will enable the firm to obtain a construction loan for a low-rise retail building planned for just north of the residential tower at 340 E. Randolph Street.
David Carlins, president of Magellan Development Group LLC, says he’s in talks with lenders for a roughly $40-million construction loan to finance the 140,000-square-foot building, which is to cost $60 million. Mr. Carlins hopes to get the loan and break ground in about 90 days.
The retail building, dubbed Village Market Center, has been in the works for several years for the 25-acre Lakeshore East complex, which will have more than 3,000 condominiums and apartments when a seventh high-rise tower opens later this year.
Roundy’s stepped in after Chicago grocer Treasure Island and Magellan nixed plans for a 27,000-square-foot Treasure Island store there. Roundy’s also signed a lease this week for a store in the Bronzeville neighborhood on the South Side and is pursuing another West Loop location after backing out of a planned development there……
Now, I am pretty sure the top photo is an old concept of what Village Market Center will be, but you at least get a good idea of what the building will look like. Lakeshore East, and other residents in the Loop are in dire need of a grocery store within walking distance and this will be a great addition to the already amazing neighborhood. Hopefully the new building will compliment Lakeshore East when completed.