ChicagoismynewBlog

Old West Loop proposed mixed use development makes me miss the Boom years.

Posted by ChicagoismynewBlog! on December 21, 2009


http://www.prweb.com/releases/2007/08/prweb545355.htm

IBT Group Announces Partnership with Blackrock to Build Project in Chicago’s West Loop

August 7, 2007

IBT Group LLC, a real estate and asset management firm and advisory client of BlackRock Inc., one of the world’s largest investment management firms, have announced a partnership that will provide capital for a new mixed-use development in Chicago’s West Loop.

“Our partnership with BlackRock represents a significant step forward in our growth,” said IBT Group President Gary Pachucki, who founded the company in 1999. “It not only secures capital for West Loop Promenade, but also provides access to Wall Street, and the capital that will allow us to pursue larger, more complex transactions.”

“We are pleased to become a capital partner to IBT Group and its West Loop Promenade development, which has already secured a lease with Robert Redford’s Sundance Cinemas,” said Erik Grabowski, BlackRock Vice President. “We view the West Loop as one of the fastest-growing areas of Chicago and are excited about the opportunity to bring a high quality retail/entertainment project to the neighborhood.”

West Loop Promenade is a $240 million retail and residential project being developed by IBT Group on Chicago’s Near West Side. Scheduled for a spring 2009 opening, it will include 285,000 square feet of retail space on three levels, including the eight-screen Sundance Cinemas theaters.

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3 Responses to “Old West Loop proposed mixed use development makes me miss the Boom years.”

  1. Nice post. Keep up the Good work!

  2. Oh how I miss the boom years too!
    Our company, Columbian Model & Exhibits, is in the same neighborhood and I just noticed a billboard advertising this project. Is it still alive?
    The website is up and running.
    I think they really, really need an architectural scale model of the project!

    • ChicagoismynewBlog! said

      Couldn’t hurt. How much does an average scale model cost for developments like this? I can’t imagine they’re cheap.

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