Joliet, IL approves $1B mixed-use development

from this morning's GlobeSt (5/14):

UPDATE Last updated: May 14, 2008 08:25am

O&S, Strategic Get Approval for $1B MXD Use
By Gina Kenny

"JOLIET, IL-O&S Holdings LLC, based in Santa Monica, CA, and Strategic Retail Development, based in Hollywood, FL, have received city approval for the Bridge Street Town Centre development. The Joliet City Council unanimously approved the 314-acre development at the intersection of Interstate 55, Interstate 80 and Route 59, here. The nearly $1-billion mixed-use development, which had been estimated at about $800 million a year ago, is expected to have 3.5 million sf of retail, office, hotels and residential space, says Gary Safady, managing partner with O&S Holdings.

The partnership expects to break ground early next year on the development. The project includes about 1.7 million sf of retail, including big-box stores, restaurants and upscale small shops. The center will additionally have a 75,000-sf Regal Cinemas, as previously reported by GlobeSt.com. Regal Entertainment Group, based in Knoxville, TN, has a long-term lease for the property with a term between 15 to 20 years for a movie theater with between 16 to 18 screens and at least 3,000 seats, Safady says.

Regal is the only tenant the partnership is announcing at this time, but approximately 70% of the space is committed and the partnership is in negotiations with two department stores, he tells GlobeSt.com. The asking lease rate range for the retail is between $30 per sf and $80 per sf, Safady says. The center is expected to open in 2010. The Chicago office of CB Richard Ellis, O&S Holdings and Strategic Retail Development are handling the retail leasing." ...

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