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Archon JV Buys 50 Acres for 420,000-SF Power Center

CHICAGO-Archon Group LP and Monroe Investment Partners close on 50 acres in Chicago's South Side. The site will replace the Ryerson steel plant with a $120-million retail center.

By Dana Dubriwny | Updated on October 05, 2005

CHICAGO-Archon Group LP, a subsidiary of the Goldman Sachs Group Inc., in conjunction with Monroe Investment Partners LLC, a local private partnership, acquired a 50-acre site on Chicago’s South Side for the joint venture development of a new 420,000-sf retail power center to be called Chatham Market.

The project, which will be built on the Ryerson steel plant site at 83rd Street and Stewart Avenue near the Dan Ryan Expressway, is moving forward immediately, says Curt Bailey, director of retail investments at the Chicago regional office of Archon. The development is expected to cost nearly $120 million, but is expected to receive more than $30 million in tax increment financing.

Thus far, Archon has signed home improvement retailer Lowe’s to anchor the center, which will utilize 130,000 sf. The project is designed to accommodate two big-box anchors and by a mix of other category-leading retailers ranging from 15,000 sf to 45,000 sf, plus specialty shops.

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