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Chicago 'Burb Hits Leasing Snag

PARK RIDGE, IL-Barnes & Noble, Borders and Walter E. Smith are out as two-story anchor tenants of the Uptown mixed-use redevelopment.

By Mark Ruda | Updated on December 20, 2005

PARK RIDGE, IL-Although a specialty grocery store is expected to open next summer, the retail portion of the Uptown redevelopment is beginning to disappoint some city officials in this suburb. While a book store was envisioned as a 30,000-sf anchor at Northwest Highway and Touhy Avenue, potential takers for the two-story triangular corner have nearly vanished.

While Mid-America Asset Management Inc. principal Michael George stopped inches short of confirming the store’s identity, Trader Joe’s is expected to open in August, among the first retailers in the $90-million mixed-use development. George told aldermen Monday a 12,000-sf lease has been signed for a specialty grocer, while letters of intent have been signed for nearly 16,000 sf by three restaurant chains—Houlihan’s, Potbelly Sandwiches and Noodles—as well as Chico’s.

In addition, Mid-America Asset Management is “active negotiations” for another 29,000 sf with retailers such as Banana Republic, JoS A. Banks, Ann Taylor Loft, Ulta, Caribou Coffee, Ritz Camera, Jamba Juice, Victoria’s Secret, California Pizza Kitchen and Yankee Candle, George reports.

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