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BlackRock Partners With IBT on $240M Project

CHICAGO-The West Loop Promenade will have 285,000 sf of retail with leases signed by Robert Redford's Sundance Cinemas and Export Fitness.

By Gina Kenny | Updated on August 10, 2007

CHICAGO-IBT Group LLC, based here, is partnering with BlackRock, headquartered in New York City, on a nearly 500,000-sf residential and retail development in the West Loop. West Loop Promenade will be located on four acres bordered by Aberdeen Street to the east, Van Buren Street to the south and Jackson Street to the north, says Gary Pachucki, president and founder of IBT Group. Pachucki would not disclose the amount of the partnership but said that BlackRock will be “a significant capital partner” for the $240-million project.

The project will have 285,000 sf of retail in a three-level building. “This is an area that is really void of retail and is something that the community needs and really is looking for,” Pachucki says. Leases have already been signed for Robert Redford’s Sundance Cinemas for about 40,000 sf for an eight-screen movie theater and by Export Fitness for about 41,000 sf to 42,000 sf, Pachucki says. Both of the leases are for the third level. The term of the leases was not disclosed except to say that they were “long-term.” The theater and fitness center are the only leases signed at this time. “We are talking to several grocery stores as well as a number of national midsize tenants,” he says. “We would like to see a fashion component and we would like to see restaurants so that it is a balanced retail project.” Pachucki did not disclose a lease rate range for the project. “It varies on the size of the tenant, the contribution [and] the length of the term. It is a pretty wide gamut,” he says.

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