BURR RIDGE, IL-Construction is almost complete, and the majority of the space is pre-leased on the retail portion of the $150-million Burr Ridge Village Center. The approximate 600,000-sf development is on 20 acres at the intersection of County Line Rd. and I-55. The project is being developed by Opus North Corp., headquartered in Rosemont, IL.
Opus North had been thinking of developing a lifestyle center and chose Burr Ridge because of the location on I-55 and near I-294 and “because of the high average household income of the trade area,” which included the village, Hinsdale, Western Springs, Darien and surrounding communities, says Tim Thanasouras, senior real estate director for Opus North. The communities are some of the most upscale in the Chicagoland area. The developer feels Burr Ridge “will be a place where the retailers that we wanted to attract, which were the national fashion tenants, could actually be supported by the demographics that are in that marketplace,” Thanasouras says.
For example, Kohler recently signed a lease for 13,600 sf of space that will include about 3,000 sf of retail space and the rest for a Kohler Waters Spa, similar to the one in Kohler, WI, Thanasouras says. The spa will be the third in the world and the first location to have both a spa and Kohler store. A lot of the customers for the Kohler Waters Spa in Kohler, WI are from the Chicago area and this would allow them to visit the spa without having to travel for several hours, he reasons.
There will be about 203,000 sf of retail space in the center with more than 80% currently pre-leased. The average lease rate is in the $30-per-sf net range, according to Thanasouras. The project is designed to give the village a “main street” and will have a village green area with a fountain and water garden.<p.About 65% of the retail is expected to be ready by the grand opening of the center on Nov. 10. Retail tenants include Banana Republic, Aeropostale, Bath & Body Works, New York & Co., Coldwater Creek, Eddie Bauer, Limited Too, Starbucks Coffee, Yankee Candle, Chico's, White House/Black Market, J Jill, Victoria's Secret, Ann Taylor and Ann Taylor Loft. Jos. A. Bank also recently signed a lease, which will be one of the few clothing retailers that is primarily men's and represent an alternative to the majority of the clothing tenants that are primarily female fashions. The development will also have restaurants such as Cooper's Hawk and Topaz, which will have "local flavor," Thanasouras says.
There are 193 residential condominiums and lofts, with about 140 to 160 of the units under contract. The residential condos and lofts range in size from one to four bedrooms with prices beginning at $300,000. The first phase of 113 units has been completely sold. The second phase will consist of units with two to four bedrooms ranging in size from 1,491 sf to 4,033 sf and ranging in price from $460,900 to $1.6 million. The first deliveries of the residential units will occur by Jan. 1, Thanasouras says.
The project will also have 37,000 sf of office space that will be sold as condominium units with an asking rate of $190 per sf. Nearly 80% of the office space is currently under contract to accountants, attorneys, a dental office and medical office, he says. The office space will be finished at the beginning of next year. The project is already surrounded by office and retail, including a Lifetime Fitness center and a division building for McGraw-Hill.
The project was designed by RTKL Architects and Opus Architects & Engineers and is being constructed by Opus North. The Pollard Group LTD is marketing the retail space, CB Richard Ellis is handling the office sales and Edward R. James Realty is doing the residential sales for the project.
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