The Villages at Portofino will be developed in three phases, Marks says. The first phase of the development will have approximately 960,000 sf of retail, 177 apartment units and 68 row homes. The apartment units will be constructed above retail space, Marks says.
The retail for the first phase is expected to have approximately 460,000 sf of "Big Box" retailers, 37,000 sf of entertainment retail and 98,000 sf of inline retail, says Kevin Augustyn, SVP with HSA Commercial Real Estate's retail brokerage division. The first phase will also have seven out-lots on a total of 9.5 acres that will yield about 142,000 sf of retail space, he says. Augustyn and Daniel Miranda, also with HSA Commercial Real Estate's retail brokerage division, will be the leasing agents for the project. Asking lease rates have not been determined yet.
Construction on the first phase is expected to begin in the second quarter of 2009 and be completed in the fall of 2010, Marks says. Portofino is currently still in the entitlement process, Augustyn says. The second phase will have 34 apartment units over retail space and 86,000 sf of retail, entertainment, restaurant and office space, and the third phase will have 191 apartment units and 185,000 sf of retail, restaurant, entertainment and office space, Marks says. The second and third phases will begin depending on market demand, he says. The development will also have a 4-acre lake in addition to public plazas and other open spaces.
Portofino has owned the property for the past 10 years, Marks says. "Huntley is a village that has grown substantially in the last seven to 10 years with the development of Del Webb Sun City," he says. "And, it is on the next peripheral band of expansion moving northwest from Elgin on the Route 47 Corridor." A Home Depot and Wal-Mart are being developed at the intersection of Route 47 and Kreutzer Road, which will bring attention to the area, he says. Marks says that he expects Route 47 to become similar to Randall Road. "There is an onslaught and there is a need for places to shop and places for entertainment within that marketplace," he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
