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Portofino Plans $450M, 105-Acre MXD

HUNTLEY, IL-The first phase of the Villages of Portofino will have 960,000 sf of retail space, 177 apartment units and more than 65 row homes.

By Gina Kenny | Updated on February 28, 2008

HUNTLEY, IL-Portofino Group LLC, based in Chicago, is planning a 105-acre mixed use development at the intersection of Route 47 and Kreutzer Road. The Villages at Portofino will have approximately 1.8 million sf of retail, office and residential space, says Gary Marks, CEO of Portofino. The project is expected to have one million sf of office, retail and entertainment space, 68 row homes and 402 apartment units. The estimated cost for the development is $450 million, Marks says.

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.

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