Marshfield Plaza, planned for the corner of 119th Street and Marshfield Avenue, is an estimated $95-million project, excluding the cost of Target, also an anchor, says Eric Salcido, Primestor's Midwest development director. The cost of the Melrose Park-based Jewel-Osco's site isn't being disclosed.
Salcido says about 60% of the center is leased or sold, with an additional 30% of the class A space under negotiation. The lease rate hovers $36 per sf, triple net. The roster includes Staples, Petco, Marshall's, Fifth Third Bank and Panda Express. Target is expected to open in October and the majority of the plaza expected to open in March 2009.
Jewel-Osco will service residents who do not have a lot of grocery options in their immediate area and it will draw people regularly to the center, Salcido points out. "Entire parts of the city are without decent quality grocers," he says.
Marshfield Plaza will be located at the off-ramp of Interstate 57 at 119th Street. "It has got great frontage off of the expressway," Salcido says.
The property is the site of a former 500,000-sf Libby Food canning plant. The project initially stalled after Chicago City Council approved an ordinance in July 2006 that would have mandated a certain minimum-wage for employees of big-box retailers, causing Target to put its plans on hold, Salcido tells GlobeSt.com. After the ordinance was vetoed by Chicago Mayor Richard Daley, Target moved forward with plans, allowing Primestor to move forward with the development.
Approximately 120,000 cars pass through the area each day. The three-mile trade area has about 185,000 residents.
The center will be Primestor's first development in Chicago. The company is developing roughly two million sf on 5.5 million sf of land, primarily in Southern California.
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