CHICAGO-The leaders of both Canyon Capital Realty Advisors and McCaffery Interests, who recently formed a joint venture to purchase the Roosevelt Collection property on the South Side, both tell GlobeSt.com that they can fill the mostly vacant 400,000-square-foot retail portion. The only tenant in the property, which was owned by Centrum until the $285 million loan couldn’t be paid, is a 16-screen movie theater.

The property also includes 342 apartments, and this portion is doing well at 90% leased. Dan McCaffery, chairman and CEO of his self-named firm, tells GlobeSt.com that there’s no doubt the multifamily portion is solid. “We definitely think that we can bring energy to the property. We’re modestly changing the design, and this is fitting into a time when there’s increased activity by retailers as they’re rolling out new stores. Things are falling in line for this property, and we’re going to maximize on that opportunity,” he says.

The venture, which includes NBA star Earvin Johnson’s Magic Johnson Enterprises, reportedly purchased the 12-acre site for between $160 million to $175 million. The venture said in a statement that it plans to remove the center median and the included small retail buildings, and open up the property to include green landscaped areas, water features children’s play areas and wider sidewalks.