WHEEELING-Chicago-based Urban R2 Development has hired Sperry Van Ness to lease up the new Wheeling Town Center plan. The project will include 170,000 square feet of retail and twin-tower, 280-unit apartment buildings in the first phase, followed by additional apartments, office space and seniors housing.
The property at 112 S. Sangamon was formerly the site of a Wickes Furniture Store, as well as some land donated by the village and Metra. The development is adjacent to the Wheeling Metra Station. Future plans also include a village green area that will be used for hosting art fairs, a farmer’s market and other public events.
The village reportedly bought the site for $3.7 million and demolished the furniture store, and is now providing Urban with tax-increment financing and other subsidies toward the infrastructure of the development. The company expects to break ground next summer, with delivery by 2014.
Wayne Caplan and Ben Andrews will lead the leasing team for SVN. Caplan tells GlobeSt.com that demand has been positive, and he expects a mix of national, regional and local tenants, anchored by a theater or entertainment venue of about 75,000 square feet. “This will be Wheeling’s new downtown,” he says. He's had interest, but it's too early to talk deals yet, he says.
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