CHICAGO — Canyon-Johnson Urban Funds (CJUF) has partnered with McCaffery Interests to acquire and reposition the Roosevelt Collection, a transit-oriented mixed-use project in Chicago’s growing South Loop submarket.
“The South Loop has truly come into its own as a prime destination in Chicago, and we are looking forward to revitalizing a property that will bring even more life to the area,” said Canyon Managing Partner Bobby Turner.
The Canyon-McCaffery team will work to transform the 12-acre property’s 400,000 square-foot retail component over the next 18 months. Anchored by a 16-screen Kerasotes ShowPlace ICON theater, the leasing team plans to secure a mix of clothing, home furnishings and electronics retailers, along with additional restaurant tenants.
The property also features 342 residential units that are currently more than 90 percent occupied, a parking garage, vacant land for a public park and rights to develop additional multifamily units. Plans call for demolition of the center median to create a shopping destination for the community and for a new active public plaza, which will include green landscaped areas, water features, children’s play areas and wider sidewalks for improved pedestrian access.
All parties involved in the partnership between CJUF, the joint venture between Canyon Capital Realty Advisors and an affiliate of Magic Johnson Enterprises, and McCaffery Interests have a history of development in the Chicago region and a strong track record of stabilizing and revitalizing communities and projects.
“Canyon-Johnson is all about creating opportunities in urban America,” said CJUF Partner Earvin “Magic” Johnson. “It’s great to invest in Chicago, and to help a project as important as the Roosevelt Collection to reach the next level.”
— Dan Marcec