Since there are three planned towers in the future, I'm not sure if this is the appropriate thread or not. If not, Steely can move it I'm sure.
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http://home.businesswire.com/portal/...33&newsLang=en
Capri Capital Partners LLC Announces Plans For Major Mixed-Use Development in Chicago
February 15, 2007 06:00 AM Eastern Time
Capri Capital Partners, LLC (“Capri”) in a joint venture with Judson Investment Company (“Judson”) has announced it will develop
“The Metropolis,” a proposed
three phase mixed-use project located at the intersection of
South State Street and Pershing Road (39th Street) on the south side of Chicago.
The Metropolis will be an architecturally significant development planned to consist of approximately
1,000,000 square feet. In its first phase of 500,000 square feet, the project will include
expansive green space surrounded by two six-story curvilinear buildings of steel and glass. Approximately 330,000 square feet of commercial retail area and 102 residential condominium units are planned in the initial phase at a cost of
$155 million. Future phases are planned to include
three towers dedicated to residential and hotel uses.
The visionary development will further the economic vitalization and transformation of Chicago’s historic Bronzeville/Grand Boulevard community. Both interim construction and permanent employment will be generated for the community due to the substantial investment that the joint venture is making.
“Beyond economic development for the community, the ultimate design intent of Metropolis is to create a “city center” for the near south side of Chicago,” said Quintin E. Primo III, Chairman & CEO of Capri.
“Importantly, the project addresses the chronic lack of commercial retail in the area and will offer market rate and affordable housing to the growing community. Twenty percent of the 102 condominiums will be reserved for low- and moderate-income buyers, earning no more than 80% of the area’s median per capita income.
“This extraordinary investment in this particular place demonstrates confidence in Chicago’s vision for the transformation of places once dominated by decaying public housing into new communities of hope,” said Jonathan F. Fanton, President of the John D. and Catherine T. MacArthur Foundation, and a founder of The Partnership for New Communities, a group of Chicago business and civic leaders dedicated to community revitalization. Primo is a member of The Partnership Board.
“Our mission is not about fixing up a block or two, not about a few high-profile social programs, not about a temporary fix,” Fanton said. “Transformation means deep, widespread, and permanent change. So, we applaud Quintin and Capri Capital Partners for looking beyond the surface… for listening to what the data were actually saying about the marketplace… for imagining what could be… and for demonstrating the leadership to make it happen.”
“The architectural vision for Metropolis is an abstract expression of Bronzeville’s unique cultural history,” said Ross Wimer, Design Partner at Skidmore, Owings & Merrill LLP (“SOM”).
“The building façades recall the repeated musical patterns of blues and jazz and the residential unit layouts invoke harmonious rhythms and the ideals of freedom and flexibility.
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A public venue celebrating African American history and culture will be located in the central, curvilinear public park,” added Wimer. “It will encourage learning, activity and dialogue between the retail spaces and the public. At the corner of State and Pershing, the
proposed digital clock tower announces both the new landmark development and the renaissance of the historic Bronzeville/Grand Boulevard neighborhood.
CB Richard Ellis is the exclusive leasing agent for Metropolis.
“We’re extremely encouraged by the anticipated transformation of this market,” said Todd Caruso, Regional Head of Retail for CB Richard Ellis. “The Metropolis is well-positioned between the Roosevelt Road retail corridor north and new retail development occurring on 87th Street south. The lack of retail supply in the general area should allow the project to readily draw shoppers from the surrounding 15 neighborhood communities.”
“This project is important to the south side, and the numbers speak for themselves,” said Primo. “According to MetroEdge, approximately $671 million of the total $909 million in mid-south consumer expenditures represent “retail leakage,” or dollars spent by residents outside their community.”
“The project is historically significant in so many ways,” said Hugh Williams, President and CEO of Judson Investment Company. “As minority-owned firms, Judson and Capri understand that Metropolis sits in the middle of an underserved area in the early stages of a rebirth. It will attract middle- and upper-income residents that will integrate with existing low-income area residents, who have been denied access to grocery stores and other simple amenities that people want in their neighborhoods.”
The site is bordered by Pershing Road (39th Street) to the North, 40th Street to the South, Chicago Rock Island Railroad Embankment to the West and State Street to the East.
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Skidmore, Owings & Merrill LLP, Capri Capital Partners and Judson Investment Company announce
‘The Metropolis’ Mixed-Use Revitalization Development on Chicago’s South Side
February 15, 2007 10:57 AM Eastern Time
Today, Skidmore, Owings & Merrill LLP (“SOM”) in partnership with Capri Capital Partners and Judson Investment Company, announced their involvement in a community revitalization project in Bronzeville, located on Chicago’s south side. The Metropolis, situated at the intersection of Pershing Road and South State Street, is planned to cover one million square feet and will become the area’s largest mixed-use complex. The proposed development will feature
150,000 square feet of residential condominiums, 330,000 square feet of retail space, 200,000 square feet of site improvements including an open-air park with fountain, a public library and underground parking. The site, bounded by an abandoned railway along the south, will be demolished to give way to the new development.
SOM was selected to develop the architectural concept for the Metropolis. According to Design Partner Ross Wimer, “the design for Metropolis was inspired by Bronzeville’s African-American heritage rooted in blues and jazz. In addition, “a significant focus is the incorporation of sustainable elements that will be implemented, reinforcing the City of Chicago’s commitment to green design. These include
photovoltaic cells (solar panels) in the clock tower that will provide power for the development, and a “green roof” that will help insulate the buildings and control storm-water run-off, as well as provide a park for residents, ” said Wimer.
Managing Partner Richard F. Tomlinson II is working in tandem with Ross Wimer on the Metropolis initiative. “We are honored to be able to make a contribution to this underserved community and the City of Chicago by helping to create an architecturally significant design that will serve as a centerpiece for the area’s vitality and growth opportunities,” said Tomlinson. “Throughout SOM’s history, we have been committed to using our deep resources and experience to help advance the dynamic growth of the community at large through forward-looking projects that make a larger contribution to the City.”
The SOM Chicago office has extensive experience in working with the City to revitalize communities and open spaces, such as Millennium Park, the Chicago Central Area Plan and Lakeshore East. Currently, the firm is actively working on plans to develop Lakeside (Southworks), and recently proposed developments on the south side and on the lakefront as part of Chicago’s 2016 Olympic bid.
