https://www.chicagobusiness.com/commerci...r-plans-big-expansion-residential-towers
November 14, 2018 12:42 PM UPDATED 39 MINUTES AGO
Webster Place owner plans big expansion with residential towers
RPT Realty wants to redevelop the Lincoln Park shopping center to capitalize on its proximity to Lincoln Yards, the proposed $6 billion mixed-use project along the North Branch of the Chicago River.
ALBY GALLUN
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The owner of Webster Place shopping center in Lincoln Park wants to expand the property with two big residential towers, but it first may need to clear up a legal dispute with one of its biggest tenants.
RPT Realty has shown investors its preliminary redevelopment plan, which would reconfigure the 30-year-old shopping center at Webster and Clybourn avenues. A Barnes & Noble store would close, making room for an expansion of a Regal Cinemas movie theater complex.
New York-based RPT, which bought Webster Place in 2017, also has sketched out plans for a podium with two roughly 20-story towers on sites just south of the shopping center, according to a slide used in an investor presentation at the end of October. The expansion would include residential, office and retail space, as well as parking.
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