CHICAGO – Newcastle Limited has been retained by Loyola University Chicago to conduct a sealed-bid offering of a 32,000 square foot development site. The project, called Loyola Station, represents the first of six phases in a 5.4 acre, $400 million commercial redevelopment project.Located on University-owned land, the property is adjacent to the University’s lakefront campus and surrounds the Chicago Transit Authority’s Loyola Station “L” stop. The project will be one of the largest comprehensive developments undertaken on the north side of Chicago in the past 20 years.The Planned Development (PD) zoning for the property will allow for residential, retail, commercial, entertainment, parking and ancillary uses. The University will act as the master developer for the project and has established economic development and urban planning objectives to help guide future development.“The new development will benefit from existing strong demographics and a growing student population,” said Peter Tortorello, Vice President at Newcastle Limited. “Although Loyola will consider a lease or sale of the property, a lease represents a strategic benefit to the university allowing it to capitalize on real estate markets without losing a chance for future growth,” he said.Upon completion, Loyola Station would contain more than 700,000 gross square feet of development, including up to 400 residential units, 40,000 square feet of space for shops and restaurants and 600 new parking spaces. Loyola’s plans for the area include improving the streetscape on and around the campus, addressing traffic and pedestrian safety concerns, improving access to the CTA station, expanding parking and improving the quality of student residence halls.
About Newcastle Limited
Chicago-based Newcastle Limited is a national commercial real estate firm serving institutions, not–for-profit organizations, corporations and private investors. The firmís strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, visit the company website at www.newcastlelimited.com.