CHICAGO – Loyola University Chicago is offering two separate development sites available for lease in Chicago’s Rogers Park neighborhood, adjacent to its 50-acre lakeshore campus. These sites represent the second phase of Loyola Station, a 5.4-acre, $400 million transit- and university-oriented, mixed-use redevelopment project. Newcastle Limited is managing the sealed-bid offering and the deadline for all offers is April 27, 2007.Adjacent to the university’s lakefront campus and the Chicago Transit Authority’s Loyola “L” station, the two parcels are zoned for a variety of uses. Parcel 1, bounded by Albion Avenue, Sheridan Road and the CTA Red Line, offers high-visibility frontage ideal for retail and residential development. A two-story, mixed-use building and surface parking lot now stand on the 77,567-square-foot property. Parcel 2, located along West Loyola Avenue is 64,259 square feet and currently houses a student residence, 48-unit apartment building and vacant land. The site is well positioned for residential redevelopment. The University prefers to retain ownership of its land and lease the Property for development.Among the largest comprehensive developments on Chicago’s Far North Side in 20 years, Loyola Station may total more than 700,000 gross square feet, including up to 400 residences, 60,000 square feet of shops and restaurants and 600 new parking spaces. As master developer, the university has established economic and urban planning objectives surrounding the project. Plans call for improving the streetscape on and around the campus, addressing traffic and pedestrian safety concerns, improving access to the CTA station, expanding parking and enhancing the quality of life for students.“Development on these sites will benefit from the university’s growing student population, convenience to the ‘L’ and proximity to the lakefront, while enhancing the neighborhood,” said Peter Tortorello, Vice President at Newcastle Limited. Newcastle previously represented Loyola University in forming a 70-acre Tax Increment Financing district and negotiating a $46 million redevelopment agreement with the City of Chicago. The firm also represented DePaul University in the sale of its Barat College campus in Lake Forest.
About Newcastle Limited
Chicago-based Newcastle Limited provides real estate advisory and development services to institutions, corporations and investors. Newcastle helps clients maximize investment returns and reduce project risk. More information is available at www.newcastlelimited.com.