REAL ESTATE

Report: New mixed use center coming to Chicago

BY Dan Berthiaume

Chicago – A former bank building in Chicago is the planned site for a new mixed use retail/residential complex. According to Crain’s Chicago Business, Novak Construction Company intends to build a 60,000-sq.-ft. ground floor retail center with 80 to 160 residential units located above it.

Novak bought the site, located at the northeast corner of Belmont, Ashland and Lincoln Avenues, from Target Corp. earlier in 2014. Target, in turn, purchased the previously vacant site in 2013 with intentions to eventually build a new store, but later scrapped those plans.

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REAL ESTATE

Luxury vacation club company opening interactive centers in high-end malls

BY Marianne Wilson

Denver — Luxury vacation club company Inspirato will open five interactive experience centers in high-end shopping centers across the country over the next few months.

The first location opened on Aug. 20 at Cherry Creek Shopping Center, Denver, and a second location will open on Tuesday at Broadway Plaza, in Walnut Creek, California. Three additional locations are planned: Fashion Island, Newport Beach, California; Tysons Galleria, McLean, Virginia; and Solaris Plaza, Vail, Colorado. A new marketing venture for Inspirato, the experience centers will showcase the club’s growing portfolio of vacation residences and personalized service in a completely unique environment.

To help visitors imagine what it would be like to vacation with the club, some of the experience centers will include recreations of great rooms from Ispirator’s destinations. Other features include touch-screens for browsing the club’s large and growing destination portfolio and a special kids’ area to help even the littlest travelers begin to dream about their next family vacation.

The experience centers will also serve as a clubhouse of sorts for locally based Inspirato members in each market, where they can meet face-to-face with their own Personal Vacation Advisors, explore destinations for their next Inspirato vacation and attend special members-only events.

“Our mission as a company is to change the way family and friends experience the world,” said Martin Pucher, founder and COO of Inspirato. “And in this case, that means changing the concept of what an in-store experience should be.”

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REAL ESTATE

BV Belk Properties taps JLL Retail to manage, lease Lakeshore Mall

BY Staff Writer

Sebring, Fla. — BV Belk Properties has retained JLL Retail to manage and lease Lakeshore Mall, a 490,000-sq.-ft. retail center located in Sebring, Florida. The mall was built in 1992, and is the only enclosed regional mall within 40 miles of Sebring.

“I see nothing but a good future for Lakeshore Mall, and I am thrilled at the opportunity to take a steady center and make it extraordinary for locals and passer-byes with the support of JLL,” said B.V. Belk Jr., owner of BV Belk Properties.

Florida retail market lead John Lambert and VPs Chris Ralph and Heather Levesque are leading the JLL management and marketing teams, and Andrew Derringer is tasked with leasing the asset.

JLL sold the property to BV Belk Properties earlier this year.

“BV Belk Properties’ purchase of Lakeshore Mall in May was perfectly timed with the Florida retail market’s upswing,” said Lambert. “The mall represents a strong value enhancement play and BV Belk’s ability to capitalize and act on that with a renovation and repositioning is expected to propel the property for renewed growth and strong yields.”

The center anchors the retail hub that serves central Florida along US Highway 27, a major north/south corridor between Orlando and Miami, where traffic counts average approximately 38,500 vehicles per day.

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