Planned shopping boulevard, park boost sales at Roosevelt Collection

Construction is ahead of schedule at the Lofts at the Roosevelt Collection, a $900-million mixed-use residential and retail enclave at 150 W. Roosevelt Rd. in the burgeoning South Loop neighborhood.

"Walsh Construction, our general contractor, has done an incredible job by completing construction on the foundation and three-level garage, which is the base for the grand retail boulevard," said John McLinden, partner in Centrum Properties, the developer.

"Now Walsh is pressing forward to complete all of the retail floors in the development and several residential floors in the east building," McLinden said.

Loft condominium sales are off to a fast start with more than half of the 342-unit first phase already sold.

The loft buyers at the Roosevelt Collection include a mix of move-up buyers - urban professionals who work downtown - and empty-nester purchasers from the suburbs who are attracted to the excitement of the city and are seeking a pied-a-terre, McLinden said.

The one-bedroom, one-bedroom-plus-den, two-bedrooms, two-bedrooms-plus-den floor plans range in size from 759 to 1,497 square feet of living space. All residences feature outdoor/balcony space. Third-floor residences have spacious terraces ranging from 224 to 548 square feet. Prices start in the low-$300,000s and range through the high-$600,000 bracket. Parking within the development's underground structure is also available.

A retail boulevard is now being built on top of the garage, which will rise 30 feet above grade to intersect with the existing Roosevelt Road overpass. The garage will have more than 1,000 parking spaces for retail customers as well as a dedicated space for each residential unit.

"Based on our intuitive and simple circulation plan, shoppers will have easy access to the parking garage from the development's main entrance on Roosevelt Road, a major arterial street," McLinden said.

Loft residents will have separate parking as well as a separate entrance off of Wells Street. Parallel "convenience" parking spaces face the storefronts along the central boulevard.

After all road construction is complete, workers will install a stoplight at the property's entry on the north side of Roosevelt Road. The development also will be accessible from Taylor, Wells and 9th streets.

The Roosevelt Collection's grand retail boulevard - the width of Michigan Avenue - will be flanked on each side by two floors of nationally recognized retailers, McLinden said.

Six floors of loft-style condominiums will be built above the retail space located at 150 W. Roosevelt. "The lofts will feature dramatic views of Lake Michigan and the renowned Chicago skyline," he said.

The first residential phase of the project consists of 342 condominiums planned above retail shops. Later phases will feature a 43-story high-rise condominium tower planned for 294 units. Up to 1,000 loft and high-rise condominium residences are planned.

Residents are expected to start moving into the first lofts in July 2009, McLinden said. The initial retail shops will open for business in autumn 2009.

"The Roosevelt Collection boulevard will culminate in a vibrant pedestrian-friendly plaza, anchored by large-scale entertainment uses and intimate restaurants," McLinden said. "This dynamic streetscape will seamlessly integrate into the rapidly emerging Roosevelt Road commercial corridor."

The two-level lifestyle and entertainment retail space planned along the Roosevelt Collection's central boulevard will include the following types of shops: home furnishings, books and music, restaurants and clothing stores in addition to a 16-screen multiplex theater and a fitness center.

Including the already-opened Target, the Lofts would have 400,000 square feet of retail space patterned after the North Avenue Collection, which Centrum Properties developed in Lincoln Park.

A two-acre public park is planned, along with a pedestrian mall and plaza. The landscaped parkway will contain cozy outdoor eating areas, retail kiosks and places for quiet relaxation. Landscaped lawns, seasonal floral displays and interactive water features animate this space.

The parkway adjoins a large circular plaza at the north end of the Roosevelt Collection, which flows into a grand staircase leading down to the new public park, where public events such as art fairs, farmers markets and possibly concerts would be hosted in tandem with the park district.

"With a design plan that strikes the perfect balance between traditional elegance and modern innovation, the Roosevelt Collection offers a rare opportunity - within the city of Chicago, as well as throughout the country - to create a unique living and entertainment experience within a dense and vibrant urban community," McLinden said.

Loft interiors are "an unfolding of experiences that entice and intrigue buyers," said Anna Simone, a partner in Toronto-based Cecconi Simone, the firm that designed the interior architecture at the Centrum Properties' development.

One-bedroom and two-bedroom residences "will highlight contemporary design by Cecconi Simone and lofty features ranging from floor-to-ceiling windows to exposed ductwork," McLinden said.

Centrum Properties asked Cecconi Simone--specialists in designing residential and commercial interior architecture--to create internal loft spaces that intuitively dovetail with the lifestyles of professionals living in a world-class downtown environment.

"The lofts will be sleek and modern in design," said McLinden. Design elements include trough sinks, rain shower heads and sliding glass doors that maintain privacy without compromising light.

Design plans call for kitchens adorned with deluxe Italian cabinetry in white oak or wenge, and stainless-steel appliances for an urban feel.

Highly upgraded baths showcase shower walls with oversized Italian porcelain tile, a contrasting accent wall and sleek Grohe fixtures.

The sales center for the Roosevelt Collection at 709 S. Clark between Polk and Harrison is open 10 a.m. to 6 p.m. weekdays and 11 a.m. to 5 p.m. Saturday and Sunday. Call (866) 606-0267 or visit www.loftsrc.com.