CHICAGO, Dec. 17, 2015 /PRNewswire/ -- Luxury retail is replacing the residential entrance at what's rapidly becoming one of Chicago's most toney Gold Coast intersections, the corner of Chestnut and State. Traditionally the western edge of the Gold Coast luxury retail cluster, Chestnut Place owners are reinventing the entire building—and the most visible element will be changes to its ground floor, moving the residential entrance around the corner to Chestnut. These renovations will allow the building to offer new, 2-story retail facades designed for brand visibility along State Street, scheduled for delivery in early 2016.
New, dramatic luxury retail spaces
By moving the residential entrace of Chestnut Place around the corner to 8 West Chestnut, owners USAA Real Estate Company and Golub & Company have made possible this dramatic reinvention and expansion of the ground floor retail spaces. The new retail offering will total 6,777 square feet across four distinct spaces. The new, two-story facade will offer significant branding opportunities across each of the storefronts. Retailers will benefit from increased exposure, and a more dramatic presence in one of Chicago's most popular high-end shopping and dining neighborhoods. Brands will be able to customize their storefronts to maximize their identity to benefit from the increased exposure.
Gold Coast apartments, transformed
Residents will also benefit from the significant renovation of this 30-story 1980 Gold Coast high rise mixed use tower. In addition to the new entrance, lobby and adjacent sales center, a phased remodeling of the building's 280 convertible, one-bedroom and two-bedroom apartments is already 40 percent complete. The renovation will also update the mezzanine amenity level of the building, including the installation of a large resident lounge area with a business center and wi-fi café. Significant upgrades are also being made to the fitness center, patio and grilling area.
"We are reinventing the corner of State and Chestnut, and using Chestnut Place's highly visible Gold Coast location to create a new experience for retailers, residents and visitors to the neighborhood," explained Michael Newman, President and CEO, Golub & Company. "The added retail spaces will provide additional options for the many sophisticated retailers seeking a strong street presence in the Gold Coast shopping district."
About Golub & Company LLC
Chicago-based Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Since its founding more than 55 years ago, the company has owned, leased or managed more than 50 million square feet of commercial and multi-family real estate properties valued in excess of $10 billion. For more information visit www.golubandcompany.com.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
Retail Leasing Contact:
Baum Realty Group
SOURCE Golub & Company