LINCOLNWOOD, Ill., Jan. 26, 2015 /PRNewswire/ -- North Capital Group, the Lincolnwood, Illinois real estate company that purchased the former Purple Hotel site, and Fairmount Properties, the Cleveland, Ohio multi-disciplinary real estate company today announced that they have signed a joint-venture agreement to work together on the development of the mixed-use project at Lincoln and Touhy. Fairmount Properties' role will be lead developer for this long anticipated project. "We are very pleased that Fairmount has joined the project team in this major leadership role," stated Neal Stein, Project Lead and Principal with North Capital Group. "Mixed use developments are unique and Fairmount Properties' credentials in this area are impressive and will help us achieve our commitment to the village and its residents to provide a project that greatly enhances their community."
Fairmount Properties has developed numerous mixed-use projects in the residential, urban and university markets including the University of Rochester and Flats East Bank in downtown Cleveland.
"We understood from the start the great potential inherent in this project; this is the space where we've developed our expertise," added Chicago native Randy Ruttenberg, Founder and Principal of Cleveland-based Fairmount Properties. "Our role will be to support this great team in getting the development constructed and fully leased, which should be straightforward given the exciting plans developed by the architects and the rest of the team."
North Capital Group earlier announced that the development will include a boutique hotel, restaurants, retailers and office spaces. The 8.5 acre site is on one of the most desirable locations on the North Shore. The Lincolnwood Town Council has reviewed and approved architectural plans for the development. Construction is anticipated to begin in the first half of 2015.
About North Capital Group
North Capital Group is a leading hotel and retail real estate investment company made up of a dynamic group of investors with a collective goal to acquire, reposition and develop highly sought after properties in major metropolitan areas and prestigious destinations.
Fairmount Properties is a multidisciplinary real estate enterprise that specializes in the development, ownership and management of high-quality, retail-led mixed-use specialty centers and districts since 1998. These projects incorporate retail-centric, residential, office, hospitality and entertainment and are located in top-tier and inner-ring suburbs throughout North America.
SOURCE North Capital Group