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St.
Charles' tenant mix brings additional upscale retail, destination
restaurants, a specialty
grocer and entertainment components to the western suburbs of Chicago.
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St. Charles Towne Centre
Addresses Chicago's Future Growth
ST.
CHARLES, ILLINOIS – In an industry
where location is key, property developers know that
current property uses become obsolete over time. With the transformation of
the “Tri-Cities” and the west Chicago suburban markets into the
“next Oak Brook,” Sho-deen Inc. tore
down their St. Charles Mall in order to develop a mixed-use town center that
would meet the current and future needs of the area’s expanding,
affluent population.
One of the nation’s fastest
growing regions over the last 15 years is the far western suburbs of Chicago. Plans to fulfill the upscale shopping and dining needs of the existing and future population of this area have resulted in St. Charles Towne Centre -http://www.stcharlestownecentre.com - the first mixed-use town center development to serve the “Tri-Cities” area of St.
Charles,
Geneva, Batavia and the other far
western suburbs. The former St. Charles Mall location will become the site of
a 25-acre project that will include 280,000 square feet of upscale retailers
and restaurants, in addition to 900 residential units, two hotels, and 100,000
square feet of office space.
Sho-Deen Inc. in Geneva, Ill, a commercial and
residential developer, founded 45 years ago by Kent Shodeen, has hired Divaris Real Estate, Inc. of Virginia Beach, Va. to assist in the
development and to be the exclusive leasing agent for St. Charles Towne
Centre in this fast developing submarket of the Chicago metropolitan
statistical area.
To illustrate the incredible growth in
Chicago’s far western
suburbs, John M. Millar, Divaris’ executive vice president, points out
that its population is expected to double in size from the 1990’s
population of 407,000 to 814,000, by 2012. “The growth rate from the
1990 census to the 2000 census was 40.5 percent, with an estimated growth
from 2000 to 2007 of 25.5 percent, and from 2007 to 2012 of 13.4 percent. We
believe that this dramatic growth rate has been underestimated by the
national research services and the true population may be closer to one
million people by 2012,” Millar states.
The explosive growth since 1990, in
the far western suburbs of Chicago has not only been in
population, but also in its affluence. Because land for new upscale
subdivisions is plentiful in these suburbs, as the population matures into
its peak earning years, residents will continue to move into more upscale
housing. This trend toward a greater number of affluent households is
expected to continue for the foreseeable future. The current average
household income is $103,400 and it is expected to reach $120,000 by
2012. In addition to the area residents, there are 216,000 daytime
workers within a ten mile radius of St. Charles and 1,056,000 daytime
workers within 20 miles.
St.
Charles
and the surrounding Fox River Valley offers exceptional
21st century-style amenities while embracing the area’s rich history.
Offering an extraordinary amount of leisure activities and
‘big-city’ entertainment, St. Charles makes for a perfect
environment that everyone can share.
Residents and visitors will be able to
live, shop, work, dine and sleep at St. Charles Towne Centre, where the
concentration of high-end restaurants and retailers will complement the
nearby Geneva Commons. The lifestyle center, Geneva Commons, has
captured some of the nation’s most notable retailers – Crate
& Barrel, Anthropologie, Ann Taylor, Banana
Republic, Jos A. Banks, Pottery Barn, and Williams
Sonoma, as well as junior anchors H&M, Abercrombie & Fitch and Aeropostale. Crate & Barrel’s
choice of Geneva / St. Charles as the location of their
only full-priced store in Chicago’s far western
suburbs affirms the strength of the market for St. Charles Towne
Centre. The tenant mix of St. Charles Towne Centre will complement
Geneva Common’s existing offerings, with additional upscale retail and
new-to-the-market, destination restaurants, a specialty grocer and
entertainment components.
”The market is ready for a
mixed-use development designed to meet the needs of this community,”
Eric Shodeen, president of Sho-Deen
Management, says. “St. Charles Towne Centre will meet that need by
filling the upscale retail and restaurant voids in the far western suburbs of
Chicago.”
“Unlike the design of the Geneva
Commons, which is essentially a strip center, St. Charles Towne Centre’s main street format will foster pedestrian
connectivity, interactivity and retail synergism. It will be a real people
place,” Dave Patzelt, president of Sho-Deen Construction Company says. The center will
include upscale lifestyle retailers that not only draw from well outside the
20-mile radius, but also will offer first class amenities throughout the
property, from valet parking to a fitness facility and specialty grocery
store, making St. Charles Towne Centre a highly-coveted address.
Divaris
Real Estate, Inc.
One
Columbus Center, Suite 700
Virginia
Beach, VA 23462
TEL:
757.497.2113 FAX: 757.497.1338
info@divaris.com
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