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Canyon-Johnson Teams With JV for Hyde Park Project

Developers Launch Long-Delayed Hyde Park Redevelopment With Harper Court Mixed-Use Project
October 31, 2011
Canyon-Johnson Urban Funds and a joint venture between Vermilion Development, Inc. and JFJ Development will work together on a $106 million redevelopment of the mixed-use Harper Court in the Hyde Park neighborhood of Chicago.

Activity on the long-delayed redevelopment of Hyde Park has picked up this year. Canyon-Johnson and its partners’ mix of commercial office, retail, residential and hospitality uses will be constructed in two phases on 3.3 acres at 53rd Street and South Lake Park Avenue, starting with a nine-story, 150,000 square-foot office tower and construction of up to 425 residential units in the second phase.

The office space is leased to the University of Chicago in one of the largest leases signed in Chicago this year. The tower will be joined with parking and a three-story retail building anchored by LA Fitness. A Hyatt Place hotel will also be included in the project’s first phase.

During the office build-out, the team will focus on leasing the remaining available ground-floor retail space to soft goods retailers, entertainment venues, as well as casual and fine dining restaurants

Canyon-Johnson, which made its first investment in Chicago in 2003 when it acquired and redeveloped the mixed-use State Place project, most recently in June acquired and announced plans to reposition the Roosevelt Collection, a transit-oriented development project also in the South Loop neighborhood.

Citi Community Capital provided construction financing. James McHugh Construction Co., the general contractor, has begun to mobilize at the Harper Court site. The project is slated for completion in 2013.
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