The Portofino Group, headed by CEO Gary Marks, is developing The Villages at Portofino, a 105-acre mixed use development located at the intersection of Route 47 and Kreutzer Road in the Chicago suburb of Huntley. The 2 million-square-foot project will eventually include 960,000 square feet of retail, restaurant and entertainment space; 1 million square feet of office space; 177 apartments built atop the retail space
; and 68 town homes.
The Italian-themed project will be constructed in three phases, with the first phase being a 460,000-square-foot retail power center complemented by 37,000 square feet of entertainment space (likely to include a movie theatre), 98,000 square feet of specialty shops, and seven outparcels with capacity to build 142,000 square feet. First phase construction is scheduled to start second quarter 2009 and deliver fall 2010. The second phase of the development will be town center-like with 34 apartments over 86,000 square feet of retail space and additional office space. The third phase will involve the remainder of apartments and homes, 185,000 square feet of retail space, and additional office space.
HSA Commercial Real Estate's Daniel Miranda and Kevin Augustyn serve as the retail leasing agents for The Villages.
This article appears in "CoStar's Retail News Roundup: Mar. 2 to Mar. 8, 2008," a weekly feature written by CoStar News Senior Editor Sasha M. Pardy. This week in the Retail Roundup, CoStar reports on expansion plans at Tiffany & Co., Big 5, Papa John's, Dollar Tree, Fresh & Easy; new retail developments in IL, TX, FL and NV; acquisition, merger or sale activity at Macerich, Mervyn's, Ponte Gadea, JP Morgan, Prudential, Applebee's, Donahue Schriber, BlackRock, The Goodman Company and Inland Western, Restoration Hardware, Sears and Catterton Partners, and Finish Line and Genesco; closings, cutbacks or bankruptcies at Zales, Gap, Whole Foods and Macy's; sustainability at Regency Centers and Wal-Mart; personnel announcements at NewMark Merrill, Hanley Investment Group; and more.