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Atlanta -- Atlanta-based RCG Ventures has acquired The Landings, a 112,622-square-foot shopping center located in the Chicago suburb of Bolingbroke, Illinois.
The center is anchored by Planet Fitness, PetSmart and Office Max, and is shadow-anchored by The Home Depot and Meijer. Jeff Miller represented RCG internally, and Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller in the transaction. Terms of the sale were undisclosed. RCG has also sold four properties located in Georgia, North Carolina and Wisconsin. Dispositions include First Tuesday Center, a 158,795-square-foot shopping center located 45 miles west of Atlanta in Carrollton, Georgia; May’s Crossing, a 138,241-square-foot center located 16 miles south of Atlanta in Stockbridge, Georgia; Pamlico Plaza, an 89,967-square-foot center located in Washington, North Carolina; and Shawano Plaza, a 192,675-square-foot center located in Shawano, Wisconsin. Terms of the transactions and buyers were undisclosed. First Tuesday Center is home to tenants including Roses, Food Depot, Farmers Home Furniture and Dollar Tree. Margaret Caldwell and Margaret Jones of JLL represented RCG in the transaction. May’s Crossing is anchored by Big Lots, dd’s Discounts and Dollar Tree. RCG was represented by Mark Joines and Drew Fleming of Newmark Knight Frank in the disposition. Pamlico Plaza in North Carolina is anchored by Burke’s Outlet and Office Depot, and shadow-anchored by Walmart. Ryan McArdle, David Rivers and Steve Collins of The Palomar Group represented RCG in the transaction. Dunham’s Sports anchors Shawano Plaza in Wisconsin. Tom Fisk and Adam Meyers of NAI Pfefferle represented RCG in the disposition.
Wingspan Development Group, LLC and Nicholas and Associates, Inc. received Village Board approval for their new luxury apartment community near downtown Plainfield IL. The new community will feature 284 units spread among eight buildings with a fully amenitized clubhouse in the center. Previously, the development had received a unanimous approval recommendation by the Village’s Plan Commission. The development, called Sixteen30, will sit on nearly 15 acres along Wallin Drive approximately ¼ mile north of Lockport Street. “We’re very excited to bring this type of luxury lifestyle community to downtown Plainfield. Plainfield and its downtown have so much to offer.” said Chris Coleman, VP of Development for Wingspan.
As the Village’s website aptly describes, downtown Plainfield is a vibrant, pedestrian-focused destination for shopping, dining, and entertainment. The dramatic streetscape enhancement and road reconstruction, completed in 2009, created raised intersections, mid-block pedestrian crossings, and wide sidewalks to establish a comfortable environment for pedestrians to shop and enjoy the backdrop of many of the beautifully restored historic buildings. The expanded sidewalks provide room for restaurants to offer al fresco outdoor dining. Decorative signage and extensive landscaping complement the historic architecture and contribute to Downtown Plainfield's distinctive sense of place.
“In the spring, summer and fall, the 15 minute walk from Sixteen30 to all the downtown shops, dining and entertainment will make this community unlike any other south suburban rental option. Also, the new Pace Express park-n-ride is less than a ½ mile walk. You typically just don’t see this type of convenience in a suburban setting,” added Coleman. Construction on Sixteen30 is expected to begin in late spring of 2019 with the clubhouse opening anticipated for late summer. The clubhouse amenities will include a pool, hot tub, outdoor grill, fitness center, yoga studio, club room, cyber café and package room. The community will feature a mix of studio, one bedroom, two bedroom and three bedroom floorplans.
Wingspan Development Group delivers the highest quality projects across multiple real estate segments; residential, commercial and land development. The firm’s core team has over 80 years of real estate and construction experience combined with an unparalleled commitment to detail and execution. By blending broad capabilities and a nimble organization, Wingspan capitalizes on diverse market opportunities to create value for clients and stakeholders. Wingspan has offices in Illinois and Wisconsin.
For more information, contact Christopher Coleman at 847.394.6200 or CColeman@WingspanDevelopmentGroup.com.
Mount Prospect, IL 11/8/18 Wingspan Development Group, LLC and Nicholas and Associates, Inc. announced that Geneva Capital provided $17.0MM in construction financing for its new boutique luxury apartment development in downtown Mount Prospect. The new 73 unit podium style apartment property in Chicago’s northwest suburbs is scheduled to open in late summer of 2019. “Geneva was a great partner throughout the financing process. They bring a lot of market knowledge and industry experience to the table.” said Chris Coleman, VP of Development for Wingspan.
Established in 1989 and based in Wheaton, IL, Geneva began as an outgrowth of Dekalb Financial Services by real estate finance veterans seeking to serve and expand their client and bank funding partners. Since Geneva’s beginning, it has funded in excess of $2.6 billion in a variety of construction/development and term loans from floating rates to long term non-recourse fixed rate loans. According to Geneva’s president, A. Wayne Massey, “Geneva works with established good quality borrowers like Wingspan and Nicholas to meet both their short- and long-term financing goals and always strives to deliver what we say we will when we say we will.”
20West sits in the heart of downtown Mount Prospect, across the street from the Metra station with service to Chicago’s Ogilvie Station in less than 35 minutes. The property features several resident amenity spaces including an outdoor terrace with grilling stations, fire pits, sun cabanas, and lounge chairs. Inside, there’s a demonstration kitchen, club & gaming room, fitness center and yoga studio. The property also includes a 4,000 square foot two story restaurant space. “20West has a lot of amenities for a building its size. There’s been a lot of buzz about this development because there’s nowhere for people to live in Mount Prospect who want this kind of luxurious environment. And, the location is ideal.” said Nick Papanicholas, Jr., President of Nicholas & Associates, Inc. Papanicholas added, “We know Geneva and knew they could get the deal done.”
Wingspan Development Group delivers the highest quality projects across multiple real estate segments; residential, commercial and land development. The firm’s core team has over 80 years of real estate and construction experience combined with an unparalleled commitment to detail and execution. By blending broad capabilities and a nimble organization, Wingspan capitalizes on diverse market opportunities to create value for clients and stakeholders. Wingspan has offices in Mount Prospect, IL and Milwaukee, WI. For more information, contact Christopher Coleman at 847.394.6200 or CColeman@WingspanDevelopmentGroup.com.
John Hersey High School has begun collecting food items as part of its annual food drive to help those in need.
The food drive is one of Hersey's biggest philanthropic undertakings, and thanks to the community, the school has collected record amounts of food during the past few years to benefit those experiencing difficult times.
On Nov. 5, Hersey students began canvassing area neighborhoods to place bags donated from Jewel on doorsteps with instructions on how to participate. On Tuesday, Nov. 13, Hersey students will return to the neighborhoods to pick up donated items in the filled bags.
Students will box and label the donations before loading everything onto trucks provided by U-Haul on Friday, Nov. 16, and deliver the food to local food pantries.
Hersey is also seeking boxes that are close to 16-by-13-by-13-inch or of a similar size. If you have boxes to donate, please contact Assistant Principal John Novak at email@example.com or (847) 718-4818.
Voters in Community Consolidated School District 21 appeared Tuesday to strongly support a referendum that would allow school officials to borrow $69 million to fund security upgrades and other building improvements.With 33 of 37 precincts reporting Tuesday evening, about 73 percent of voters had cast ballots in favor of the referendum, while around 27 percent opposed it, according to unofficial numbers from the Cook County Clerk's office.
“We’re up quite a bit right now, and I think one of the reasons is because everyone in the community understands we’re living in a world right now where everyone is more concerned about school security,” said Superintendent Michael Connolly, who also credited volunteers for rallying support for the referendum.
If the referendum ultimately is approved, a major share of the $69 million bond issuance would go toward building security, including the remodeling of the main entrances to the district’s 13 elementary and middle schools, as well as the creation of a “three checkpoints” system for visitors.
The upgrades are especially needed, school officials have said, at a time when mass shootings across the U.S. have put a spotlight on school security.
The borrowing plan also would allow officials to create classrooms that could, one day, accommodate a full-day kindergarten program, which District 21 board members recently have begun discussing.
“I also think that for parents with young children who are close to school age, they understand the need for having a full-day kindergarten program in the district,” Connolly said.
Phil Pritzker, president of the District 21 board, said officials spent nearly 18 months engaging with residents and other community stakeholders to ensure their voices were heard and to encourage them to be part of the decision-making process.
“It just all came down to a lot of hard work and the right story … the need for better school security, air-conditioned buildings and an all-day kindergarten,” Pritzker said.
Serving 6,500 students in nine elementary and three middle schools, as well as one early childhood center, District 21 enrolls students who live in Arlington Heights, Buffalo Grove, Mount Prospect, Prospect Heights, Wheeling and a portion of Northbrook.
Kelly Eidson, chairwoman of the District 21 Citizens Committee, is among the District 21 residents who have been working since last August to encourage voters to support the referendum.
“My oldest child was in first grade when there was the school shootings in Sandy Hook, and I’ll never forget that day,” Eidson said. “As a parent, school security is always on my mind, and it’s a big part of why I’ve worked so hard to pass this referendum.”
Since the proposed bond sale, if approved, would result in slightly higher district property taxes for area homeowners, Eidson said, district officials have made every effort to involve residents.
In addition to releasing community surveys, officials hosted town hall-style meetings, engaging in what Eidson said were “some very heated conversations.”
“I feel the district’s leadership was determined to get community feedback, and to hear what residents want to see in their schools and what issues they’re concerned about, and not concerned about,” Eidson said.
If the proposed $69 million bond sale is approved, a District 21 homeowner with a property valued at $300,000 is estimated to see an annual property tax increase totaling $78.
A homeowner with a home valued at $400,000 would see the district’s portion of their property tax bill increase by $107 each year, while an owner with a home valued at $500,000 would see an annual increase of $136, according to district estimates.
The election Tuesday marks the first time District 21 officials have placed a referendum measure on the ballot since 2003, when voters approved an operating fund rate increase.
Other security upgrades that would be paid for with funding from the proposed borrowing plan would include the installation of digital security cameras and enhanced exterior lighting in school buildings, officials have said.
The installation of air conditioning systems in all of the district’s buildings and the purchase of new classroom furniture, including desks and chairs, would also be done, if the referendum is approved.
District officials also have begun discussing the idea of a district-wide, full-day kindergarten program after more than 80 percent of residents who participated in a recent community survey said they support the initiative, officials have said.
The district currently offers a full-day kindergarten program at only the three elementary schools that receive federal dollars for serving a high percentage of low-income students.
The 22nd annual Mount Prospect Toys for Kids program offers residents and businesses an opportunity to make the holidays brighter for hundreds of local children by donating toys or gift cards. Last year alone, the program assisted more than 300 children from over 100 families.
"This event helps to relieve financial stress so that parents can enjoy the holidays with their children. For some children, this is one of the few gifts they receive to open on the holiday," said Mount Prospect Human Services Director Julie Kane.
Village staff reviews financial assessments that qualify the children and families to participate and they are invited to Fire Station 14 on Saturday, Dec. 15, to pick up their toys and visit with Santa Claus.
Residents or businesses can drop off new, unwrapped toys at any Mount Prospect fire station through Friday, Dec. 7. Officials say they especially need for donations for children ages 7-13. Older children especially appreciate gift cards to major department stores.
Chris Coleman, VP of Development at Wingspan, periodically shares his thoughts and observations on property development news.