North Wells Capital and Urban Innovations announced that Fairgrounds Coffee & Tea has signed a long-term lease for 2,623 square feet of ground-floor retail space at 306 W. Erie Street, a development currently under construction in Chicago’s thriving River North neighborhood. This will be the coffee shop’s seventh location in the Chicago area with other locations to follow.
306 W. Erie Street, initially purchased by North Wells Capital in 2017, is the first phase of Verso, a three-building development set to reframe River North. In November 2019, the firm began a renovation and expansion of the property that will ultimately double the building’s size, modernize all building systems and add amenities. Verso’s next phases include nearby River North properties, 311 and 320 W. Huron Streets. 306 W. Erie Street is currently scheduled for occupancy by the end of the year with JLL serving as the leasing agent for the building and the entire Verso portfolio.
This deal represents the continuation of a strong partnership between Urban Innovations and Fairgrounds. The two firms have worked together on the construction of all of Fairgrounds’ current locations.
“Fairgrounds Coffee & Tea will be a true amenity to the building and the neighborhood. Their dynamic presence is an asset to the entire Verso portfolio,” said Tony Lindsay, asset manager at North Wells. “We’ve been proud to be a part of Fairgrounds’ growth in and out of Chicago, and we are very excited to continue our strong relationship by bringing them into our newest endeavor in River North.”