A joint venture of Chicago-based Structured Development and Carly Partners LLC has retained CBRE to market more than 76,000 square feet of retail space at Sheridan Crossing. The 37-acre, mixed-use development is planned for a 33-acre property across from the Naval Station Great Lakes in North Chicago, Illinois.
CBRE vice president Mary Bresnahan and senior vice president Kim McGuire will lead marketing efforts for the project at the corner of Sheridan Road and Martin Luther King Jr. Drive. The multi-phase development, comprising a total of more than 260,000 square feet, will be anchored by a 107-room limited-service hotel and a 10-screen movie theater. In addition, an adjacent property will be the future home of the National Museum of the American Sailor, which is expected to host more than 450,000 visitors annually when completed.
“We are collaborating with city and state officials and other local stakeholders to make Sheridan Crossing a marquee mixed-use development—one that will have an extremely positive economic impact in North Chicago,” said Jeff Berta, senior director of real estate development at Structured Development. “The national retailers that already have expressed interest would offer the community experiences currently unavailable in the immediate area. In retaining CBRE, we’re confident we will be able to build on this momentum and move one step closer to realizing our vision for this first-of-its-kind project.”
Structured Development is exploring a variety of uses that, together, will establish Sheridan Crossing as a vibrant commercial district. These include a bowling alley, microbrewery, several restaurants, a full-service grocer, pharmacy and medical offices. The developer hopes to break ground sometime this year. The Chicago and Irvine, Calif., offices of KTGY Architecture + Planning are serving as architect on the planned development.
“This project will serve as a catalyst for investment in North Chicago, serving full-time residents and the thousands of recruits enrolled at the adjacent naval station, whose frequent graduation ceremonies draw in additional visitors,” said Bresnahan. “Sheridan Crossing presents a rare opportunity for retailers to plant their flag in an underserved market with high growth potential.”
In addition to offering proximity to Naval Station Great Lakes, Sheridan Crossing is minutes from the corporate headquarters of both Abbott Laboratories and AbbVie. Also nearby are multiple educational and medical institutions, including Rosalind Franklin University, the Captain James A. Lovell Federal Health Care Center and the new Northwestern Medicine Lake Forest Hospital campus.