Roundy’s Supermarkets Announces Lease to Anchor Village Market at Lakeshore East Complex

Feb. 25, 2009 - PRLog -- Milwaukee-based Roundy’s Supermarkets Inc. has signed a lease for a 55,000- square-foot bi-level grocery store that will anchor a 140,000-square-foot retail center at the southwest corner of the 28-acre Lakeshore East mixed-use development across the street from Millennium Park near the confluence of the Chicago River and Lake Michigan.
   
“This will not only be an enormous convenience for people living at Lakeshore East, but for our residential and commercial neighbors as well. The Village Market Center is a major step towards completing our vision for the Lakeshore East Community,” said Brian Gordon, vice president of development for Magellan Development Group, developer of Lakeshore East.  

Roundy’s is a leading grocer in the Midwest with nearly $4 billion in sales and 20,000 employees.  Founded in Milwaukee in 1872, it operates 151 retail grocery stores under the Pick ’n Save, Copps, Rainbow and Metro Market banners in Wisconsin and Minnesota.  For more information about Roundy’s, visit the company website at www.roundys.com.

“We are excited about opening new stores in the city of Chicago,” said Robert Mariano, Roundy’s chairman and CEO.  “We look forward to serving customers at Lakeshore East.”

Fifth Third Bank, currently situated in The Shoreham apartment tower at Lakeshore East, has also signed a lease at the Village Market Center, which will also house additional restaurants and service users, according to Gordon.  He expects the retail center, which will stand just north of the 340 On The Park condominium tower, to be completed within one-year from the start of construction. Other retail tenants at Lakeshore East include recently signed CVS, opening this spring at Aqua and Caffe Rom located at The Shoreham.  

The plan that completes the ambitious Illinois Center development allows for the construction of up to 4,950 residences, a magnificent 6-acre public park, 2.2 million gross square feet of commercial space, 1,500 hotel rooms, 770,000 square feet of retail space and a proposed elementary school.

Residential developments at Lakeshore East currently include six completed and occupied buildings.  They include the 29-story Lancaster, the community’s first condominium building with 209 homes; The Shoreham, a 46-story apartment tower with 548 residences; The Regatta, a 44-story condominium building with 325 units; The Chandler; a 35-story condominium building with 304 condo home; 340 on The Park, a 62-story condominium tower with 344 units and the 51-story The Tides, the community’s second rental property with 607 luxury units now accepting applications.

Construction is progressing on the 82-story Aqua, which will be the first high-rise in the city designed uniquely to combine condominiums, rental apartments, hotel and retail spaces.   The first phase of The Parkhomes at Lakeshore East, an enclave of 25 gracious townhomes, is also under construction.

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About Lakeshore East: Magellan Development's highly-acclaimed Lakeshore East community incorporates all the elements of a traditional city neighborhood, a village in the heart of the city that includes homes, retail, recreational opportunities and community amenities such as a lush public park and a planned elementary school. Its master plan recently captured a highly-esteemed Prix d’Excellence International Design Award from (FIABCI), the International Real Estate Federation representing more than 60 nations. It previously earned a National Honor Award for excellence in urban design from the American Institute of Architects (AIA).

Lakeshore East is regarded as a preview of the future, a mixed-use development where people can live, work, shop, eat and pursue whatever interests them without having to get into a car.