Shopping Center Business

DEC 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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HARLEM IRVING 96 • SHOPPING CENTER BUSINESS • December 2016 I n 1954, a group of forward-think- ing investors conceived the plan for Harlem Irving Plaza, one of the first shopping centers in the Chicagoland area. The 337,000 square-foot open-air center opened near Harlem Avenue and Irving Park Road on Chicago's northwest side in 1956 with 44 stores. Sixty years later, The HIP, as it is known locally, is a 725,000 square-foot enclosed regional mall with more than 140 retailers. As the flagship property has grown and evolved, so has the company behind the development. Today, Harlem Irving Companies owns 17 retail projects totaling 2.3 million square feet as well as several multifami- ly properties in the Chicago area, and a hotel in South Carolina. Additionally, the company has developed and sold more than 2,200 condos units. The company is currently developing mixed-use projects in Chicago and Minneapolis. "Deals beget deals. As opportunities come to us through our partners and our contacts in the brokerage commu- nity, we review them very closely to see if they make sense for us. We've been for- tunate in that many opportunities come to us through various sources," says Mi- chael Marchese, chairman and CEO of Harlem Irving Companies. Richard Filler, president and COO of Harlem Irving Companies, adds, "This year is our 60th anniversary, and it is probably our biggest year ever in terms of development activity. Currently, we are constructing a 334-unit apartment com- plex in Minneapolis with retail anchored by a Fresh Thyme Farmer's Market. We also have broken ground in Chicago on a 27-story building, which includes 381 multifamily units anchored by a Treasure Island grocery store. Both will deliver in 2018. And since the beginning of this year, we have been developing a 49 townhome for-sale development in Bucktown." Filler notes, "Over the past 20 years, we've been very nimble developing real estate among various asset classes. Our core competency in retail results from our 60-year history of developing and rede- veloping the mall and open centers. While we acted as preferred developer for The Home Depot here in Chicago, we have also developed for the likes of Target, Kohl's, and Best Buy, and to this day enjoy strong relationships with these retailers. During the same period of time, we've been very active in both for- sale and rental residential development. Our projects range from high-rise condo- miniums, such as The Emerald in Greek Town — a 212-unit condo building includ- ing street retail — to boutique apartment rentals like The Scott in the trendy Old Town neighborhood in Chicago, as well as the highly amenitized Halsted Flats in Wrigleyville. At this stage, our focus is on larger mixed-use, multifamily projects with grocery anchors. We haven't had to chase the downtown core; we've been able to stay on the fringe by bringing the grocery store an added feature, which cre- ates unique value to our product. Several years ago, Harlem Irving inte- Centered In Chicago In 60 years, Harlem Irving Companies has grown its portfolio from a 337,000-square-foot center to one of more than 2.3 million square feet of retail space as well as a solid multifamily portfolio. Jerrold France, Randall Shearin and Jaime Lackey Filler Marchese Harlem Irving is developing a 27-story multifamily tower in Chicago at Montrose and Clarendon. Retail at the base will be anchored by a 30,000-square-foot Treasure Island Foods store.

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