Shopping Center Business

MAY 2017

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

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CULLINAN 230 • SHOPPING CENTER BUSINESS • May 2017 circa 1910 warehouse converted into 87 Loft apartments with ground-floor retail. It opened in 2016 and was partially financed with historic tax credits, Cullinan's first foray into historic redevelopment. Culli- nan Oberhelman says the company will pursue more historic tax credit projects as a result of that property's success. And in Austin, Texas, Cullinan developed and owned the Austin VA Outpatient Clinic in 2012, then sold it in 2016. At 275,000 square feet, it was the largest of its kind in the country when it was built. Rock Run Crossings in Joliet, Illinois, is a project that Cullinan Oberhelman is particularly excited about because of its location at the gateway to the Chicago area with significant interstate exposure. Rock Run Crossings is Cullinan Prop- erties' newest super-regional mixed-use development — the type of center where most retail in the portfolio will be located. The Rock Run Crossings site was pur- chased in 2015, and the development is set on 265 acres that will incorporate en- tertainment, retail, hotel, office/medical and multifamily. The initial phase of the development is expected to be complete in spring 2019. "This development will not only cater to those who live in the immediate area, but from the region for those traveling to the Chicago area from points south, west and east," says Cullinan Oberhelman. "There is fantastic exposure and visibility from Interstate 55 as it sits at the cross- roads of I-55 and I-80 in southwest subur- ban Chicago. Well over 1 million vehicles pass the site every week." In St. Louis, Cullinan Properties is developing the Streets of St. Charles, a mixed-use project in metro St. Louis. When fully complete, it will total approx- imately 1 million square feet combining entertainment, retail, restaurants, hotels, office space and luxury multifamily resi- dential. According to Cullinan Oberhel- man, this project's success was linked to collaboration with local government and elected officials. Cullinan Oberhelman refers to this project as 'a city within a city' due to its location and features right on site. Al- though only situated on 26 acres, Streets of St. Charles is Cullinan Properties' larg- est mixed-use vertical development due to its density and massing. It includes a three-story, 100,000 square foot mixed-use office/retail/restaurant building; a five-story mixed-use residen- tial/retail/restaurant building with 309 upscale apartments; a 40,000 square foot AMC Theatres; two Hotels totaling in ex- cess of 260 rooms, two parking decks pro- viding more than 1,500 spaces and mul- tiple restaurants including P.F. Chang's, Prasino, Tucano's Brazilian Grill and Bar Louie. "This property speaks to our strategy of creating a diverse and energetic mixed-use environment where people can live, work, shop, dine and play," says Cullinan Ober- helman. "We seek to create open-air, life- style centers with mixed-use components, walkable design and detailed landscaping that attract visitors from large trade ar- eas in secondary markets. Streets of St. Charles does just that." Supercuts, MOD Boutique, Sole & Blues Designer Boutique, Think Pink Nail & Spa, Firebirds Woodfired Grill, Oran- Cullinan's The Streets of St. Charles, near St. Louis, will ultimately be a 1 million-square-foot project combining retail, entertainment, restaurants, hotels, office space and luxury multifamily space. Cullinan Properties developed the Specialty and Outpatient VA Clinic in 2012 in Austin, Texas, then sold it in 2016. At 275,000 square feet, it was the largest of its kind in the country when it was built.

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