55,000 SF mixed use redevelopment of the former “Wrigleyville Taco Bell” site across the street from historic Wrigley Field and next to the famous Cubby Bear bar. This trophy project is located in the heart of one of Chicago’s most iconic neighborhoods that sees an impressive 4 million pedestrian counts every year.
THE OPPORTUNITY
The property was acquired through a long standing personal relationship whereby the owners were able to secure control without competitive process.
Site is amongst the tremendous growth and transformation of the Wrigleyville neighborhood that included hundreds of millions of dollars in restaurant, retail, office, hotel and residential development.
Through extensive negotiations with the Alderman, neighborhood organizations, and the City of Chicago – a multi-story mixed use plan was conceived for the property, but the project was stalled and spiraling out of control.
THE RESULT
Echo was brought in and immediately assumed operational control over the design, construction, leasing, accounting, financing, and project management for the project.
Value engineering efforts included a building re-design initiative that eliminated a costly high-rise code designation and the coordination with the European manufacturers of specialized climbing wall equipment for the fitness anchor tenant – Planet Granite. Collectively, Echo was able to save $5.4 million dollars from the original project budget.
Successfully leased additional ground floor retail space to Chase Bank and Taco Bell Cantina.
Construction commenced in the spring of 2020 with an estimated completion date in the summer of 2021.
