RPT Realty plans to remake the Webster Place shopping center in Lincoln Park, a redevelopment that could include the construction of two new residential towers.
The New York-based firm is looking to reposition the 30-year-old mall to capitalize on its proximity to Sterling Bay’s planned Lincoln Yards megadevelopment nearby, according to Crain’s.
RPT would reconfigure the shopping center at Webster and Clybourn avenues, closing a Barnes & Noble store and greatly expanding the Regal Cinemas movie theater complex, among other changes. It bought Webster Place for $53 million last year, according to Crain’s.
But the firm also wants develop a property south of the existing mall into two roughly 20-story towers with residential, office, retail and parking.
Webster Place is next door to C.H. Robinson’s new headquarters, the first property developed within Lincoln Yards, where Sterling Bay wants to build 5,000 residential units, 6 million square feet of commercial space, hundreds of hotel rooms and a host of infrastructure improvements along the North Branch of the Chicago River.
RPT hired architecture firm Gensler to redesign Webster Place and has been talking with residential developers that would sign up as potential partners on the project, RPT president and CEO Brian Harper told National Real Estate Investor.