Farpoint and Saxony Score Big Mag Mile Retail Lease

Scott Goodman’s Farpoint Development and partner Saxony Properties secured a massive anchor tenant for one of the Magnificent Mile’s most high-profile vacancies, a move that signals a shift in the retail landscape of North Michigan Avenue.

The Candy Hall of Fame Experience signed a long-term lease to occupy 60,000 square feet across multiple levels at 830 North Michigan Avenue, according to the National Confectionary Sales Association, which will operate the space. The deal is a major win for Farpoint and Saxony, which bought the property fully vacant for $40 million in August 2023, from Brookfield Properties. The price was a fraction of the values that properties fetched during the Mag Mile’s pre-pandemic peak.

Farpoint and Saxony’s acquisition followed the departure of Japanese apparel retailer Uniqlo from the property in 2021 (Uniqlo in 2024 announced it would occupy a new 29,000-square-foot space on the Mag Mile within the property at 600 North Michigan).

By securing the Candy Hall of Fame, Goodman adds some momentum to the slow but steady recovery of the Magnificent Mile, which is still a ways from its former glory. The 830 North Michigan site is across from the struggling historic Water Tower Place, where MetLIfe is converting retail into offices and health care space.

In February, Goodman and Saxony scored a $75 million loan for the 117,400-square-foot building at 830 North Michigan to fund its repositioning, following some other leasing wins. JP Morgan Chase has agreed to lease 11,000 square feet for a two-story space catering to clients with $1 million to $5 million in investable assets. Plus, British chocolatier Hotel Chocolat last year signed an 11-year lease to open a store and cafe in a 4,000-square-foot space at the property.

The Candy Hall of Fame lease helps bring the property closer to stabilization, and validates recent visions by developers, urban planners and city officials of transitioning the Mag Mile from traditional luxury apparel to destination-based, experiential retail.

After vacancy rates climbed as high as 34 percent in 2023, the district has begun a slow but steady recovery. Recent data shows vacancy rates dropping toward 25 percent, as landlords pivot toward a growing list of “experience-first” concepts — including the Museum of Ice Cream and the Harry Potter Store. Such tenants are filling the large spaces left behind by departing department stores and apparel giants.

For Goodman, the founding principal of Farpoint and co-founder of Sterling Bay, this lease adds another landmark to a career defined by neighborhood transformations. Having played a central role in the evolution of the West Loop and the current multibillion-dollar Bronzeville Lakefront project, Goodman’s move into the Mag Mile suggests long-term confidence in the city’s central business district, despite broader economic headwinds.

Slated to open in the summer of 2027, the Candy Hall of Fame Experience will be an exhibition dedicated to the history of the confectionery industry and the individuals recognized through the Candy Hall of Fame, which was established in 1971 and administered by the National Confectionary Sales Association. The Mag Mile space will be designed by Broadway veteran David Korins, who worked on “Hamilton” and “Beetlejuice” productions, according to a press release.

Chicago won the tenant after it also considered New York and Orlando, the release said.

“For more than a century, Chicago has been home to some of the most iconic names in American candy, including Ferrara, Mars, Brach’s, Tootsie and Wrigley,” Shelly Clarey, chairman of the National Confectionary Sales Association, said in the release. “Even Milton Hershey found his chocolate inspiration in Chicago at the 1893 World’s Fair.”

Brokers Elan Rasansky and Anthony Campagni of Canvas Real Estate represented the landlords in lease negotiations, while Greg Kirsch of Kirsch.Agency represented the tenant.

Jeff Rubin, a Candy Hall of Fame inductee as founder and former CEO of Mag Mile tenant It’Sugar, has also been instrumental in the tenant’s plans, the release said. He put together the project’s creative team that also includes experience designer Janet T. Planet, whose work has supported brands such as Nestlé, Wonka, Disney and Marvel.

“Chicago is the obvious home for the Candy Hall of Fame. It’s the candy capital, full stop,” said Rubin, who will be CEO of the Candy Hall of Fame Experience. “Generations of companies built this industry here, and the stories behind those creations deserve to live where they began.”