Hyde Park Shopping Center, owned by the University of Chicago, is the pre-eminent retail center in the Hyde Park neighborhood of Chicago, home to the Unversity. Home to the Hyde Park Coop, one of the only grocery stores in the immediate area, the 74,000 square foot center was a popular shopping stop for residents and students in the neighborhood.
HSA which already managed the shopping center approached the University with an ambitious plan to add over 40,000 square feet to the existing center. Due to land constraints, and the unavailability of any additional land to build on, HSA was able to come up with a plan to utilize the existing land to construct an addition to the center. Construction of the expansion began in 1998 without disrupting the existing tenants or hurting automobile or foot traffic into the center. Utilizing a record number of minority contractors in the area, HSA was able to complete the addition on time and even pre-leased 25,000 square feet of new space to Office Depot.
By bringing more than 40,000 additional square feet of retail space to the Hyde Park neighborhood, the University was able to capitalize on its asset, and the now 104,000 square foot Hyde Park Shopping Center is 100% leased and doing a thriving business. HSA also later represnted the University in a lease with Treasure Island to lease the shopping center’s anchor position.
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