Magic Johnson pumps millions into Hyde Park
Former NBA star Magic Johnson is investing millions in
the Hyde Park Chicago neighborhood. There has been
renewed interest in the Hyde Park neighborhood by some
big time investors. I recently wrote about a huge commercial
transaction worth about $160 million. It appears that
investors with deep pockets view Hyde Park as a smart bet.
Magic Johnson leads an investment fund that is loaning up to
16 million dollars towards the redevelopment of 53rd and Harper.
This corner will be anchored by a new 130 room Hyatt Hotel.
It will offer about 150,000 square feet of office space.
It will also offer about 75,000 square feet of commercial retail space.
All of the office space has already been leased to the University of Chicago.
Half of the commercial retail space has been leased to L.A. Fitness.
They hope to fill the remaining space with restaurants and clothing stores.
There will also be a new movie theater across the street.
An artist rendition of “the new” 53rd and Harper.
The first phase should be completed in 2013.
The 2nd phase will include about 400 residential units.
I’m guessing the 2nd phase will be done by 2015.
The total project will cost about 150 million. (wow!)
This project will go a long way towards making Hyde park a
‘must visit’ Chicago neighborhood. This should also bode very well for
local real estate values.
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
EQUAL HOUSING OPPORTUNITY
