COVER STORY, SEPTEMBER 2007

MIXED-USE SPOTLIGHT
Many major midwestern cities and suburban markets are utilizing mixed-use development to revitalize their downtowns.

Heartland Real Estate Business takes a look at four projects that are incorporating various property sectors to attract a unique tenant mix and customer base.

Located just east of the Mutual of Omaha building, Midtown Crossing at Turner Park is leading the resurgence of development in midtown Omaha, Nebraska.

Midtown Crossing at Turner Park

Developer: ECI Investment Advisors

Owner: East Campus Realty, a wholly owned subsidiary of Mutual of Omaha

Location: Bordered by 31st and 33rd streets, from Dodge Street to Harney Street near Mutual of Omaha; Omaha, Nebraska

Overview:

Seven buildings encompassing:

• 220,000 square feet of restaurant, retail and entertainment space

• 600 condominium, apartment and corporate extended-stay units

• Above- and below-ground parking for more than 3,000 vehicles

Signed Tenants: Prairie Life Fitness, Douglas Theatres

Anticipated Completion: Fall 2009

General contractor: TBA

Architects:

Design – Cope Linder Architects

Executive – Holland Basham Architects

Leasing/Sales team:

Retail leasing – CB Richard Ellis

Condominium Sales and Apartment Leasing - TBA

About: “Midtown Crossing at Turner Park is leading the resurgence of midtown Omaha, making Midtown the urban residential and entertainment choice,” says Keith Bawolek, executive vice president with ECI Investment Advisors.

ECI and Mutual of Omaha plan to develop Midtown Crossing in a socially conscious manner, creating a pedestrian-oriented retail environment, as well as improving green spaces and parks in the area. Safety improvements, such as adequate street lighting and off-street parking facilities, are also being made to make the center as safe as possible for cars and pedestrians.

ECI and Mutual of Omaha plan for the 15-acre site to serve as a catalyst for the revitalization of Omaha’s midtown district.

Center of the Northshore will bring high-end residential, dining, shopping and entertainment options to the thriving Chicago suburb.

Center of the Northshore

Company: Northshore Center LP

Location: Corner of Skokie Boulevard and Dundee Road; Northbrook, Illinois

Overview:

• 14.5 acres

• 210,000 square feet of retail and restaurant space

•36,000 square feet of Class A office space

•171-room hotel

• 74 luxury condominiums

Tenants: E*Trade, Pompeii Restaurant, Glen Poor Electronics, Europe at Night, Eddie Merlot Steak House, Bistro Wasabi, Panera Bread, Daily Grill, Symposium Café, LA Boxing; Negotiations are underway to build a Hyatt Place Hotel

Anticipated Completion: Spring 2008

Developer: FCL Builders

Architect: Legat Architects

Leasing/Sales Team:

Residential — Maher Partners Commercial — Emercor Real Estate Group and Atlas Partners Commercial Brokerage

About: Modeled after the Piazza Novona in Rome, Center of the Northshore will provide the Chicago suburb of Northbrook with high-end residential, dining, shopping and entertainment components, as well as a boutique hotel, set against a European backdrop of esplanades, fountains, gardens and outdoor artwork. The location, in the heart of Chicago’s northern suburbs, combines high visibility and easy access with high population density and an average family income more than $150,000 per year. The center is also set to tap into the busy office corridor surrounding the center, providing numerous dining options to visitors, as well as the center’s own office users and residents.

Calamos Real Estate’s CityGate Centre is seeking to become an all-hours destination using a combination of office and retail space, as well as a performing arts center and a luxury hotel.

CityGate Centre

Developer: Calamos Real Estate

Location: CityGate Lane; Naperville, Illinois

Overview:

• 1 million square feet of Class A office space

•150,000 square feet of restaurant and retail space

• 144-room luxury hotel

• 700-seat performing arts center

• Four parking garages totaling 4,000 to 5,000 parking spaces

Signed tenants: Calamos Investments Riva Restaurant

Anticipated completion: First phase construction will be complete in August 2008. Additional phases will be complete by 2012.

General contractor: Power Construction

Architect: Lohan Anderson

Leasing/Sales team: Cushman & Wakefield of Illinois; Becker Realty

About: With very little new office or retail supply coming online in the Naperville area, CityGate Centre seeks to fill the void for companies seeking high-quality urban space in a suburban environment. The center will also feature a full-service luxury hotel and a performing arts center.

“There was a strong desire to create an urban oasis in the suburbs, thereby providing a city-like experience for the surrounding residents who have moved to the suburbs to raise their families,” said Daniel Slack, president of Calamos Real Estate.

Office space in the center will include full-height glass windows to provide abundant natural light and displacement ventilation to enhance air quality and allow occupants to control the temperature within their workplace. These features, along with a decked parking structure and indigenous landscaping, will help the office component of CityGate Centre achieve LEED-silver certification.

The center will see 5,000 to 6,000 visitors daily — mostly from office employees — but Calamos expects this demographic to remain in the evening, when CityGate becomes a night-time entertainment spot.

Corbin Park, located in the Kansas City suburb of Overland Park, Kansas, will contain 1.1 million square feet of retail and restaurant space. Talks are also underway for a theater and a hotel at the center.

Corbin Park

Developer: Cormac Company

Location: Metcalf Avenue and 135th Street; Overland Park, Kansas

Overview:

• 1.1 million square feet of restaurant and retail space spread over 97 acres

• Negotiations are currently underway for an upscale theater and hotel.

Signed Tenants: Von Maur, Best Buy, Barnes & Noble, Lifetime Fitness (already open)

Anticipated Completion: Fall 2008

General Contractor:

Brown Construction

Architect: Slaggie Architects

Leasing/Sales Team:

Cormac Company and The McGarey Group

About: Corbin Park is located on two main arterial roads in Johnson County, providing an ideal location and strong demographics for the mixed-use center. As well as being a local draw, the center will also be a regional draw due to tenants such as Von Maur, which is new to the Kansas City market.

One of the draws of Corbin Park will be its pedestrian-friendly atmosphere, which is quickly becoming a trend with mixed-use and lifestyle centers. Walkways, outdoor water fountains and an amphitheater will be used to make the center more enjoyable and to keep visitors there longer. A proposed theater will provide visitors with entertainment options, and negotiations are also underway for a hotel.


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