Press Release: Edgewater Development Brings Together Dealmakers
October 4, 2013
“The best for Edgewater retailers is yet to come” advised Tim Van Noord, Research Manager of Newmark Grubb Knight Frank to a room filled with Edgewater real estate brokers, retail agents and property owners of vacant properties which Edgewater Development Corporation brought together for a Dealmaker Session at Nookies Café on Wednesday, September 18.
Mr. Van Noord explained that good things are happening in the economy with Edgewater retail vacancy at 5.4% lower than the Chicago Suburban at 8.4% and the City’s Central Business District at 9.3%. It is predicted that Edgewater household income and population will outpace the nation over the next several years as a result of continuing urbanization trends. Van Noord also explained how recent changes in legislation requiring internet sellers to pay local sales taxes would help bring back brick and mortar stores in the neighborhoods. In addition, changes to accounting standards requiring banks to show inventories of vacant properties on their balance sheets would result in businesses choosing to own rather than lease their properties.
48th Ward Alderman Harry Osterman pointed to the recent major developments that have been completed or are under construction along Broadway such as the $ 13.7 million Edgewater Branch Library at Elmdale. The newly opened Walgreens on Broadway next door to LA Fitness which is under construction at Glenlake. New construction will begin on MB Financial’s branch at Thorndale. Other recently announced deals include Chody Real Estate which closed on the purchase of the Piser site at 5206 N. Broadway. They plan to construct a new 20,000 sq. ft. single story retail development.
Michael Palet, Wells Fargo Bank Financial Advisor praised Edgewater Development Corporation’s work with stakeholders in promoting commercial development as “exceptional” and the Dealmakers Session as a “great event for bringing more buyers to the table”.
The mood was upbeat as attendees mingled over breakfast and exchanged information on which properties were available, and who might be willing to make a deal. Trinette Britt-Johnson, Edgewater Development’s Executive Director, noted that brokers, property owners and retailers had requested a forum for networking and “We are optimistic that some deals will come out of these Dealmaker Sessions. Already several interested retailers have made follow-up connections".
At the meeting, Edgewater Development Corporation provided valuable information packets; their Welcome to Edgewater brochure; listings of available properties; new major developments and the almost 40 new businesses that have opened in Edgewater over the last several years. Attendees viewed large area maps of Edgewater’s business districts showing zoning and the boundaries for Tax Increment Financing (TIF) districts. There is another tool that is available to Edgewater property owners: Edgewater Development Corporation, a Delegate Agency of the City of Chicago, is part of the pilot City program in coordination with World Business Chicago. As a participant, the Development Corporation lists all Edgewater’s available commercial properties on the Site Selector website which promotes the community’s available spaces to potential buyers and retailers nationwide.Sponsors of the breakfast included Hon. Harry Osterman, Bridgeview Bank, Cathay Bank and Wells Fargo Bank. Edgewater Development Corporation also receives funding from the City’s Department Housing and Economic Development.
Edgewater Development Corporation Survey NEW!
The Edgewater Development Corporation would like your input with a brief survey pertaining to new business attraction for Edgewater. Please take a few minutes to complete this survey.
The survey results will be utilized at the Edgewater Development Corporation’s Small Business Roundtable meeting August 21st with interested new businesses, existing businesses, brokers and developers.
Thank you in advance for taking the time to voice your opinions. Please click on the link below to complete this brief survey.
The Edgewater Development Corporation (EDC) is a local non-profit (501c3), community-based organization with the mission to redevelop the commercial resources of Edgewater to better serve the entire Edgewater Community.
We have a volunteer Board of Directors made up of local residents with special skills relevant to our Mission.
Edgewater offers attractive opportunities for business and retail development in a north lakefront community with a strong residential market. Edgewater enjoys easy multi-modal access to Chicago 's downtown and O'Hare International Airport.
Edgewater is bounded by Lake Michigan on the East, Ravenswood on the West, Devon on the North and Foster on the South. For more details on Edgewater and its retail districts, please click here to see our color brochure.
Recent news from EDC
Edgewater Provides the Data – A New Tool in Business Attraction
Edgewater Development Corporation launches a glossy new “Welcome to Edgewater” brochure – a tool packed with valuable resources for developers, commercial brokers, property owners, businesses and residents who want to know – why businesses should be attracted to Edgewater and where they can find local resources to help businesses grow and succeed.
Highlights include current demographic information for Edgewater, its Trade Area, and the one-mile, three-mile and five-mile radius. Edgewater’s lakefront location, proximity to downtown, and convenient transportation options on the Red Line ‘L’ plus the many bus lines, afford amenities and conveniences that residents appreciate every day. Edgewater offers a variety of business districts, from medium-size retail along Broadway and North Clark Street, to compact and pedestrian friendly spaces in Andersonville and along Foster, Berwyn, Bryn Mawr, Thorndale, Granville and Devon Avenues.
Our attractive historic residential neighborhoods of single-family homes and two-flats, plus densely populated Kenmore – Winthrop and the high-rises along Sheridan Road, offers a population density twice that of Lincoln Park. Edgewater residents spend more than $500 million annually outside the area, indicating opportunity for new ventures to join with our well-established local businesses.
Edgewater Development’s President, Tina Travlos Nihlean, remarks “Edgewater is a destination lakefront community with a rich history, strategic location, and high traffic counts. Our densely populated market has a diverse shopper base with a high interest in unique businesses. Invest in your future by investing in Edgewater.”
Edgewater Development offers additional tools to new businesses, including its Small Business Program that provides expert training in developing and supporting new businesses.
Easy access to all the data is available by obtaining a convenient wallet-sized ‘Welcome to Edgewater’ business card which has a quick read code, website link, and phone number.
To obtain copies of the brochure, or to get assistance with your specific space or vacancy needs, contact Executive Director, Trinette Britt - Johnson at firstname.lastname@example.org or (773) 506-4016.