AECOM-Canyon Partners and Tucker Announce Mixed-Use Development in Chicago Metro Area
LINCOLNWOOD, Ill., Nov. 22, 2021 /PRNewswire/ -- AECOM-Canyon Partners and Tucker Development ("Tucker") today announce their partnership to develop a mixed-use project in Lincolnwood, Illinois, a premier suburb outside of Chicago. The project ("District 1860") will consist of 299 mid-rise multifamily units, an Amazon Fresh grocery store and over 40,000 leasable square-footage of additional retail and restaurant space. The joint venture simultaneously closed on a senior construction loan from Pacific Western Bank ("PWB") and construction has already begun.
In close proximity to downtown Chicago and Evanston, the transit-oriented development is readily accessible to major highways, Oakton-Skokie CTA and Edgebrook Metra train stations. The complex will also have easy access to neighboring employment hubs as well as Chicago O'Hare International Airport. At closing, the retail space is 65% pre-leased and will notably feature an Amazon Fresh grocery store. The development will include additional retail space with multiple dining options, public space for gatherings as well as Class-A multifamily units with high end finishes and amenities.
Richard H. Tucker at Tucker commented, "We are excited to partner with AECOM-Canyon on this dynamic & transformative project. We'd like to thank the Village of Lincolnwood and Mayor Jesal Patel for their strong & unwavering support of District 1860."
The project is expected to be completed during 2023.
About AECOM-Canyon Partners
AECOM-Canyon Partners is a joint venture between AECOM Capital, the real estate investment management arm of global infrastructure firm AECOM, and Canyon Partners, LLC, a global alternative asset management firm with over $27 billion in assets under management. AECOM-Canyon Partners was established to develop large-scale, institutional quality commercial real estate projects in top U.S. markets. In addition to capital, AECOM-Canyon Partners provides best-in-class design, construction management and engineering expertise as well as credit support for its development partners. For more information, visit https://www.aecomcanyon.com/.
About Tucker Development
Tucker Development, founded in 1996 & based in Chicago, IL, is leading developer & manager of mixed-use properties and shopping centers in key Midwest & East Coast barrier-to-entry markets. The company, led by Richard Tucker (founder & CEO) and Aaron Tucker (CIO), pursues mixed-use and retail-related real estate investments that provide an opportunity to enhance value through development, redevelopment, repositioning & recapitalization. For more information, visit www.tuckerdevelopment.com
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $35 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado. The Bank has 69 full-service branches located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. We offer national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses. To learn more about Pacific Western Bank, visit www.pacwest.com.
Pacific Western Bank
Pacific Western Bank
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SOURCE AECOM-Canyon Partners