Property: Roosevelt Collection, Chicago IL
Client: Centrum Properties
Lender: Bank of America
Summary:
The Roosevelt Collection and its developer, Centrum Properties, sparked the formation of dma I property, LLC. In 2007, the client initially asked Development Management Associates, LLC (DMA) to provide construction consulting, retail consulting, and tenant coordination services for this urban, mixed-use project emerging in Chicago’s South Loop neighborhood. The Roosevelt Collection was designed to include:
- 350 residential units
- A 16-screen, state-of-the-art cinema
- An open-air plaza the length of two city blocks
- A 1,500-car, three-story parking deck
- 310,000 square feet of retail and restaurant space
In 2009, Centrum sought a property manager that could understand the unique needs of the evolving project and help respond to market-wide economic conditions, slowing demand for retail space. DMA staff partnered with JMB Financial Advisors, LLC to provide management expertise and operational support, orchestrating a successful opening in December 2009 of the project’s 16-screen cinema, open-air plaza, and parking garage.
This team—now dma I property—served as the general manager of the Roosevelt Collection through the property’s sale to new ownership in May 2011. dma I property’s careful and cost-effective stewardship enabled the Roosevelt Collection to maintain viable operations as a theatre destination and loft-apartment residence through the economic downturn and to preserve the positive reputation that attracted investment interest.