Front Street Lofts in the News

Village, Developer Team Up to Promote Lemont in Las Vegas

On May 20-23 in Las Vegas, the Village of Lemont and developer Marquette Companies joined together to promote Lemont, Ill. and the Lemont Downtown Redevelopment Project at the International Council of Shopping Centers (ICSC) annual conference.

This year, more than 50,000 professionals in the retail industry attended the conference and trade show that targets the global shopping center industry. At the show, the Village of Lemont, including Mayor John Piazza, and Marquette Companies co-hosted a booth to promote the dynamic new opportunities for retailers in downtown Lemont as well as other areas throughout Lemont. This includes the $250 million mixed-use redevelopment project that will bring retail, residential, office space and entertainment venues to a historic location along the I&M Canal in downtown Lemont, as well as additional development opportunities in Lemont.

"It's highly unusual for a developer and a smaller town or village to co-promote a development, but we feel the new vision for downtown Lemont is so fantastic that we wanted to aggressively promote it and expose the top retail industry professionals to this great town and all its new business opportunities," said John Piazza, mayor of the Village of Lemont. "In addition to the downtown, we envision various areas of Lemont to offer dynamic options for shopping and entertainment destinations. We picked up a lot of interest at the show from a variety of big-name and regional businesses seeking development opportunities throughout Lemont."

Representatives of the Village of Lemont co-hosted a booth with developer Marquette Companies at the International Council of Shopping Centers annual conference in Las Vegas. From left, Pete Coules, Trustee, John Piazza, Mayor, Ben Wehmeier, Assistant Village Administrator, and Jim Brown, Community Development Director.

According to Mayor Piazza, retailers at the show were interested in the project because it reflects the national "town building" trend for those seeking a walkable urban lifestyle; offers unique waterfront retail sites; is located near mass transportation with its Metra train station; and features unusual loft residences that appeal to edgier, more hip businesses.

The Lemont Downtown Redevelopment Project will comprise 10 city blocks along the historic I&M Canal and offer 400 new residences, 750 structured parking spaces and 150,000 square feet of new commercial space. The first retail opportunities are available as part of The Front Street Lofts development, which is currently under construction. This includes 24,000 square feet of first-floor retail space along with a 262-car parking structure and 82 loft condominiums. The Front Street Lofts commercial space averages $275 per square foot to purchase and $24 per square foot to lease. Half the retail space in the first phase is reserved.

Located less than 30 miles southwest of Chicago along Interstate 55, Lemont has a population of 15,000 residents. The community is home to several well-known attractions, including Cog Hill Golf Club, home of the PGA Tour's BMW Championship, and the Hindu Temple of Chicago. Commuters are a 50-minute ride from downtown Chicago via the Lemont stop on Metra's Heritage Corridor line.

About the International Council of Shopping Centers
Founded in 1957, the International Council of Shopping Centers (ICSC) is the global trade association of the shopping center industry. Its 65,000 members in the U.S., Canada and more than 80 other countries include shopping center owners, developers, managers, marketing specialists, investors, lenders, retailers and other professionals as well as academics and public officials. As the global industry trade association, ICSC links with more than 25 national and regional shopping center councils throughout the world.