Canyon-Johnson Urban Funds Joins with Harper Court Partners on Mixed-Use Development in Chicago
Canyon-Johnson Urban Funds (CJUF) has teamed with Harper Court Partners, LLC, a joint venture between Vermilion Development, Inc. and JFJ Development, on the redevelopment of Harper Court in the Hyde Park neighborhood of Chicago. The mixed-use project represents over $106 million of investment in the local area and collaboration between several public and private entities that provided equity, land and financing to bring a mix of commercial office, retail, residential and hospitality uses to a 3.3 acre site at the corner of 53rd Street and South Lake Park Avenue.
The project will be constructed in two phases, beginning with a nine-story, 150,000 square-foot office tower that has been leased to the University of Chicago. This lease is one of the largest to be signed in Chicago this year. The office tower will be integrated with structured parking and a three-story retail building anchored by LA Fitness. A Hyatt Place hotel will also be included in the project’s first phase. During the project build-out, the team will focus on leasing the remaining available ground-floor retail space to soft goods retailers, entertainment venues, as well as casual and fine dining restaurants.