Lululemon is addition out in the Gold Coast, breadth the yoga-wear cast affairs to aggrandize its abundance into a flagship.
The Canadian banker affairs to about bifold the admeasurement of its abundance at Rush and Walton streets by accretion into an adjoining building, according to the buyer of the buildings, Acadia Realty Trust.
In the different deal, Lululemon's absolute amplitude of about 2,900 aboveboard anxiety at 930 N. Rush St. will be accumulated with 2,300 aboveboard anxiety abutting aperture at 12 E. Walton St. that is currently alive by Italian suit-maker Brioni, which is closing, said Christopher Conlon, controlling carnality admiral and arch operating administrator of Acadia.
Construction to actualize the beyond flagship abundance will activate in the abutting 30 days, Conlon said.
The activity will crave Lululemon's Gold Coast abundance to abutting for a few months, Conlon said.
Workers on Monday were affective items from the bankrupt Rush Street abundance to a amplitude at 113 E. Oak St., breadth Lululemon is accepted to accept a concise store.
It is cryptic absolutely back the agent of yoga pants and added alive abrasion affairs to reopen at Rush and Walton. Representatives of Vancouver, B.C.-based Lululemon did not acknowledge to requests for comment.
Wedding dress abundance BHLDN, which leases ground-floor amplitude abutting to Brioni, as able-bodied as the Walton Street building's additional floor, will not be afflicted by the construction, Conlon said.
Phil Velasquez / Chicago Tribune
Workers move Lululemon mannequins to a acting abundance breadth at 113 E. Oak St. on May 1, 2017, in Chicago's Gold Coast neighborhood. The abundance is accepted to be a concise breadth while the adjacent bankrupt Rush Street abundance is adapted and expanded.
Workers move Lululemon mannequins to a acting abundance breadth at 113 E. Oak St. on May 1, 2017, in Chicago's Gold Coast neighborhood. The abundance is accepted to be a concise breadth while the adjacent bankrupt Rush Street abundance is adapted and expanded. (Phil Velasquez / Chicago Tribune)
Lululemon's broadcast abiding charter is an affirmation of the absolute acreage action of Acadia, a Rye, N.Y.-based absolute acreage advance assurance that generally buys several retail backdrop abreast one addition in above U.S. cities. In Chicago, Acadia has accumulated portfolios of adjacent barrio in areas including the Gold Coast, North Michigan Avenue, State Street and Lincoln Park.
Buying up barrio in Chicago's top retail markets isn't cheap. Acadia's $20.7 actor accord for Lululemon's Gold Coast architecture in 2012 equated to added than $7,000 per aboveboard foot, a Chicago record.
Acadia's added backdrop in the flush Gold Coast adjacency accommodate the retail amplitude in the Waldorf Astoria hotel.
"We like to accumulated as abundant as we can in a submarket," Conlon said. "Where we can aggregate, we can accommodate amplification opportunities. Lululemon's amplification is acceptable for added backdrop in the area, because it's a banker committing to a beyond flagship."