Bank of America REO - One Schaumburg Place, Schaumburg, IL

We were part of a development team hired by Bank of America to direct the repositioning of this approximately 600,000 square foot retail center in upscale Schaumburg, IL. A legacy of their acquisition of Continental Illinois Bank, this property was REO and on the books at a fraction of it's original value.

The repositioning entailed several tasks, the first of which was to negotiate the departures of the three existing major tenants. A re-design of the property eliminated an interior corridor bringing the shops up to the glassline, created a new facade, expanded the existing food court and multi-plex theater and added a parking structure and new outlot buildings. New leases were negotiated with Galyans Sports, Loews Theatres, Gameworks and Maggiano's.

Toward the end of the process, the property was sold to McCaffery Interests, Inc. of Chicago, which subsequently carried out the redevelopment with minor changes and renamed the property The Streets of Woodfield. The project was awarded the NAIOP Retail Development of the Year in 1998.