RPT Realty, the owner of Webster Place shopping center in Lincoln Park plans to expand the property by introducing two residential towers. Preliminary redevelopment plans has been shown to investors already. Part of the plan will reconfigure the shopping center at Webster and Clybourn avenues, which is 30 years old. Barnes and Noble would close, and the Regal Cinemas movie theater complex will be expanded.
The strategy behind this expansion plan is for RPT to capitalize on its location in comparison to Lincoln Yards, which is a $6 billion project that will be located to the south and west of Webster Place.
One big hurdle that RPT has to get over before the expansion can occur is earning the blessings of Webster Place Athletic Club. RPT and the Webster Place Athletic Club traded lawsuits earlier this year. The Athletic Clubs reason was due to RPT not keeping their promise and offering free parking for club members. RPT countered sued and stated that The Athletic Club hasn’t been paying rent. That would explain why the Athletic Club filed chapter 11 bankruptcy at the end of October.
Other tenants of Webster Place include Regal Cinemas and Barnes & Noble.
Some of the land that is included in the expansion is already under ownership with RPT. In order to build on the rest of the land, RPT would need to acquire the properties or negotiate a joint venture deal with their owners.