Aritzia, women’s fashion retailer, to lease Mag Mile space

Chicago’s Wonderful Mile fell on difficult occasions even ahead of COVID-19 slammed the retail sector, but a new lease at one of its leading homes will provide again some spark.

Aritzia, a Vancouver-dependent women’s manner boutique, agreed to occupy 46,000-sq.-feet at 555 N. Michigan Ave., one particular of the several totally free-standing structures on the Outstanding Mile and the previous residence of The Gap, which shut down in 2021.

The deal not only fills one of the street’s most prominent storefronts, it is the greatest lease transaction in just about a 10 years, according to CBRE’s Luke Molloy, who along with colleagues Danny Jacobson, Steve Ansani, and Cliff Vann, represented the home operator, Dublin-dependent ECA Money, in the transaction.

But a single lease won’t heal what ails the city’s critical procuring district.

“It’s a massive acquire for the Spectacular Mile and the city, but does it signify all is nicely?” requested Molloy. “Absolutely not.”

This extend of Michigan Avenue suffered other modern massive losses, which includes Macy’s, which closed its 170,000-square-foot flagship place in H2o Tower Location in 2021.

In addition, property owners remain involved about the likelihood of larger property taxes thanks to reforms released by Cook County Assessor Fritz Kaegi, Molloy mentioned. Worst of all, a sequence of large-profile crimes occurred close by, such as fatal shootings in Might at Millennium Park and a In the vicinity of North Facet McDonalds.

“Those two components weigh greatly on the capacity to get deals finished,” he reported.

Molloy added that until eventually the city receives a deal with on the crime problem, and owners’ fears about the risk of bigger home taxes are dealt with, the blocks concerning the Chicago River and Oak Avenue could keep on suffering.

“This is the largest deal we’ve had on Michigan Ave. in a prolonged time, and I hope there’s far more to come, but it’s not going to transpire on its have,” he mentioned.

Aritzia strategies to open up in 2023. It will be its fourth Chicagoland place, together with a person in the close by Gold Coastline at 923 North Rush St.

That retailer is a huge accomplishment and served persuade Aritzia that a Outstanding Mile site would thrive, Molloy say. And no matter of any worries confronted by the regional retail sector, possessing a globally regarded model create itself on Michigan Ave. could attract many others.

“There was opposition for this area,” he claimed. “I’m guaranteed several other stores will take take note of this, and I have no doubt (Aritzia) will be the brightest star on the avenue by significantly.”