Greco DeRosa Developing Retail, Pickleball in Suburban Chicago

Greco DeRosa Investment Group is answering the high demand for retail space and pickleball in Chicagoland.

Greco Investment Management LLC plans to build a 7.5-acre retail development that will include an indoor pickleball facility, the Daily Herald reported. The Real Deal traced the LLC to Bartlett-based Greco DeRosa. The development received approval from the town’s city council this week.

The project, called Fox Haven Square, is at 502 North Kirk Road and will consist of four buildings positioned around a central plaza.

Three of the retail buildings will span between 1,400 to 2,600 square feet, while the fourth building will be a 20,000-square-foot, two-story indoor pickleball facility with a restaurant.

The project will also add sidewalks, access driveways, a connection to Charlestowne Mall and a 34-space parking lot on the west side of Kirk Road.

The planned development, situated between the Jewel-Osco and Old Second National Bank, is expected to open as soon as September of next year. The firm is also looking to buy the Jewel-Osco store, the outlet reported.

Potential tenants include popular Chicago-based restaurants like Parlor Pizza Bar and Hampton Social, the outlet reported.

Greco DeRosa’s portfolio also includes Pheasant Run industrial park and Royal Fox Country Club.

Retail real estate is booming, especially in the southern United States, but Chicago is also part of the upswing, with a vacancy rate of 7 percent. The greater Chicago retail market saw 310,000 square feet of absorption in the second quarter, up from 111,000 square feet from the previous quarter, according to Cushman & Wakefield. That outpaced the New York City metro area, which absorbed 232,000 square feet in the same period. The average asking rent in Chicago was $20.51 in the second quarter.

— Andrew Terrell