ULI Chicago kicked off its 2-year retail initiative by convening a workshop on October 29-30, 2014 to address the challenges that suburban communities face in maintaining and attracting successful retail developments. The workshop brought together 15 experts including retail developers, investors, public sector representatives, planners, and engineers to help define the framework that must exist for retail development to thrive in the 21st century.
Retail development is especially challenging because retail markets are constantly shifting and evolving, and are rarely defined by political boundaries. Our suburban communities are increasingly dotted with empty stores that struggle to attract retailers even with a multitude of incentives and often communities find themselves pitted against their neighbors as they try to attract retail development to locate within their municipal boundaries. To address these challenges, our panelists worked together to develop a strategic framework that municipalities can use to understand what type of retail development is supportable in their community and the steps needed to translate the development potential into reality.
A final report from the workshop discussions will serve as a “tool” that communities can use to guide successful retail development, and ULI and others can use to effectively inform future policy decisions. Watch for more information over the next few months.
Thank you to the following experts who volunteered their time and industry knowledge.
Maureen McAvey, ULI Senior Resident Fellow and Bucksbaum Family Chair for Retail
Bridget Lane, ULI Chicago Member and Director, Business Districts Inc.
Judy Aiello, Neighborhood Capital Institute, formerly City of Evanston
Mary Bak, Kinzie Real Estate Group, formerly Village of Glenview
Todd Berlinghof, Hamilton Partners
Ranadip Bose, SB Friedman Development Advisors
Scott Freres, The Lakota Group
Matt Hendy, Regency Centers Corporation
Pat Kennedy, V3 Companies
T. Abraham Lentner, University of Illinois at Chicago
Steve Qualkinbush, New Channels Realty
Elizabeth Schuh, Chicago Metropolitan Agency for Planning
Tom Shanabruch, McCaffery Interests
James Turner, The PrivateBank
Paula Wallrich, Village of Homewood (retired)
Todd Cabanban, CR&M Commercial Realty
Steve Gulden, Village of Romeoville
Larry Kilduff, JLL
Mayor Andrew Przybylo and Ross Klicker, Village of Niles
Scott Stefanik, Midwest Commercial Realty