I think (at least I hope) that all Chicagoans have taken a stroll past Michigan Avenue to Oak Street Took a pause from gazing at Prada and Harry Winston to notice the vacant Esquire Theater. The theatre has been vacant for quite some time but now someone is ready to call it home…. Mr. Louboutin!
The developer of the Esquire Theater property on Oak Street has secured a $42.5 million construction loan after leasing most of the new retail project to a new Christian Louboutin store. The luxury shoe haven will be the biggest tenant in the 35,000-square-foot building. The Paris-based company will lease about 1,000 square feet for its new boutique, according to a spokesman for DRW Holdings LLC, the project’s developer. The building will feature large display windows, high ceilings, black granite planters in front and a sidewalk repaved with black concrete, according to a development application filed with the city of Chicago.
“Oak Street has always had a reputation as being the destination for luxury,” Ms. Adney of the McDevitt Co. said. “We’re going to see a lot more of this.” A representative of Christian Louboutin declined to comment.
– Taneisha Jordan
Source: Chicago Real Estate Daily
Photos: Chicago RED; Chicago Architecture