GOLD COAST — A redevelopment planned for the building at the northeast corner of State and Cedar streets will fill approximately 6,000 square feet of retail space with "high ceilings and dramatic storefronts" renting for $200-$225 per square foot, according to Baum Realty Group, which was chosen by property owner Marol State LLC to spearhead the revamp.
The development proposal also calls for a 13,000-square-foot, two-story restaurant space on the second floor with outdoor terraces above the intersection of Rush, State and Cedar streets.
An additional 8,000 square feet of lower-level retail space — "a rarity in the Gold Coast market," according to a release from Baum — will court fitness facilities, spas and medical offices as renters.
"This is perhaps the last remaining corner available for redevelopment on the Rush Street corridor," said Baum's Adam Secher in a release.
The release from Baum emphasizes that the plan "remains subject to community, municipal and neighborhood input," although Marol State LLC has owned the property for more than 50 years, as well as the retail space across the street at 1051 N. Rush St.
Barring pushback from the community or City Hall, the realty group hopes to begin construction in time to open the new space in 2016.
"With virtually no vacancy on Rush and Oak, we expect Gold Coast luxury retailers to continue the march north on Rush Street," said Janika Brenner, also from Baum Realty, in a statement from the agency.