Greco DeRosa’s Pickleball Initiative: Greco DeRosa Investment Group is set to meet the rising demand for retail space and pickleball facilities in Chicagoland. The Daily Herald reports that Greco Investment Management LLC plans a 7.5-acre retail development, featuring an indoor pickleball facility. The Real Deal traced the LLC to Bartlett-based Greco DeRosa, and the town’s city council gave the green light to the project this week.
Pickleball Project Details and Scope
Greco DeRosa Investment Group is set to elevate the pickleball scene in Chicagoland with their latest development. Greco Investment Management LLC has unveiled plans for Fox Haven Square, a 7.5-acre retail project that will prominently feature an indoor pickleball facility. The development, located at 502 North Kirk Road in St. Charles, received the green light from the city council this week.
A Major Addition to Pickleball in the Area
Fox Haven Square will be anchored by a 20,000-square-foot, two-story indoor pickleball facility, equipped with modern amenities and a restaurant. This facility will stand out as a central feature of the development, which will also include three retail buildings ranging from 1,400 to 2,600 square feet.
The new pickleball center is expected to attract enthusiasts from across the region, offering a state-of-the-art venue for both casual players and competitive events. The facility will be strategically situated between Jewel-Osco and Old Second National Bank, with plans for sidewalks, driveways, and a 34-space parking lot to support the influx of visitors.
Potential Tenants and Economic Impact
Potential tenants for Fox Haven Square include popular Chicago-based restaurants like Parlor Pizza Bar and Hampton Social. Greco DeRosa’s portfolio extends beyond retail, encompassing properties like Pheasant Run industrial park and Royal Fox Country Club.
Retail real estate is experiencing a surge, particularly in the southern United States, but Chicago is also seeing growth. The city’s retail vacancy rate stands at 7 percent. According to Cushman & Wakefield, the greater Chicago retail market absorbed 310,000 square feet in the second quarter, up from 111,000 square feet the previous quarter. This growth outpaced the New York City metro area, which absorbed 232,000 square feet in the same period. The average asking rent in Chicago for the second quarter was $20.51.
Greco DeRosa’s new development not only addresses the high demand for retail and recreational spaces but also promises to revitalize the Charlestowne Mall area in St. Charles. With a blend of retail shops and an innovative pickleball facility, Fox Haven Square is set to become a significant addition to the community, aligning with the broader trend of growth in Chicago’s retail market.
News in Brief: Greco DeRosa’s Pickleball Initiative
Greco DeRosa Investment Group is addressing the surge in demand for retail and pickleball facilities with its new 7.5-acre development, Fox Haven Square, in St. Charles. The project features a 20,000-square-foot indoor pickleball facility, along with three retail buildings. Approved by the city council, it aims to attract regional pickleball enthusiasts and enhance the local retail scene. Located between Jewel-Osco and Old Second National Bank, the development will include modern amenities and a 34-space parking lot. With Chicago’s retail market growing, Fox Haven Square is set to boost both recreational and commercial activity in the area.
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