R2 COs, already busy redeveloping properties on Goose Island, is expanding into Lincoln Park. The adaptive reuse specialists bought a 110k SF building at 860 W Evergreen, and an adjacent one-acre parcel at 1422 N Kingsbury, according to Crain's.
R2 managing principal Matt Garrison says the group will build a new mixed-use development on the Kingsbury lot, and connect it to the current building on Evergreen. R2 also hopes to build a bridge for pedestrians and bicyclists over the Chicago River, connecting these properties to R2 assets on Goose Island. Garrison estimates the project will cost $50M.
R2 is one of several companies buying older industrial assets on Goose Island and Lincoln Park, and repositioning them into office space. Garrison says demand for quality office space exceeds supply.
See Also: Behind the Deal: R2 Cos' Plan for Milwaukee's Downtown Post Office
