Lakeside Management is filling retail stores at Loyola’s campuses, offering students more options to shop and dine. With approximately 100,000 square feet of retail space at Water Tower and Lake Shore campuses, Loyola plans to take full advantage of the available space.
Lakeside Management is the corporation within Loyola’s Capital Planning Department that owns Montserrat and retail properties that are part of the Granada Center. This past year, Lakeside Management has watched its expenses carefully — now occupancy is better and the corporation has been able to get back into shape, according to David Beall, Director of Business Operations.
Lakeside Management’s profit has allowed the corporation to create a retained savings account. In some cases, profits generated by new Loyola businesses will benefit certain university programs. Approximately 15 percent of the profits generated by the new retail operation LYFE Kitchen, a healthy full-service restaurant, will go to Lakeside Management. Another portion of the profit will go back to the university to benefit LUREC, according to Beall.
On the Lake Shore Campus, there are currently two projects wrapping up and one underway, according to Brian O’Leary, senior asset manager at Loyola.
Loyola sold its last available retail space in the Granada Center to Clarke’s Diner. The restaurant, located next to Go Grocer, is expected to serve its American-style breakfasts by early April. The second project wrapping up is Blaze Pizza, which is expected to open in April as part of Loyola’s Montserrat retail area.
The other project underway at the Lake Shore Campus is the construction of the Hampton Inn, which O’Leary said will allow space for five more tenants who have yet to be selected.
There are also new retail establishments being added at the Water Tower Campus. LYFE Kitchen and Friends, a sushi and noodle restaurant, are the two new spaces under construction near the Schreiber Center by the intersection of State Street and Pearson Street, O’Leary said. Both restaurants are expected to open in April.
Sophomore English and photography double major Shelby Foley said she is interested in the new retailers that will be available for her and her friends to enjoy.
“I am excited for new opportunities, new places to go with friends and new food options to explore,” said Foley. “It’ll be something new and something fresh.”
While the tenants have not yet been selected for the Hampton Inn location, students such as Foley hope they will have a say in the next retail selection.
“I would like there to be a Smoothie King or a juice bar,” said Foley. “I am interested in more places that can stay open until late at night, too. Subway is nice because it stays open 24 hours, but that gets old time and time again. It would be nice to have other options that are open 24 hours or just later.”
First-year finance major William Albert said while some students might enjoy the new retailers, he has different preferences for the upcoming businesses.
“I would like to see an office supply store like an Office Depot,” said Albert. “I hate going all the way to Target to buy school supplies. I think a lot of people would benefit from a nearby office supply store.”
Loyola works with community members and students to select the coming tenants, using the VOTE Campaign.
“We try to get as much feedback from the community to find out what they would like to see in their neighborhood and things they find beneficial,” O’Leary said.
The VOTE Campaign is a part of the Ramblin Around initiative that promotes engagement between students and businesses. Posters are placed in various locations on campus to seek input about the new businesses. Students may submit their ideas to the Ramblin Around Facebook page or to Loyola’s Office of Community Relations via phone or email.
O’Leary said sometimes Loyola seeks out tenants to meet the desires of the community’s needs, but tenants also contact Loyola when they see real estate and want to have retailers in Rogers Park.
As far as the new retailers accepting Rambler Bucks, O’Leary said the tenants must apply for the program to allow student customers to use Rambler Bucks. While it costs money for businesses to use the program, O’Leary said he thinks it is a great amenity for students because it affords them more choices.