Development of The Barrington Village Center, a unique, 55,000-square-foot office and retail development in the heart of Barrington, IL continues moving forward, with the hiring of Eric Myers, a principal of Avison Young, to spearhead office leasing for the project.
The addition of Myers, who has more than 21 years of office leasing experience in the Chicago market, brings an established landlord representative to the team of co-developers, Arthur Hill & Co. LLC and Envision Realty Advisors, LLC.
The Barrington Village Center will bring a unique, pedestrian-friendly office and retail project to an established, affluent community in Chicago's northwest suburban market, anchored along a major transportation line. As Chicago's suburban office market continues to rebound, this project brings the next wave of development that reflects office and commuter trends.
"As the market exists today--with vacancy rates still around 15 percent--the marketplace doesn't expect to see wholesale speculative construction for some time," Myers said. "Instead, what we will see are projects like The Barrington Village Center that combine a location that cannot be replicated, a commitment to quality construction mandated in developing in a suburban village center, and a balanced mix of office, retail and/or other uses on a smaller yet efficient scale."
This type of walker-friendly community--with convenient pedestrian access to specialty restaurants and retail stores-- is rare outside of large metropolitan city centers, such as Chicago. This is due in part, according to Myers, to the lack of vacant and undeveloped land in suburban city centers.
The Barrington Village Center is located at Main Street (Lake Cook Road) and Hough Street (IL Route 59). The space will include 25,000 square feet of retail space on the first floor and 27,000 square feet of office space on the second and third floor.
Unlike other suburbs where workers have to drive to lunch or shopping, this development helps expand Barrington's draw as a vibrant downtown area. Office workers can take the train to work or drive and park for the day, then walk to shopping, banking, restaurants, and other amenities.
"We have seen developments like The Barrington Village Center in other parts of Chicago and in suburban markets across the country," Myers said. "We believe this will be an exciting development for Barrington and further strengthen its position as a viable transit-oriented development location."