The real estate firm managing the Evanston Borders slated for closure by the end of April will be putting redevelopment plans “into overdrive” in the next two months, its director of asset management and operations said Tuesday.
The land company’s tentative strategy is to “subdivide” the nearly 22,000 square feet of soon-to-be-vacant property, said Robert Gilbert of Arthur Hill & Co., which oversees the Church Street Plaza that includes the national bookstore. This strategy would house multiple retailers on the first floor and rent out the second floor as office space.
Gilbert described the strategy as a “backup plan” that has been in the works for at least two years. It’s no surprise Borders will be closing, he said.
“It’s the book business, and with everything going online, we’ve kind of had our antennas up for a long time,” he said.
So far, there has been “a lot of initial interest and buzz” about the downtown real estate, with home goods, electronics and clothing retailers asking about potential leases, Gilbert said. He added Arthur Hill & Co. is seeking replacement businesses that are consistent with the plaza’s current landscape.
“We want to maintain the fabric here at Church Street with entertainment, retail and soft goods,” Gilbert said, citing Century Theatres and Uncle Dan’s outdoor store as examples.
Jonathan Perman, executive director of the Evanston Chamber of Commerce, declined to comment on any detailed preferences for new uses of the space, instead saying “the free market will decide.” Although the local Borders is not a member of the chamber, the nonprofit organization comprises more than 650 area companies that surround the Church Street Plaza.
“I really haven’t thought about it,” Perman said. “We know we want retail activity going on there.”
Gilbert said he is not disregarding the possibility of a slightly different property use. The floor-to-ceiling glass on the ground floor and nearby patio space would “accommodate a restaurant nicely.”
Communication junior Rachel Kenney said she would opt for a different type of food outlet – particularly a “more affordable grocery store than Whole Foods.” She added that if given only the chance to select from entertainment retail options, she would prefer a clothing store unlike nearby fashion retailers.
“Since the only major ones are Urban (Outfitters), American Apparel and Gap, it’d be nice to see more variety,” Kenney said.
Other redevelopment options include another large-scale bookseller moving in, an ironic possibility Perman said he “wouldn’t rule out from happening.” Florence Halparin, a Rogers Park resident who frequents Evanston’s downtown booksellers, agreed both the city and University could benefit from a more viable bookstore.
“(I’d want) another bookstore that could compete with Barnes and Noble,” she said.
Borders filed for Chapter 11 bankruptcy protection Feb. 16, and as part of its ongoing company reorganization, it plans to close 30 percent of its stores, including the downtown Evanston location, by the end of April.
