BISHOP PLAZA
1400 W 47th St, Chicago, IL 60609
CASE STUDY The smaller property with Nu Image Nails and UI Health Miles Square Clinic was the first parcel purchased, acquired while in foreclosure. Prior to the acquisition, the developer confirmed with Jewel-Osco that their store was performing well and had no plans to close. However, within two years, Jewel closed the location and withheld it from sale, citing competition with their store at 62nd and Western. At the time, Back of the Yards was largely a walkable community, and the closure created a significant gap in grocery access. The City of Chicago, recognizing the site’s importance within a TIF zone, pressured retailers such as Jewel, Target, and Walgreens to stop holding vacant buildings off the market. With the city’s support, we were able to bring Jewel back to the table, but they imposed restrictions on the property, limiting any future grocer to 20,000 square feet with no bakery and no pharmacy. Despite the higher purchase price, we proceeded, already in negotiations with Aldi, whose footprint fit the size limitation. Shortly after, Aldi pivoted and purchased land at 1542 W. 47th Street
(the former Cole Taylor Bank site), leading us to restart the search for a new grocer and big-box retailer. We ultimately secured Farmer’s Best Market, which required 32,000 square feet and a bakery. To accommodate them, we returned to City Hall and negotiated with Jewel to lift the restrictions at an additional cost of $300,000. While pursuing a grocery tenant, we also spent three years engaging A.J. Wright at ICSC before successfully bringing them to Bishop Plaza. The store’s grand opening was one of the company’s largest, with lines wrapping around three city blocks.
62nd & Western Race/Ethnicity 2025 (1 miles radius) White Black American Indian Asian Pacific Islander Other Two or More Hispanic Origin
3,945 18,428 1,057 107 13 16,240 6,400 26,442
8.5% 39.9% 2.3% 0.2% 0.0% 35.2% 13.9% 57.3%
Bishop Plaza Race/Ethnicity 2025 (1 miles radius) White Black American Indian Asian Pacific Islander Other Two or More Hispanic Origin
4,669 5,020 817 631 19 15,124 5,087 23,760
14.9% 16.0% 2.6% 2.0% 0.1% 48.2% 16.2% 75.8%