53rd Street blog to feature updates on leasing of Treasure Island Foods space

On the evening of Friday, September 28, the property manager for the Hyde Park Shopping Center was notified that Treasure Island Foods would be closing all locations, with liquidation overseen by High Ridge Partners, a financial-distress management firm. High Ridge Partners expects that the last day of operations at the Hyde Park location will be Friday, October 12.  We are working closely with United Credit Union, which occupies space in the lower level, to allow them to remain open beyond Treasure Island’s stated closing date.

The University’s Real Estate Operations team is working aggressively to re-lease the space. Reopening a 50,000-square foot space will take time, and we understand people want to know how the process is progressing.  In an effort to provide the most current information possible, we will provide updates on this blog.  We plan to provide information on a variety of topics, including:

  • Information for community members looking for convenient, affordable grocery options
  • Resources for community organizations that utilized the lower level meeting spaces, such as any nearby, alternative locations for meetings
  • Information on resources available for employees of Treasure Island
  • Updates on timelines for new tenants at the Hyde Park Shopping Center

We know how important the presence of a grocery store is to the neighborhood, and we are collaborating closely with elected officials to attract businesses that will serve the community’s interests. We have already received suggestions and feedback from community members about the types of stores they would like to see in the space, and we are following up directly with these retailers.

We are working with the brokerage community to understand what retailers are interested in the market.  We are obtaining specific space and parking requirements, to determine if and how the space will need to be reconfigured for any potential new tenants.  Once a strategy is identified, there will be additional time needed for lease negotiations, design, permitting, and remodeling of the space.

We sincerely appreciate everyone’s patience as we work together to identify a new tenant for the Treasure Island Foods space.