Loeb Makes Progress on Square Plan

VOL. 127 | NO. 95 | Tuesday, May 15, 2012

The blue banner that hung until recently at the curved atrium at Cooper Street and Madison Avenue and read Returning in 2012 will soon ring true for Overton Square and its developer, Loeb Properties Inc.

In the coming months and years, the firm will invest about $20 million to revive the arts and entertainment districts footprint to about 115,000 square feet. Loeb is expected to close on nine acres near the Cooper-Madison intersection from its Colorado owners by mid-June.

Loebs plan, first and foremost, is to redesign seven existing buildings on the north and south sides of Madison.

This is 2012, we want to lease this stuff up and have it open by the end of the year, said Bob Loeb, CEO of Loeb Properties. The north side of the road will be leased and hopefully open, 100-percent occupied by the end of the year.

Loeb announced its first lease for the Square two weeks ago with the signing of Local Gastropub in the space that housed Yosemites Sams for nearly 40 years at 2126 Madison. Yosemite Sams was the longest-running existing business in the Square before closing its doors last August. Local will have a patio on the north side of its 6,000-square-foot, two-story building.

Moving westward from the Cooper-Madison intersection, Loeb is in discussions with Boscos Squared about an expansion and enclosure of its patio.

Boscos wants to enclose their patio so itll be year-round, and they want to increase their brewing capacity, Loeb said.

The next two adjoining spaces west and only spaces left to fill this year are the gingerbread house next to the old Paulettes restaurant, as well as the old Paulettes at 2110 Madison. Loeb hopes to fill the house with a coffee shop and breakfast provider because thats what it looks like.

Loeb said his company has a couple of prospects it's working for the actual Paulettes space, and there are plans for an eastside patio. The restaurants parking will be enhanced, as well as the addition of a grass courtyard, because we want people out on the street, Loeb said.

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Loeb Makes Progress on Square Plan