LEMONT, ILLINOIS, UNITED STATES, February 25, 2021 /EINPresswire.com/ — Ali Ata of AAIM Development, a leading property development firm, is currently redeveloping one of its Chicago buildings—an 8,500-square-foot building it purchased in 2019—into a brand-new medical office and restaurant.
The building, which is located on Chicago’s North Clark Street, will be redeveloped for two national tenants to use. The first tenant is a medical provider that will occupy about 3,000 square feet of the property. Work for this tenant is underway, with the project expected to be completed by the end of August 2021. Meanwhile, the second tenant is a restaurant. Construction work for the restaurant is expected to commence in Fall 2021, and the restaurant’s opening is anticipated to be in Spring 2022.
According to Ali Ata, investment in medical offices is expected to stay strong, even in today’s post–COVID-19 environment, which is why AAIM Development decided to redevelop part of its building for a medical provider. In fact, investments in medical office buildings continue to be promoted due to their stable incomes and occupancy, their long-term tenant leases, and the high quality of their tenant credit scores.
AAIM Development is also dedicating a portion of its North Clark Street building to a restaurant because society is now embracing a brand-new, post-COVID era for restaurateurs, according to Ata. Ata explained that many restaurants ended up not surviving the strict restrictions that the pandemic imposed. However, the restaurant infrastructure is still intact overall, and as a result, society can expect the industry to bounce back. In fact, a new, more COVID-friendly generation of restaurants is expected to emerge—for instance, ones that rely heavily on digital customer interactions.
All in all, Ali Ata said he looks forward to further adding value to the bustling North Clark Street through AAIM Development’s current commercial real estate redevelopment project.
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Source: EIN Presswire