Fast food restaurants are currently using the retail building. However, Ata said he is redeveloping the building for both restaurant and retail use. The project will cost $2.5 million to complete.
Ata said he was drawn to the building because it is located in a part of the city that is bustling and densely populated yet in need of brand-new retail development. Fortunately, aside from the building that Ata is redeveloping, the West 79th Street area has witnessed new development during the past few years, according to Ata. In addition, several new retail and residential projects are in the pipeline for this area of Chicago.
According to Ata, many of today’s real estate investors are investing with the long run at the forefront of their minds. For instance, they are generally seeking high-quality properties that come with long-term property leases. In addition, they are searching for buildings in good locations. In this way, even if some of their tenants leave, they can easily replace them down the road, according to Ata.
Ata further emphasized that the retail sector continues to carry great promise for investors. However, retail outfits will survive in the future only if they employ a multi-channel retailing approach, where they use e-commerce to complement their in-person sales approach.
Ali Ata said he is constantly analyzing Chicago’s property market and seeking out-of-the-box approaches to increasing AAIM Development’s revenue stream long term. He said that the combination of the right properties will help AAIM Development to continue to prosper in the days, weeks, months, and years to come.
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