Five Iron Golf plans to open the largest urban indoor golf and entertainment venue in the country in River North, as landlords increasingly turn to tenants that offer “experiential” uses.
The New York-based firm leased 11,000 square feet at the base of Speedwagon Properties’ Millennium Centre on Dearborn Street between Ohio and Ontario streets, according to the Chicago Tribune.
The business is expected to open by October. Five Iron has two locations in Manhattan, with another location planned for Philadelphia.
In recent years, landlords have been turning to the more “experiential” uses to replace traditional retail tenants. Malls in particular have filled vacant retail spots with gyms, family entertainment centers, restaurants and bars and more.
Five Iron’s lease adds to the growing number of indoor golf centers sprouting up around the Chicago area, led by Dallas-based Topgolf Entertainment Group. Topgolf Swing Suites are planned for JMB Realty’s 900 North Michigan Shops and the Chicago Athletic Association Hotel Downtown, joining suburban locations in Naperville and Wood Dale, and another planned in Schaumburg.
Five Iron was represented in the Millennium Centre lease by CBRE’s Sharon Kahan represented Fire Iron, and CBRE’s Phil Golding represented Speedwagon Properties. [Chicago Tribune] — John O’Brien
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