NEW CITY Mega Complex Moving Forward at North and Clybourn

They used to say when Starbucks comes to a neighborhood, everything starts booming.  Now it’s Apple!

The on again/off again  New City mixed-use development at Halsted, North, and Clybourn appears to be heading in the right
direction once more. Crain’s is reporting that a new venture
has materialized to get the stalled project off the ground. An
undisclosed investment from former General Growth Properties CEO John Bucksbaum coupled with a new $31 million loan from J.P. Morgan succeeded in torpedoing a foreclosure suit against the 8.2 acre site. Bucksbaum has also formally partnered with Structured Development, the original developer, to see this thing through. 

250-300 residences and a lot of retail space.
Milwaukee-based Roundy’s Supermarkets is said to be a tenant, and plans on bringing a 80,000-square-foot Mariano’s
Fresh Market is close to happening. (They have 2 stores in the city now).  A deal is also being finalized for a 14-screen
multiplex theater
, according to J. Michael Drew, a principal at
Structured.

Another reason for the sudden forward momentum is
Structured’s recent  $30 million sale of the former Border’s property across the
street. Had they been unable to move that vacant holding, it would have
posed the risk of default. Love ’em or hate ’em, Structured is a major
player in Cylbourn Corridor development, with their strip-mall agenda at Kingsbury & Eastman ramping up simultaneously.

“We’re pleasantly surprised at what tenants seem willing to pay to be
in that (former Borders) building,” says Christopher Conlon, a senior
vice president with White Plains, N.Y.-based Acadia. “Apple being next
door doesn’t hurt us. They’re a big, big traffic generator.”

Interest
in the Clybourn Corridor is reviving, says Josh Levy, vice president of
acquisitions for Chicago-based First American Properties LLC, which has
holdings along the retail strip.

“National retailers want access to Lincoln Park, Gold Coast and River North incomes,” he says.

Leave a Reply

Your email address will not be published. Required fields are marked *