Development at YMCA Site to Break Ground
Plans are once again on the move for the triangular site at Halsted Street and Clybourn Avenue, which was formerly the home of New City YMCA.
The mixed-use project will break ground later this year for a 80,000-square-foot Mariano’s Fresh Market supermarket as the anchor tenant. A deal to bring a 14-screen, 1,800-seat movie theater to the center is also in the works, according to the developer, and plans allow for retail, entertainment, gourmet market and residential development, as well as uses such as dining or a health club.
All told, the $230 million New City retail and residential development is planned to include 370,000 square feet of retail space, 280 residential rental units and a seven-level parking structure with more than 1,050 parking spaces.
In early April, New City LLC closed on the purchase of the 8.2-acre site. New City LLC is a joint venture of Chicago-based Structured Development and Maxel New City LLC, a subsidiary of Bucksbaum Retail Properties. A third-party development team will finance and construct the residential component of the project.
The development initially received approval through the Planned Development process in 2008.
“A lot has happened in the four years since the city and neighborhood overwhelmingly approved this project,” said J. Michael Drew, who, along with Daniel Lukas, controls Structured Development. “But despite the commercial real estate and financial markets suffering their worst economic downturn in decades, the one constant was the irreplaceable location and desirability of this property.”
The team notes that a central draw of the center will be New City Plaza, featuring more than an acre of lush landscaping and water features. It will host activities and entertainment year-round for shoppers, residents and the surrounding community.
Posted in Stores and Retail
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