New City LLC, a joint venture of Chicago-based Structured Development and Maxel New City, LLC, a subsidiary of Bucksbaum Retail Properties, LLC, have closed on the purchase of an 8.2 acre site located at Halsted Street and Clybourn Avenue in Chicago’s North/Clybourn retail district. The site is the location of New City, a mixed-use development that will feature 370,000-sf of retail space and 280 residential rental units.
The closing is the next step in bringing the $230 million New City mixed-use retail and residential development to fruition. New City received approval through the Planned Development process in 2008 and now expects to break ground later this year with an anticipated opening in 2014.
One retailer already secured for the New City development is Milwaukee-based Roundy’s Supermarket’s Inc. Roundy’s will operate an 80,000-sf Mariano’s Fresh Market at New City. BD+C
Related Stories
| Jun 4, 2013
Notification reinvented: SimplexGrinnell introduces revolutionary family of intelligent notification appliances
Simplex TrueAlert ES uses addressable technology to improve protection, simplify installation and reduce operating costs.
| Jun 3, 2013
6 residential projects named 'best in housing design' by AIA
The Via Verde mixed-use development in Bronx, N.Y., and a student housing complex in Seattle are among the winners of AIA's 2013 Housing Awards.
| Jun 3, 2013
Trifecta of awards recognize Vision/Rubenstein campus, Bayer Healthcare HQ
When Vision Equities, LLC and Rubenstein Partners purchased the 200-acre former Alcatel-Lucent campus in Whippany a little more than two years ago, the partnership recognized the property’s potential to serve as a benchmark infill revitalization for the State of New Jersey.
| May 31, 2013
Nation's first retrofitted zero-energy building opens in California
The new training facility for IBEW/NECA is the first commercial building retrofit designed to meet the U.S. Department of Energy’s requirements for a net-zero energy building.
| May 30, 2013
The Make It Right squabble: ‘How many trees did you plant today?’
A debate has been raging in the blogosphere over the last few months about an article in The New Republic, “If You Build It, They Might Not Come,” in which staff writer Lydia DePillis took Brad Pitt’s Make It Right Foundation to task for botching its effort to revitalize the Lower Ninth Ward of New Orleans.
| May 30, 2013
5 tips for running a successful BIM coordination meeting
BIM modeling tools are great, but if you can't run efficient, productive coordination meetings, the Building Team will never realize the benefits of true BIM coordination. Here are some helpful tips for making the most of coordination meetings.
| May 29, 2013
Realtors report positive trends in commercial real estate market
Realtors who practice commercial real estate have reported an increase in annual gross income for the third year in a row, signaling the market is on the road to recovery.
| May 29, 2013
6 award-winning library projects
The Anacostia Neighborhood Library in Washington, D.C., and the renovation of Cass Gilbert’s grand Beaux-Arts library in St. Louis are among six projects to be named 2013 AIA/ALA Library Building Award winners.
| May 28, 2013
LED lighting's risks and rewards
LED lighting technology provides unique advantages, but it’s also important to understand its limitations for optimized application.
| May 28, 2013
Minneapolis transit hub will double as cultural center [slideshow]
The Building Team for the Interchange project in downtown Minneapolis is employing the principles of "open transit" design to create a station that is one part transit, one part cultural icon.