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
| Apr 11, 2013
American Folk Art Museum, opened in 2001, to be demolished
Just 12 years old, the museum designed by Tod Williams and Billie Tsien will be taken down to make way for MoMA expansion.
| Apr 10, 2013
First look: University at Buffalo's downtown medical school by HOK
The University at Buffalo (UB) has unveiled HOK's dramatic design for its new School of Medicine and Biomedical Sciences building on the Buffalo Niagara Medical Campus.
| Apr 10, 2013
6 funding sources for charter school construction
Competition for grants, loans, and bond financing among charter schools is heating up, so make your clients aware of these potential sources.
| Apr 10, 2013
23 things you need to know about charter schools
Charter schools are growing like Topsy. But don’t jump on board unless you know what you’re getting into.
