The agonizingly uncertain New City mixed-use proposal 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 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.
The pre-bust plan called for 370,000-square-feet of retail and 490 residential units. The latest conception has a little less swagger, but still hopes to retain 280 residences and all the retail space. Milwaukee-based Roundy's Supermarkets has been inked as anchored tenant for some time, and plans on bringing a 80,000-square-foot Mariano's Fresh Market to bear. 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 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'll be sure to keep you abreast of the situation.
·Bucksbaum, Structured close deal fo New City Y Site [Crain's]
·Forget the Apple Store, What's Up with New City on Clybourn? [Curbed Chicago]