The New City development site, a stagnant tract at Clybourn & Halsted, finally has meaningful momentum with a $182M loan commitment from BMO Harris Bank. The proposal will bring 360,000 square feet of retail anchored by a Dick's Sporting Goods, multiplex theater, Mariano's grocery, and an upscale bowling alley. A 19-story, 199-unit rental building and a moderate amount of medical office space will join in also. The construction loan put the venture pretty close to the estimated $260M project cost, and the news certainly lends credibility to recent reports of bulldozer activity. [Crains, previously]
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