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Development Update: The Maxwell

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The Rob Bond-led retail development known as "The Maxwell" has secured a $53.4M construction loan, reports Crain's. One might smell unusual optimism from the banks for an all-commercial project, considering large-scale endeavors like this were hit hard in the recession. It sure helped that the 230,000 square-foot Maxwell is already almost 70% leased, with T.J. Maxx said to be close to signing. Construction began this Spring near Roosevelt and Canal, in a commercial corridor wedged between densely populated South Loop and University Village. So far, The Maxwell looks like it'll supply the redundant chain stores that warm middle class hearts— Burlington Coat Factory, Nordstrom Rack, Dick's Sporting Goods, and Potbelly. Shocker! Sorry, but it's hard to forgive the project's abandonment of 430 apartments. [Crain's, previously]