It's been a while since we last took an in-depth examination of the gargantuan Lincoln Park residential and retail development New City, and a lot has changed since our last update. In November, Structured Development and Bucksbaum Retail Properties secured a $182 million construction loan to get started on the development that will sprawl over an 8.5 acre site near Clybourn and Halsted. And after years of uncertainty, construction finally began at the site last December. The New City development, which is projected to cost a total of $260 million will ultimately feature 199 apartments, 360,000 square feet of retail, 40,000 square feet of office space and a huge parking garage with 1,100 spaces. Over the last few years, the development has received multiple design changes, and the latest renderings give a much clearer idea of what the flagship 82,000 square foot Mariano's grocery store and 52,000 square foot ArcLight movie theater will look like. In addition to these updated renderings, the official New City website also features a construction webcam, which has been monitoring progress at the site since late February. Structured hopes to have the ambitious project completed by next year.
· Peep The New Renderings of a Scaled-Back New City [Curbed Chicago]
· Big retail-apartment project near Lincoln Park lands $182 million loan [Crain's]
· Retail Views [New City Official Website]