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Wrigleyville's Addison Park on Clark Project Can Not Move Forward Until Foreclosure Suits Are Settled

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The developers hope to see the lending issue resolved and take over the properties at 3515 to 3539 N Clark

Renderings by SCB via 44th Ward

A long-time effort to bring a massive mixed-use development dubbed Addison Park on Clark to the middle of Chicago's Wrigleyville neighborhood has encountered another obstacle despite the plan receiving city approval and its developers securing construction financing. According to Crain’s, M&R Development and Bucksbaum Retail Properties were on the verge of acquiring the buildings at 3515 to 3539 N Clark but are unable to do so until current owner and future development partner Schultz's Preferred Equities settles foreclosure suits against the properties.

SCB/44th Ward

The development will replace the buildings on Clark that house the Red Ivy, Mullen’s, Salt and Pepper Diner, and Goose Island’s recently-shuttered Wrigleyville brewpub. Intentions to redevelop the block were first announced in 2007, with the first iteration of Addison Park on Clark gaining City of Chicago approval in 2010. The original proposal included a hotel and gym component that were later scrapped in an amended 2013 plan that called for 148 apartments, 170,000 square feet of retail space, and parking for 493 vehicles. Despite Schultz’s legal trouble with the bank, a representative of the development team told Crain’s they are "not going anywhere" and are optimistic that the $140 million Addison Park on Clark project will move forward once the issue is quickly resolved.

The project comes a time when a number of big changes are underway at and around historic Wrigley Field. With the construction of new bleachers, plans for a plaza next to the ballpark, and to the Ricketts’ family buyout of most of the independent rooftop operations, the heart of Wrigleyville will have a very different look in five years time.

SCB/44th Ward

·Foreclosure suits stall big development near Wrigley Field [Crain's]

·This $140 Million Project Is Changing the Face of Wrigleyville [DNAinfo]

·Large Wrigleyville Apartment & Retail Project Moving Forward [Curbed Chicago]

·Addison Park on Clark [Official Website]