While the massive Central Station project has sprung up to the east with other retail developments popping up to the west, the Riverside Park site has been hampered by street access, topography and neighboring Metra commuter rail tracks. On the other hand, Roosevelt/Clark Development, LP has an asset blessed with a half-mile riverfront, access to nearby expressways as well as a location less than a mile from the Loop and Lake Michigan.

"It has the potential to shape a large portion of the Near South Side," says Judi Fishman of Roosevelt/Clark Development.

While multifamily builder Rezmar Corp. is involved in the project, Fishman tells GlobeSt.com other developers may join the team, particularly for the retail portion of the project. "The partnership that owns the property will probably sell development parcels to different developers," she explains.

Once considered by furniture retailer IKEA, the site will likely feature 250,000 sf of retail space in a "lifestyle" type center on the northern end of the property, with residential units above ground-floor storefronts. The northern half of the site also will include another 350,000 sf of retail space, with some "big box" retailers expected to be in the mix.

The project has been endorsed by a wide range of community groups, but the scrutiny included the city's department of transportation.

"We've been looking at the potential development for some time," says transportation commissioner Miguel d'Escoto. "The goal here was to look at places like North and Clybourn, look at what got approved and how it got approved, and see how we could set the template early."

The developer has agreed to pay $400,000 toward traffic improvements. However, Roosevelt/Clark Development is expected to ask for tax increment financing to pay for infrastructure costs.