The development has a targeted completion date of mid-2010 forthe retail component and late-2010 for the residential portion.Once planned to be around $270 million, estimated project costshave been reduced to around $220 million to reflect the projectchanges. Chicago-based Structured, in partnership with Wilton,CT-based Commonfund Realty Inc., is developing the project on 8.5acres at the corner of Halsted Street and Clybourn Avenue - thesite of the former New City YMCA - in the North andClybourn/Lincoln Park submarket.

"We originally envisioned condo uses, but housing marketconditions shifted, so we reduced the number of units in total to280," Jeff Berta, senior director of real estate development withStructured, tells GlobeSt.com. "We also saw opportunities for hoteland theater entertainment uses, which we began to realize were agood fit with our location. We replaced some of those units withspace for those commercial uses."

The development will also include about 400,000 sf of retailspace, 25% of which is now preleased. The company already hasletters of intent from tenants for the remaining three-quarters ofthe space, Berta says. Milwaukee-based Roundy's Supermarkets Inc.,which has a signed a 15-year lease for 80,000 sf, will anchor theretail. The development will offer parking for 850 cars and acentral 1-acre plaza.